Union Budget 2017: Income tax reduced by the Finance Minister from 10% to 5 % for income ranging from 2.5 lakhs to 5 lakhs

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The union budget was unveiled today by the finance minister Shri. Arun Jaitley before the Lok Sabha. The key highlights of the budget are mentioned below:

•Reduction of income tax from the prevailing rate of 10 % to 5 % on income ranging from two and a half lakhs to five lakhs rupees respectively.

•Imposition of an additional charge of 10%on incomes over 50 lakhs to 1 crore  and 15% on incomes over 1 crore Indian rupees respectively.

•Taxation amounting to 25% imposed on smaller business enterprises having a yield of 50 crores Indian rupees.

•Money dealings over three lakhs rupees have been prohibited from the 1st of April, 2017 onwards.

•Individuals with an income range of three lakhs per annum have negligible tax accountability.

•Political parties obtaining donations through money have been reduced to Indian rupees two thousand from a single origin.

•Donations through cheques and through the online method are permitted.

•Reduction on custom duty from 5% to 2.5% in the financial year 2017-2018.
•Service charge on electronic tickets booked on the railways website. 

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