Tax rate reduced to 5% on income Rs 2.5L - 5L

Stating that India is largely a non tax compliant society. Finance minister arun jaitely today sought to remedy that by reducting the base tax consultant in India rate to 5 per cent from the earlier 10 per cent on income of between Rs 2.5 lakh to Rs 5 lak. The minister imposed a surcharge of 10 per cent for those whose annual income is Rs 50 lakh to Rs 1 crore. The 15% surcharge on incomes adove Rs 1 crore will continue.

The minister also said the government plans to extend the basket of financial instruments to which the capital gains can be invested without the payment of tax advisor in India.

There is also a proposal to allow a carry forward of Minimum Alternative Tax for a period of 15 years up from the current 10 years now.

read more information visit at: http://bit.ly/2kVrg2n

Black Money Tax: Government's New Income Declaration Scheme in 10 Points.

With the ban on 500 and 1,000-rupee notes now more than two weeks old, the government has proposed new rules to tax black money that is being unearthed. The bill was submitted on Monday for parliament's review by Finance Minister Arun Jaitley as the government is being attacked by a united opposition over its sudden withdrawal of 86 per cent of the notes in circulation to check black money and corruption. The move has plunged the country, especially rural India, into a major cash shortage.

1. The old 500-and 1,000-rupee notes must be deposited in banks by the end of the year. Deposits over 2.5 lakhs will be studied by tax officials.
2. Those who acknowledge they have placed black or previously untaxed money in their accounts will pay 50 per cent in a combination of levies and taxes.                                                                                                                                                                                                                       Original Source: http://bit.ly/2g0cnc2