Key Highlights of Budget 2017?

images

This is the first time in Indian history that Union Budget has been announced one month in advance. This decision is made to complete the legislative process for approval of annual spending plans and tax proposals in chartered accountant firms in mumbai before beginning of the new financial year on April 1.

Govt. proposes levy of surcharge of 10% for income between Rs. 50 lakhs and Rs. 1 crores

FM proposed no change in Exemption limit but reduces tax rate to 5% for income between 2.5 lac to 5 lacs

Threshold limit for audit of entities opting for presumptive indirect taxation in India under Section 44AD is increased to 2 crores.

For more information visit at: http://bit.ly/2oDQOqi

Key Highlights of Budget 2017?

Screen-Shot-2015-10-06-at-11.15.18-am

This is the first time in Indian history that Union Budget has been announced one month in advance. This decision is made to complete the legislative process for approval of annual spending plans and tax proposals in chartered accountant firms in mumbai before beginning of the new financial year on April 1.

Govt. proposes levy of surcharge of 10% for income between Rs. 50 lakhs and Rs. 1 crores

FM proposed no change in Exemption limit but reduces tax rate to 5% for income between 2.5 lac to 5 lacs

Threshold limit for audit of entities opting for presumptive indirect taxation in India under Section 44AD is increased to 2 crores

For more information visit at: http://bit.ly/2oDQOqi

Threshold Limit on ESI Increases To Rs. 21,000

business-woman_on-laptop_2_quavondo_i

As per notification issued by Ministry of Labour and Employment dt. 22nd December, 2016, in exercise of the powers conferred by section 95 of the Employees’ State Insurance Act, 1948, the Central Government, after consultation with the Employees’ State Insurance Corporation, hereby makes the following rules further to amend the Employees’ State Insurance (Central) Rules, 1950, namely:- 1. (1) These rules may be called the Employees’ State Insurance (Central) Third Amendment Rules, 2016. (2) They shall come into force from 1st day of January, 2017. 2. In the Employees’ State Insurance (Central) Rules, 1950, in rule 50, for the words “fifteen thousand rupees” occurring at both the places, the words ‘twenty one thousand rupees” shall be substituted in chartered accountant firms in mumbai.

In simple words, lower rate of contributions (3% instead of 4.75% for employers and 1% instead of 1.75% for employees) will apply in areas where the Act is implemented for the first time in Indirect taxation in India.