Budget 2017 – An Insight on Key Direct Tax proposals

The Union Budget for the fiscal year 2017-18 was presented by the Hon’ble Finance Minister on 1st February 2017.

As in the past 2 budgets, the focus of our FM has been towards rationalisation of the provisions of the Income-tax Act, 1961 and to expand the tax base and curb on the tax evasion. While providing marginal relief by way of tax rate cuts to individuals and SMEs, the proposals laid down in this Budget primarily pivot around curtailing litigation on several issues by providing clarificatory & few retrospective amendments and providing impetus to several sectors of the economy.

Direct tax proposals in the Finance Bill, 2017 are effective from the financial year commencing on 1 April 2017, unless otherwise specified.

Click here to read the analysis of key direct tax proposals

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