6 TAX TASKS YOU SHOULD FINISH BY MARCH 31 2017 (FOR INDIAN TAX PAYERS)

ECONOMICTIMES.COM|

Mar 28, 2017, 01.30 PM IST

Effectively, four working days are left for the end of the financial year 2016-17. Although the Reserve Bank of India has directed banks to remain open on all days till April 1, 2017 to facilitate government receipt and payment functions including collection of taxes, for a taxpayer, the March 31 deadline remains sacrosanct as all tax related tasks need to be completed by then. 

Waiting for the last bus 

If you are contemplating to take up the tax matters at the last minute, there could be bad surprises in the offing. Say, a taxpayer invests through a cheque on March 30 (or even on March 29), but the payment doesn't go through for some reason, say, wrong date or signature mismatch, and by the time the taxpayer rectifies the mistake, it's the new financial year (FY), i.e., 2017-18. Something may go wrong when it comes to online payments too if things are left to the last minute. 

Here are few tax-related matters to attend to now so that they can be wrapped up by March 31. 

Filing tax returns 

If you are one of those taxpayers who has not filed income tax returns (ITRs) in time, March 31 could be the last date for some of you, depending on the FY that you wish to file for. Archit Gupta, Founder & CEO, ClearTax.com, says, "In one financial year, you can file your IT returns for the previous two financial years. So, in FY 2016-17, you can file returns for FY 2015-16 and FY 16-17. Returns for FY 2014-15 cannot be filed after March 31, 2017." 

If tax remains to be paid 

If you are filing ITR for any previous year, make sure you are adding interest on the unpaid tax, if any. Under Section 234A of the I-T Act, interest is levied for delay in ITR filing. The taxpayer is liable to pay simple interest at 1 per cent per month or part of a month for delay in filing ITR. Gupta informs, "To avoid penal interest on tax dues, one must pay all taxes by March 31. However, if advance tax applies to you and you didn't deposit t advance tax as per instalments, interest under section 234C may still apply to you. Businesses covered under presumptive income scheme must also make sure the deposit all their tax dues by March 31." 

More than one employer 

If an employee switched jobs in 2016-17, he needs to inform the present employer about the details of income, provident fund (PF) contributions, Section 80C, leave travel allowance (LTA), etc., already made with the previous employers. In fact, this should be done at the time one joins the new job, and by March 31 in any case. Information about salary earned from the previous employer and tax deduction at source (TDS) can be communicated to The current employer by using Form 12B. Besides, one can make disclosures about tax deductions one wants to claim in Form 12BB to their current employer, says Gupta. 

Complete your tax savings 

The tax saving investments done in FY 2016-17 will help you lower your tax liability for the year. Choosing the right tax saver may not be an easy task for all, hence do not wait till March 31. Click here to find out the right tax saver that suits you. 

Ensure continuity 

Several tax savers such as PPF, National Pension Scheme (NPS), etc., require a minimum amount to be deposited each year in order to keep them active. Else, one would have to pay the unpaid amount along with penalty to make them active again. Make sure you deposit the requisite minimum amount in them by March 31. Ideally, putting in the minimum amount doesn't help much in meeting long term goals. It's better to link one's investment to a goal and invest invest the estimated amount accordingly and not just pay the minimum amount as it doesn't help in the long run in meeting the goal. 

While PPF require a minimum deposit of Rs 500 a year to keep it active, the minimum yearly contribution for NPS (Tier I) is Rs 1,000, excluding charges and taxes, but for Tier II, there is no minimum contribution requirement for the financial year. Tier I also requires at least one minimum number of contribution in a year. Keep a tab on these minimum limits as it can be changed at any point of time by the government. 

Informing your employer 

For salaried individual, merely making a tax saving investment may not be enough. One needs to submit documentary evidence of the same to the employer. Most employers have a cut-off date for such submissions, which could be anytime between January and February 2017. For those who have made tax saving investment after the employer's cut-off date, the same can be shown while filing ITR. Here is a recap of things to inform your employer. 

Investments made on ad-hoc basis have high probability of not giving the desired results. From the start of the next FY, prepare a plan in advance, taking care of your tax savings requirement and the goals to achieve. Unless you begin now, March 31, 2018 will not be any different from what it is this year. 

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THERE COULD BE ANOTHER,.FAR DEADLIER,TERRORIST ATTACK ON UNITED STATES,WARNS DICK CHENEY FORMER US VICE PRESIDENT.

ET GBS 2017: 

By ET Bureau | Mar 28, 2017, 11.03 AM IST

NEW DELHI: The US could face a graver terrorist attack than that of 9/11 and needs to be prepared for a set of challenges arising from increasingly assertive China and Russia, nuclear proliferation by nations like North Korea and Iran and a weakened US military, said former US vice president Dick Cheney in an incisive overview on America under Donald Trump. 

 “One of my big concerns is that there will be another major attack. But next time they will not use airline tickets and box cutters, they will use something far deadlier,” said Cheney, who was in office when the 9/11 attacks took place during the George W Bush administration. 

We have to be concerned about the proliferation of nuclear weapons and all kinds of weapons of mass destruction. That they can fall in the hands of terrorist organisations is a matter of great concern.” 

He also said that some would describe Russian attempts to influence US elections as an “act of war”, in his address at The Economic Times Global Business Summit on Monday. 

We have to be concerned about the proliferation of nuclear weapons and all kinds of weapons of mass destruction. That they can fall in the hands of terrorist organisations is a matter of great concern.” 

He also said that some would describe Russian attempts to influence US elections as an “act of war”, in his address at The Economic Times Global Business Summit on Monday. 

The world is facing its most complex set of threats since the end of World War II and one of the Donald Trump administration’s biggest challenges will be to allocate more funds for the military, Cheney said. He also expressed concern about globalisation and trade being hit due to the current security scenario. 

“I personally believe that this is one of the most challenging security situations, the most complicated group of threats that we have seen since end of World War II,” he said. Expressing concern that rising threats have come at a time when the US military is at a “diminished level”, Cheney made a case for the Trump administration to allocate more funds for modernisation. 

“It is very clear that the consequences from the eight-year Obama administrations have been devastating to the US military. It will be extremely important going forward, it will be a huge challenge for the Trump administration to find ways to reverse those trends and rebuild military so that we can achieve the set of relationships that we enjoyed with our allies and adversaries,” Cheney said. 

He also spoke about China as a threat to global security. “China is very active in South China Sea, claiming territory and building military bases where there were none before. And, I think aggressively presenting themselves throughout Asia,” he said. 

Cheney reserved his strongest comments for North Korea and Iran, suggesting that the two nations have been working together on nuclear weapons. 

“The possibilities of trouble from that quarter are almost unlimited. It is a subject that is very much on our minds,” he added. 

Cheney concluded by saying that in the coming months, the debate and discussion around globalisation would increasingly revolve around the global security situation that have been complicated by a diverse set of threats. 

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HOW TO WRITE A CV THAT SHALL WIN YOU AN INTERVIEW

Source Rediffmail.com

The author Dinesh Goel is co-founder and CEO, Aasaanjobs.com

Does your CV impress in the first 10 seconds?

Any candidate, irrespective of experience, usually comes across that one tedious task of updating their curriculum vitae (CV) or resumes while looking for a new job.

Most of them take the easy route by following a standard template taken off from the internet, and try to fill one or two pages with everything they have accomplished in life. They put all their hopes in actually getting called for an interview and then getting a chance to explain everything they have done so far.

However, in reality, it does not work that way.

With rampant competition across sectors and industries, it has become extremely important for job aspirants to stay au courant of latest hiring trends, and update their CVs to improve their chances of securing a good job.

While there has been some improvement on this front via various online recruitment platforms that are transforming the overall employment scenario in the country, it still boils down to which candidate has the better resume.

You have about 10 seconds to make a first impression.

Here are some tips to keep in mind.

Get the basics right

Ripping off that standard template for CVs from the internet is perfectly okay as long as you keep it simple and to the point.

Avoid using fancy designer resume templates unless you are actually applying for a job in graphic designing.

Make sure you use a simple format with a simple font, bullet points, readable font size, bold headings, and perfect indentation.

Double check to remove any spelling or grammatical errors.

Remember, nothing puts off a recruiter than a resume that doesn't have these basics in place.

Do this well, and we assure you that unless someone has already been hired for the job you want, the recruiter will definitely give your CV a quick glance.

Customise your resume

The single biggest mistake almost every job seeker makes is sending out the same resume for every job.

If you're trying to play the quantity game by sending out the same resume to hundreds of companies every day, you are wrong.

Go through the job description and spend a little bit of time customising your resume to perfectly fit that role.

A lot of times recruiters will just glance through your resume to find some keywords from the job description and if they find them on yours, you've scored.

Remember to use the same keywords as the job description if possible, however, keep it factual.

No recruiter would appreciate if a candidate failed to demonstrate at least some of the skills mentioned in his/her CV during the interview.

Focus on experience

Unless you're a fresher who is applying for a job for the first time, the education section of your CV needs to move to the bottom of the page.

The focus has to been on your experience, starting with details of your last job all the way down to your first.

Keep in mind that if you are someone with over a decade of experience in different companies then you need to remove less important roles you've been in, and highlight the prominent ones.

Use numbers

Try to quantify your work as much as possible.

For example,

Option 1: Used affiliate channels to decrease the overall cost per lead.

Option 2: Used affiliate channels to decrease the overall cost per lead by 35 per cent over a span of 2 months.

We can safely say that option 2 will do a much better job at projecting you as a worthy candidate to the recruiter as the figures will serve as concrete evidence of your abilities.

Add a cover letter

Even if you are not asked for it, try sending in a cover letter with your application.

It doesn't (and shouldn't) have to be an 800-word essay. In few lines, write a crisp note on why the HR of the company you are applying to needs to look at your CV, and what you bring to the table.

Consider your cover letter to be your 30-second elevator pitch to the recruiter and write accordingly.

These tips should help you get noticed and win you an interview. Good luck with the job hunting!

FIVE MONTHS,EIGHT PROMINENT RUSSIANS DEAD

By Marshall Cohen and Jose Pagliery

Updated 0520 GMT (1320 HKT) March 25, 2017

Washington (CNN)The brazen daytime slaying of a Russian politician outside a Ukrainian hotel this week brings to eight the number of high-profile Russians who have died over the past five months since the US presidential election on November 8.Among the recent deaths were five Russian diplomats. Some of the deaths appeared natural and governments have ruled out foul play.

In some cases, though, questions remain. That's either because the facts have changed over time, details are hard to come by, or the deaths are still under investigation.

Self-proclaimed online sleuths and conspiracy theorists have filled the information void with speculation that the deaths were somehow related to Russia's interference in the 2016 presidential election. No evidence has surfaced to make such a connection.

Here's a rundown of the eight deaths—and one near fatality:

Russian ambassador to the UN suddenly dies

Vitaly Churkin, 64, Russia's ambassador to the United Nations, died on February 20 of an apparent heart attack. He was "in his office fulfilling his duties" when he died, according to a statement from the Russian mission at the UN.

Russian ambassador to India dies after brief illness

Alexander Kadakin, 67, the Russian ambassador to India, died on January 26.

A spokeswoman for the Russian embassy in New Delhi said that Kadakin died after a short illness and that there was nothing "special or extraordinary" about the circumstances that led to his death.

Kadakin had worked in India since 2009. Indian Prime Minister Narendra Modi described him as "a great friend of India" who worked hard to strengthen relations between the two countries.

Russian diplomat found dead in Athens

Andrey Malanin, a senior diplomat at the Russian embassy in Greece, was found dead in early January.

Malanin, 54, was the head of the Russian embassy's consular section in Athens. Police sources told CNN that worried colleagues called authorities after Malanin didn't show up to work for a few days. Police entered his apartment on January 9th and found him dead on his bedroom floor.

Initial reports from Greek police suggested Malanin died suddenly from natural causes. Two Greek police officials said foul play was not suspected. An investigation remains underway.

Former intelligence official found dead in his car

Oleg Erovinkin, who had close ties to Russian intelligence, was found dead on December 26 sitting in his car on the streets of Moscow. Russian news outlets reported that he was 61 years old. Russian government agencies have not released an official cause of death.

He was a former general in the Russian law enforcement and intelligence agency known as the FSB. He also served as chief-of-staff to Igor Sechin, the president of state-owned oil giant Rosneft. Sechin enjoys a close relationship with Putin that dates back to the 1990s.

Because of Erovinkin's background, conspiracy theorists and Russia watchers have speculated that he might have been a source of information in the 35-page dossier that detailed alleged links between the Trump campaign and Russia. No evidence has emerged to firmly substantiate those claims.

Diplomat fatally shot in back

Russian ambassador to Turkey, Andrey Karlov, 62, was assassinated in Ankara on December 20. He was shot at point-blank range by a gunman while speaking at an art exhibition. The shooter, who was a Turkish police officer, shouted "do not forget Syria" during the assassination.

Russian diplomat shot to death in Moscow

The same day as Karlov's killing, Petr Polshikov, 56, a senior Russian diplomat, was shot to death in his Moscow home, according to Moscow newspaper Moskovskij Komsomolets. The paper said Polshikov's wife found him in their bedroom with a pillow over his head. Underneath the pillow, police found Polshikov with a head wound.

A spokesman from the Russian Foreign Ministry said Polshikov's death was likely an accident and had nothing to do with his official government duties, according to Russian news outlet REN-TV.

Russian official in NYC dies on Election Day

On the morning of the U.S. election, November 8, about an hour after the first polls opened in New York City, police received a 911 call about an unconscious man inside the Russian consulate. When they arrived, they found Sergei Krivov, 63, unresponsive. Emergency responders declared him dead at the scene.

Krivov, who was born in Russia, had served in the consulate as duty commander involved with security affairs, according to Russian news reports.

Russian consular officials first said Krivov fell from the roof. Then, they said he died of a heart attack.

The initial police report filed on the day of the incident said Krivov was found "with an unknown trauma to the head," according to a New York Police Department spokesman.

However, after conducting an autopsy and finishing its investigation, the New York City Medical Examiner ruled that Krivov died from bleeding in the chest area, likely due to a tumor. Police sources said foul play wasn't suspected and that Krivov had been in poor health.

Russian lawyer for whistleblower is nearly killed

Earlier this week, a private Russian lawyer on an anti-corruption crusade reportedly fell from the fourth floor of his Moscow apartment.

Nikolai Gorokhov, 53, was near death with "severe head injuries" and remains in a hospital's intensive care unit, according to his friend, investor Bill Browder.

Gorokhov represented Sergei Magnitsky, a fellow Russian lawyer who exposed Russia's largest ever tax fraud -- and was later jailed and beaten to death in a Moscow detention center. Gorokhov continued his client's fight.

General insurance premium set to go up from April 1 2017 in INDIA

PTI|

Updated: Mar 26, 2017, 01.45 PM IST

NEW DELHI: Car, motorcycle and health insurance will cost more from April 1 with regulator IRDAI giving go-ahead to insurers for revision in commission for agents. 

The change in premium after modification will be limited to +/- 5 per cent of the existing rates. 

The increase will be in addition to the enhanced third party motor insurance rates, which too will come into affect from April. 

The IRDAI (Payment of Commission or Remuneration or Reward to Insurance Agents and Insurance Intermediaries) Regulations, 2016 comes into effect from April 1, 2017. 

The regulations, the regulator said, bring about certain revisions in commission/ remuneration rates and also introduce the reward system. 

These may trigger insurers to revisit the pricing of their products in so far as the costing input relating to commission or remuneration is concerned, said the Insurance Regulatory and Development Authority of India (IRDAI). 

However, the change in premium due to the new regulations should be "limited to +/- 5 per cent of the existing premium rates of products/add-ons", it said. 

Further, insurers will have to give a certificate that there is "no detrimental change" in premium rates or any other provision of policies already sold. 

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HOW THIS GERMAN BANK ACCIDENTALLY TRANSFERRED $ 5.4 BILLION TO FOUR OTHER BANKS

By Bloomberg | Updated: Mar 25, 2017, 07.30 PM IST

Germany's state-owned development bank KfW, which gained publicity for erroneously transferring hundreds of millions of euros to Lehman Brothers Holdings Inc. the day the US firm filed for bankruptcy, has done it again. 

KfW in February mistakenly transferred more than 5 billion euros ($5.4 billion) to four banks because of a technical glitch that repeated single payments multiple times, according to people familiar with the matter. The total amount transferred was as high as about 6 billion euros, said one of the people, who like the others asked not to be identified because the matter is private. 

"KfW has detected the system's incorrect behavior very early in the process, immediately mitigated the unwanted action and started the necessary process of analyzing the causes," the bank said in an emailed statement. "The mistake was rapidly identified and eliminated, and the amounts overpaid were successfully demanded back. We regret that during works on the systems, this incident could happen due to human error owing to a configuration mistake." 

The incident serves as a reminder of an ill-timed payment of more than 300 million euros KfW made to Lehman Brothers in September 2008, just as the U.S. investment bank filed for bankruptcy. At the time, the German lender failed to refresh its counterparty check that would have prevented it from processing the regular transaction. The transfer turned into a political scandal in Germany, with newspaper Bild calling KfW "Germany's dumbest bank." 

KfW, which on its website says it's been awarded the title of the world's safest bank by magazine Global Finance, isn't the only lender to suffer a glitch. Deutsche Bank AG's foreign exchange unit in June 2015 mistakenly sent $6 billion to a hedge fund client and recovered the sum a day later, a person familiar with the matter said at the time. 

"KfW has immediately started comprehensive internal and external audits, in order to clarify the causes of the incident in detail and to draw the corresponding conclusions," the bank said. 

KfW was alerted to its error by Germany's Bundesbank, which told the lender that it had overdrawn its account there, said the people. Annette Gruttner, a spokeswoman for the central bank, declined to comment. 

Such errors expose a broader security risk banks face because outdated technology, an issue Germany's financial watchdog BaFin has recently highlighted. BaFin, which has conducted a special audit at KfW, has imposed a capital surcharge for the bank after finding that its information technology systems were inadequate, according to people familiar with the matter. 

Oliver Struck, a spokesman for BaFin, declined to comment. 

The technology shortcomings are especially alarming because of an increase of hacker attacks on financial institutions. In January, Lloyds Banking Group Plc was hit by a cyber-attack that disrupted online services for customers. A hacking group dubbed "Anonymous" last year attacked at least eight monetary authorities, including the Dutch Central Bank, the Bank of Greece, and the Bank of Mexico, people familiar with the matter have said. 

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SEBI BANS RELIANCE INDUSTRIES,12 OTHERS FROM EQUITY DERIVATIVES MARKET FOR 1 YEAR

 By Reena Zachariah, ET Bureau | Updated: Mar 25, 2017, 10.13 AM IST 

MUMBAI: The Securities and Exchange Board of India (Sebi) on Friday barred Reliance Industries Ltd (RIL), the country's second most valued firm, and 12 other entities from dealing in equity derivatives futures and options segment for a period of one year, directly or indirectly, for allegedly indulging in fraudulent trades in Reliance Petroleum in 2007. 

The capital markets regulator has also directed RIL to disgorge Rs 447.27 crore along with 12% interest from November 29, 2007 onwards till the date of payment, within 45 days from the date of the order. 

Sebi has allowed RIL and the other entities to square off or close out their existing open positions. Reacting to the decision, Reliance said it plans to challenge the order in the Securities Appellate Tribunal. "Sebi appears to have misconstrued the true nature of the transactions and imposed unjustifiable sanctions,'' a Reliance spokesperson said in an emailed statement. 

"We remain confident of fully justifying the veracity of the transactions and vindicating our stand. We have full confidence in the judicial process and we propose to vigorously exercise all options available to us to challenge the untenable findings in the order." 

"In view of the fact that Noticee No.1 (Reliance Industries has made unlawful gains of Rs.513 Crore which would not have been made but for the fraudulent and manipulative strategy/pattern adopted by them, I am inclined to direct disgorgement of the unlawful gains made by Noticee No.1," Sebi whole-time member G Mahalingam said in his order. 

Sebi calculated Rs 513 crore by taking into account the net short positions in derivatives for all the days the 12 entities maintained during November 2007.

The regulator said Reliance Industries, by employing 12 entities to take separate position limits of open interest on its behalf, by executing separate agreements with each one of them and cornering 93.63% of the November stock futures of RPL, has acted in a fraudulent manner. It cannot be held to be a mere breach of position limits by the clients attracting penalty under the exchange circulars, Sebi said. 

The regulator said on the basis of the analysis of the trading strategy adopted by RIL in the cash market during the month of November 2007, and specifically on November 29, 2007 — the expiry day of the November Futures of RPL — there has been a manipulation of the last half an hour settlement price. 

Reliance Industries had submitted before Sebi that the liquidation of 5% stake was decided and there was no outer time fixed for liquidation. Being guided by the analysts' reports and the price trends of the scrip, it decided to start the sale in November 2007. 

Before the sale in the cash segment started, RIL booked positions in the F&O segment to the extent of 9.92 crore shares by entering into agreements with 12 entities for a commission payment. 

"Entrusting a common person to carry out the trades in both cash and F&O segment was the other key factor in the whole operation. Finally when the price dipped on November 29, the entire F&O open positions to the extent of 7.97 crore shares was allowed to expire. In the meanwhile, 1.95 crore shares were also liquidated in the cash segment. 

"This is not a normal case of price manipulation or volume manipulation. This is a case of a unique strategy of per se not manipulating the price or volume in a single market, but manipulating the settlement price in one market to gain across the volumes accumulated in the other market. The actual manipulation has happened with respect to the convergence price of the spot with the futures," Sebi said. 

Reliance Industries through its written and oral submissions before Sebi referred to its actions as 'hedging' to justify its scheme.

 "The strategy of 'hedging', put forward as a defence by Noticee No.1(RIL) is nothing but a mirage," Sebi member G Mahalingam said. "While Noticee No.1 (RIL) has sought to depict a strategy of hedging, when one takes a closer look at what was actually done or intended to be done, the facade of hedge wanes off and exposes the hidden motive or strategy of speculation... I find that Noticee No. 1 was not genuinely hedging the risk but was aiming to reap huge speculative profits by cornering futures positions and playing a fraud on the general investors and the market. This would amount to a well-planned, fraudulent and manipulative trading scheme in terms of the SEBI (PFUTP) Regulations, 2003." 

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'Unfriendly forces trying to disrupt India-Russia ties'

By PTI | Updated: Mar 24, 2017, 09.07 PM IST

NEW DELHI: India and Russia today admitted there may be some "unfriendly forces or actors" who may be trying to create hindrances in bilateral relations. 

India-Russia ties were discussed threadbare as Home Minister Rajnath Singh held a meeting with a nine-member Russian delegation led by Director of Federal Security Service (FSB) of the Russian Federation Alexander Bortnikov here. 

"The two sides also acknowledged that there may be some 'unfriendly forces' or 'unfriendly actors' who may be trying to create hindrances in the bilateral relationship but such adverse campaigns are incapable of affecting the deep understanding bolstered by regular dialogues and mutual cooperation," an official statement said. 

Singh informed the visiting delegation that India and Russia are all-weather friends and enjoy family-like relations and bilateral ties had withstood all trying times in the midst of changing nature of international and political relations. 

During the course of the delegation-level meeting lasting for about 45 minutes, the Home Minister highlighted the sponsoring of terrorism by India's neighbouring country, "which is a threat not only to India and international community but to humanity as a whole".

Singh said India has a policy of zero-tolerance for terrorism. 

The Home Minister said Prime Minister Narendra Modi and Russian President Vladimir Putin have been meeting on different occasions to share and strengthen bilateral cooperation at the highest level. 

He also mentioned that the Russian President is loved and respected by all Indians. 

Singh said inter-agency cooperation between the two countries should cover bilateral, regional and international issues. 

He emphasised that bilateral cooperation should include the areas of military and technical cooperation, energy, economic security and disaster management, and urged that the strategic collaboration between the two countries needs to be strengthened further. 

The Home Minister said during the ensuing visit of an Indian delegation to Russia, he would make it a point to visit facilities such as the EMERCOM headquarters to explore areas of technical cooperation between the two countries .. 

The Russian delegation extended an invitation to the Home Minister to participate in the XVI international meeting of the Heads of Special Services, Security Agencies and Law Enforcement Organisations in Russia later this year, which he accepted. 

The Russian team included representatives from FSB's Departments of Constitution Protection and Counter Terrorism, Intelligence Analysis and International Liaison and Scientific & Technical. 

The Indian side included Union Home Secretary Rajiv Mehrishi and senior officers from the Ministry of Home Affairs and Ministry of External Affairs. 

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10 most important income-tax changes which will applyto Indian Tax payers from April 1 2017

ECONOMICTIMES.COM Updated: Mar 24, 2017, 01.02 PM IS

With the passage of the Finance Bill on Wednesday, the Lok Sabha has completed the budgetary exercise for 2017-18. The tax proposals in the Budget 2017 have now become law. Below are 10 most important income-tax changes that will affect you next month: 

1. With a decrease in tax rate from 10 per cent to 5 per cent for total income between Rs 2.5 lakh and Rs 5 lakh, there is tax saving of up to Rs 12,500 per year and Rs 14,806 (including surcharge and cess) for those with income above  Rs I Crore.

2. Tax rebate is reduced to Rs 2,500 from Rs 5,000 per year for taxpayers with income up to Rs 3.5 lakh (earlier Rs 5 lakh). Due to the combined effect of change in tax rate and rebate, an individual with taxable income of Rs 3.5 lakh will now pay tax of 2,575 instead of 5,150 earlier. 

3. Surcharge at 10 per cent of tax levied on rich taxpayers, with income between Rs 50 lakh and Rs 1 crore. The rate of surcharge for the super rich, with income above Rs 1 crore, will remain 15 per cent. 

4. Holding period for immovable property to be considered "long term" reduced to 2 years from 3. This will ensure immovable property held beyond 2 years is taxed at reduced rate of 20 per cent and eligible for various exemptions on reinvestment. 

5. Long term capital gains tax will result in a lower payout owing to beneficial amendments. The base year for indexation of cost (adjustment of inflation) has been shifted to April 1, 2001 from April 1, 1981. This means lower profits on sale. 

6. Further, tax exemption will be available on reinvestment of capital gains in notified redeemable bonds (in addition to investment in NHAI and REC bonds). 

7. A simple one-page tax return form is to be introduced for individuals with taxable income up to Rs 5 lakh (excluding business income). Those filing returns for the first time in this category will generally not be subject to scrutiny. 

8. Delay in filing tax return for 2017-18 will attract penalty of Rs 5,000 if filed by Dec 31, 2018 and Rs 10,000 if filed later. Such fee will be restricted to Rs 1,000 for small taxpayers with income up to Rs 5 lakh. 

9. Deduction for first-time investors in listed equity shares or listed units of equity oriented fund under the Rajiv Gandhi Equity Savings Scheme is withdrawn from 2017-18. If an individual has already claimed deduction under this scheme before April 1, 2017, he/she shall be allowed to avail a deduction for the next two years. 

10. Time period for revision of tax return cut to one year (from 2 years) from the end of the relevant FY or before completion of assessment, whichever is earlier. 

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