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Recently Asked Questions
- Vivek:How will this budget help for startups?BI Budget Expert:Digital transactions and non-cash means payments benefit of 6% to small traders and businessmen.Deduction for profits for eligible startups now available for 3 out of 7 years. So, basically last 3 years start ups can take the benefit as in initial 4-5 years there are no profits.
- suman:Buying a home is feasible for a common man now?BI Budget Expert:Post demonetization, banks have more lending money, interest rates are expected to go down. In the budget FM has given boost to housing sector and affordable housing.
- kanika mukhija:How to pay IT of previous years?BI Budget Expert:Please follow our link- https://cleartax.in/Guide/HowToPayIncomeTaxDue
- supriya bhargava:How the fall in GST rate will effect the economy?BI Budget Expert:There has been no such news. GST is expected to be implemented from 1st July, 2017.
- kritika kamra:How this budget will help economy of India? As GST fall from 7.6% to 7.1% is really a thing to worry about?BI Budget Expert:Budget 2017 has taken a push towards political funding reforms,digital economy and setting up of more small medium enterprises. GDP fall is on account of demonetization and cashless economy.
- ritu rani:I am a house wife, but I am running a small business from my home. I am earning less than 2,50,000/- PA. I don't have bank account. Do I need to pay IT in future, if I will show my earnings in future?BI Budget Expert:If your income falls below Rs. 2.5 lakhs, you do not need to pay any income tax. If your earnings, remain less than Rs. 2.5 lakhs you are not required to pay in future also.
- Akanksha Sharma:I am a small business holder. My annual income is below 5 lakhs. How much IT I need to pay?BI Budget Expert:In case your income is upto Rs.5 lakhs, maximum income tax you would have to pay is now Rs.12,500 instead of Rs.20,000 last year.For calculating your income tax you can also visit our link -https://cleartax.in/paytax/taxcalculator
- veenu arora:What is the benefit of this budget for middle class families?BI Budget Expert:For middle class, major tax benefit is that upto Rs. 5 lakh, slab rate has reduced to 5%, that would give a total tax saving of Rs.12,500.
- Manil Batra:I am having a small business. Because of demonetization I am in lose. Will this budget help us in retaining our growth?BI Budget Expert:This budget has further pushed the economy towards digitization,hence if your business is through digital means then it will certainly help in retaining your growth.
- Test:When will GST be implemented ? Why there is no mention og GST in budget ?BI Budget Expert:There was a mention of GST in FM's speech at the end, and it is expected to be 1st July, 2017.
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