BUDGET 2017. REFORMS IN TAXATION.

The Lok Sabha on Wednesday passed the Finance Bill, completing the budgetary exercise for 2017-18. Since the Finance Bill is a Money Bill, it needs only to be cleared by the Lok Sabha. Starting from April 1, 2017, some income tax laws will change. Finance Minister Arun Jaitley had announced a number of income tax changes in Budget 2017. In addition, some amendments were also introduced in the Finance Bill that was passed by the Lok Sabha. Here are some of the changes that income tax payers should note:

1) The tax rate on income between Rs 2.5 lakh and Rs 5 lakh will get halved to 5 per cent from 10 per cent. However, rebate under Section 87A gets reduced from Rs 5,000 to Rs. 2,500. And no rebate will be applicable for taxpayers having income above Rs 3.5 lakh. This means tax savings of up to Rs 7,700 for those with a taxable income between Rs 3 lakh and Rs 5 lakh. And for persons with taxable income between Rs 5 lakh and Rs 50 lakh, tax savings of Rs. 12,900.

2) A 10 per cent surcharge will be applicable for individuals having income ranging from Rs 50 lakh to Rs 1 crore (existing surcharge of 15 per cent will remain the same for individuals having income above Rs 1 crore.)

3) A simple one-page form will be introduced for filing tax return for individuals having a taxable income up to Rs 5 lakh other than business income.

4) No deduction will be allowed for investment in Rajiv Gandhi Equity Saving Scheme from Assessment Year 2018-19. This tax-saving scheme, announced in the Union Budget for financial year 2012-13, was designed exclusively for the first-time individual investors in the securities market with gross total income below a certain limit.

5) Income tax officials can reopen tax cases for up to 10 years if search operations reveal undisclosed income and assets of over Rs 50 lakh. Currently, tax officers can go back up to six years to scrutinise the books of accounts of assessees. Taxpayers who do not file their returns on time will have to shell out a penalty of up to Rs 10,000 from Assessment Year 2018-19. However, if the total income of the person does not exceed Rs 5 lakh, the fee payable under this section shall not exceed Rs 1,000.

6) The holding period of a property for qualifying as long-term gains will be reduced to two years, from three years. This will help save tax if a property is sold within two years of buying. The profit from the transaction will be treated as short-term capital gains and will be taxed according to the slab rate applicable to him/her.

7) The government has cut down tax benefits borrowers enjoyed on properties let out on rent. As per current tax laws, for properties rented out, a borrower could deduct the entire interest paid on home loan after adjusting for the rental income. On the other hand, borrowers of self-occupied properties get a deduction of Rs 2 lakh on interest repayment on home loan. But on rented properties, the borrower can only claim a deduction of up to Rs 2 lakh per year after adjusting for the rental income. And the amount above Rs 2 lakh can be carried forward for eight assessment years. Since the interest component of home loan repaid in initial years is higher, experts say that the borrower may not be able to fully adjust the interest paid as deduction even in subsequent years.

8) Individuals will be required to deduct a 5 per cent TDS (tax deducted at source) for rental payments above Rs 50,000 per month. Tax experts say that the move will ensure that persons who get a large rental income come into the tax net. It will be effective from June 1, 2017.

9) Partial withdrawals from National Pension System (NPS) will not attract tax. According to the proposed changes, NPS subscribers can withdraw 25 per cent of their contribution to the corpus for emergencies before retirement. Remember that withdrawal of 40 per cent of the corpus is tax-free on retirement.

10) Aadhaar number will be a must while applying for PAN as well as filing of income tax returns from July 1. To curb black money, the limit on cash transactions has been set at Rs 2 lakh. The Finance Bill had originally proposed the cap at Rs 3 lakh. If a person receives any sum in contravention of the tax law, he/she will be liable to pay, by way of penalty, a sum equal to the amount.

13 Surprising Health Benefits of Garlic

13 Surprising Health Benefits of Garlic

 
Try garlic for these unexpected health benefits, who-knew beauty uses, and hidden home repairs.

●• Grow Beautiful Hair with garlic.

Garlic could end your hair loss problems because of its high levels of allicin, a sulfur compound similar to that found in onions, which were found to effectively treat hair loss. Rub sliced cloves of garlic on your scalp, squeezing as you go for the most benefit. You can also infuse oil with garlic and massage it into your scalp.

●• Garlic clears Acne.

It might not be a main ingredient in your drugstore acne medication, but garlic makes a great natural remedy to banish unsightly blemishes. Its antioxidants kill bacteria, so rub a sliced clove of garlic on the pimple for an effective topical treatment.

●• Garlic Prevents And Treats Colds.

Packed with antioxidants, a daily dose of garlic in your recipes could benefit your immune system. If a cold does sneak by, try sipping garlic tea: steep chopped or minced garlic in hot water for several minutes, then strain and drink. You can add a bit of honey or ginger to improve the taste.

●• Soothe psoriasis with garlic.

Since garlic has proven anti-inflammatory properties, it could be useful in relieving uncomfortable psoriasis outbreaks. Try rubbing a little garlic oil on the affected area for smooth, rash-free skin.

●• Contol Your Weight With Garlic.

Garlic could help you control your weight, according to nutritionist Cynthia Sass, who cites a study that showed mice eating a garlic-rich diet reduced their weight and fat stores. To take advantage of this benefit, try to cook with garlic daily.

●• Remove a Splinter With Garlic.

Placing a slice of garlic over the sliver and covering it with a bandage or duct tape has been a folk cure for years. As natural remedies gain in popularity, current bloggers swear this one works.

●• Treat athlete's foot With Garlic.

With its anti-fungal properties, some people swear that a benefit of garlic is its ability to relieve itchy athlete's foot. Soak your feet in a bath of warm water and crushed garlic.

●• Keep Away mosquitoes With Garlic.

Scientists aren't sure why, but mosquitoes don't seem to like garlic. One study in India found that people who rubbed a garlicky concoction on their arms and legs weren't bothered by the pesky buggers. Make a solution of garlic oil, petroleum jelly, and beeswax for a natural repellant or place cloves of garlic nearby.

●• Garlic Conquers Cold Sores.

A popular cold sore home remedy involves holding a bit of crushed garlic directly on the cold sore; its natural anti-inflammatory properties could help reduce pain and swelling. Garlic supplements may also speed up the healing process, according to ecosalon.com.

●• Garlic Works As a Natural Glue.

Have you ever noticed how sticky your fingers get after chopping garlic? That natural adhesive quality is why some people use garlic to fix hairline cracks in glass. Crush some cloves and rub the juice on the crack, wiping away any excess.

●• De-ice Your sidewalk With Garlic.

A town in Iowa used donated garlic salt to remove ice from roadways. Next time you stumble on old garlic salt in the back of your spice cabinet, save it for an icy walkway.

●• Protect Plants with Garlic.

Garden pests don't like garlic, so make a natural pesticide using garlic, mineral oil, water, and liquid soap. Pour into a spray bottle and mist your plants to keep away destructive critters.

●• Catch more fish With Garlic.

Fish are so attracted to the scent of garlic that you can buy bait with the smell built in. Or, get this benefit by making your own using food scraps and, of course, plenty of cloves.