Tax incentives for International Financial Services centre. Transfer of derivatives and certain securities by non-residents exempted from capital gains tax. Non-corporate taxpayers operating in IFSC to be charged alternate minimum tax at concessional rate of 9% at par with minimum alternate tax applicable for Corporates.
Shri Arun Jaitley proposed that no adjustment shall be made in a case where the circle rate value does not exceed 5% of the consideration. While presenting the General Budget 2018-19 in Parliament here today, he said, Currently, while taxing income from capital gains, business profits and other sources in respect of transactions in immovable property, the consideration or circle rate value, whichever is higher, is adopted and the difference is counted as income both in the hands of the purchaser and seller.
Currently, a deduction of 30% is allowed in addition to normal deduction of 100% in respect of emoluments paid to eligible new employees who have been employed for a minimum period of 240 days during the year under section 80-JJAA of the Income-tax Act.
Shri Arun Jaitley proposed to abolish the Education Cess and Secondary and Higher Education Cess on imported goods, and in its place impose a Social Welfare Surcharge. While presenting the General Budget 2018-19 in Parliament today, Shri Jaitley elaborated that the Social Welfare Surcharge at the rate of 10% of the aggregate duties of Customs, on imported goods, will help provide for Social Welfare Schemes of the Government.
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.
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 Rates And Service Tax Changes.
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 deemed closure of cases if those timelines are not adhered to.
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
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.
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.
