Hope Budget Brings Cheer To The Honest Taxpayers.

The union budget for 2017 is expected to be unique in many ways. For the first time. The budget is planned to be presented In the parliament on 1 February as compared to the regular practice of presenting it on the last day of February. Defying the age old tradition, the initivative of presenting the union budget in the parliament along with the Railway budget is also a significant change this year. Further company registration in India. The big step of demoentisation by the government by the government has set the bar of expectations very high viz a viz the tax reforms In the 2017. Union budget, Also the expectation of the citizens is that the success of company formation in india income disclosure scheme will urge the government to take measures on order to encourage more people to come forward to file their tax returns.

The top expectation from the Budget is a move to a lower tax regime either by raising the basic tax exemption limit by at least Rs 50 thousand which has remained unchanged since Finance Act 2014 (currently at Rs 2.5 lakhs for non-senior citizens, Rs 3 lakhs for senior citizens and Rs 5 lakhs for super senior citizens) or by a reduction in the personal income tax rates.

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