"01 February 2018" Archive - Page 4

Budget 2018: Payments exceeding Rs. 10000 in cash by trusts & institutions shall be disallowed

Currently, income of trusts and institutions is exempt if they utilise their income towards their objects in accordance with the relevant provisions of the Income-tax Act. However, there is no restriction on these entities for incurring expenditure in cash....

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Posted Under: Income Tax |

Budget 2018: Income Tax, Service Tax, Custom & Excise Duty Changes Analysis

Article Analyses Finance Bill, 2018- Provisions Relating To Direct Taxes, Amendments In The Customs Act, 1962, Amendments In The Customs Tariff Act, 1975, Amendments In The First And Second Schedule To The Customs Tariff Act, 1975, Other Proposals Involving Changes In Basic Customs Duty Rates, Proposals Involving Change In Excise Duty Rat...

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Posted Under: Income Tax |

Budget 2018 to smoothen Custom Act Dispute Resolution Process

Changes Proposed To The Customs Act To Improve Ease Of Doing Business By Smoothening Dispute Resolution Process And Reducing Litigation. Shri Jaitley added that to smoothen dispute resolution processes and to reduce litigation, these amendments are being made to provide for pre-notice consultation, definite timelines for adjudication and ...

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Posted Under: Income Tax |

Budget 2018: Changes in Custom Duty on Mobile Phones, Raw Cashew & TV Parts

To Incentivise Domestic Value Addition And Make In India, Customs Duty Increased On Mobile Phones And Tv Parts. Measure Will Help Promote Creation Of More Jobs. Customs Duty On Raw Cashew Halved...

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Posted Under: Income Tax |

Budget 2018 proposes a new scheme for Income Tax E-Assessment

Shri Arun Jaitley proposed to amend the Income-tax Act to notify a new scheme for assessment. Shri Jaitley said the assessment will be done in electronic mode which will almost eliminate person to person contact leading to greater efficiency and transparency....

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Posted Under: Income Tax |

Budget 2018: Rationalisation of long term capital gains proposed

Union Finance and Corporate Affairs Minister Shri Arun Jaitley today proposed to tax long term capital gains exceeding Rs.1 lakh at the rate of 10% without allowing the benefit of any indexation. Presenting the General Budget 2018-19 in Parliament here today, Shri Jaitley said that all gains up to 31st January, 2018 will be grandfathered...

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Posted Under: Income Tax |

Relief to salaried taxpayers: standard deduction of Rs 40,000 allowed in lieu of present exemptions

In order to provide relief to salaried taxpayer, the Union Minister for Finance and Corporate Affairs, Shri Arun Jaitley, proposed to allow a standard deduction of Rs. 40,000/- in lieu of the present exemption in respect of transport allowance and reimbursement of miscellaneous medical expenses. ...

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Posted Under: Income Tax |

Relief to Senior Citizens: Exemption of Interest Income on deposits increased to Rs 50,000

Presenting the General Budget 2018-19 in Parliament here today, the Finance Minister said that the exemption of interest income on deposits with banks and post offices to be increased from Rs. 10,000/- to Rs. 50,000/- and TDS shall not be required to be deducted on such income, under section 194A. This benefit shall be available also for ...

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Posted Under: Income Tax |

Budget 2018: Reduced rate of 25% to companies with turnover up to Rs 250 crores

Shri Arun Jaitley has proposed a reduced rate of 25% to companies that have reported turnover up to Rs 250 crores in financial year 2016-17. This will benefit the entire class of Micro, Small and Medium Enterprises which accounts for almost 99% of companies filing their tax returns. ...

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Posted Under: Income Tax |

Budget 2018: Tax Incentive for Promoting Post-Harvest Activities of Agriculture

In order to encourage professionalism in post-harvest value addition in agriculture, the Union Minister for Finance and Corporate Affairs, Shri Arun Jaitley proposed to allow hundred per cent deduction to companies registered as Farmer Producer Companies and having annual turnover up to Rs.100 crores in respect of their profit derived fro...

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Posted Under: Income Tax |