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Income Tax - Article discusses 27 Important Changes in Income Tax Provisions by Union Budget 2018 which includes changes related to Taxation of Long Term Capital Gain, Newly Introduced Standard Deduction for Salaried Employee, Deduction for Senior Citizen under Section 80TTB, Increase of Income Tax Cess Rate to 4% etc. Some Important Income Tax Amendm...
Read MoreIncome Tax - Article explains Compulsory Filing of Income Tax Return Sec 139(1) with relevant due dates, Late Filing Penalty for Income Tax Return under Section 234F of the Income Tax Act, 1961 and Prosecution Proceedings for Late Filing of Income Tax Return under Section 276CC of the Income Tax Act, 1961. ...
Read MoreIncome Tax - After Budget 2018 LTCG TAX has raised a lot of question in the minds of an equity investor, an Existing investor who has been able to invest in equities for a long time is still not aware of the actual calculations in LTCG TAX on their investments. Investor assuming that they will have to pay 10% tax on the actual capital gain on sale of ...
Read MoreIncome Tax - Long Term Capital Gains on transfer of equity shares, units of equity oriented fund and units of business trust to be taxed under Sec 112A, as the exemption u/s 10(38) has been withdrawn with effect from 1st April 2018....
Read MoreIncome Tax - The Union Budget of 2018-19 has changed the tax treatment of all equity and equity-oriented mutual funds. This change was by way of a 10% tax imposed on any long-term capital gain (LTCG) exceeding Rs 1 lakh a year. Equity mutual funds were exempt from the LTCG tax earlier. Hence, this change has been viewed by investors with some worry....
Read MoreIncome Tax - POST-BUDGET MEMORANDUM – 2018 1. INTRODUCTION 1.0 The Council of the Institute of Chartered Accountants of India considers it a privilege to submit this Post-Budget Memorandum to the Government. 1.1 In this memorandum, we have suggested certain amendments to the proposals contained in the Finance Bill, 2018 which would help the Governme...
Read MoreIncome Tax - Budget Session 2018 of Parliament concludes The Budget Session, 2018 of Parliament which commenced on Monday, 29th January, 2018 has been adjourned sine die today i.e. Friday, the 6th April, 2018. In between both parts of the session, both Houses also adjourned for recess for a period of 23 days on Friday, the 9th February, […]...
Read MoreIncome Tax - The Central Board of Direct Taxes (CBDT) has clarified that the pension received by a taxpayer from his former employer is taxable under the head Salaries. The Finance Act, 2018 has amended Section 16 of the Income–tax Act, 1961...
Read MoreIncome Tax - With the enactment of the Finance Act, 2018, CBEC is renamed as the Central Board of Indirect Taxes and Customs (CBIC). The change was necessitated due to enactment of the Goods and Services Tax (GST) which has consolidated the multiple Indirect Taxes into one tax....
Read MoreIncome Tax - The Lok Sabha on March 14, 2018 passed the Finance Bill 2018 after the Finance Minister Arun Jaitley moved as many as 21 amendments. Finance Bill 2018 as passed by Lok Sabha has introduced some changes in the provisions originally proposed in the Lok Sabha on February 1, 2018. The relevant appropriation Bills moved by Jaitley […...
Read MoreCircular No. 8/2018-Income Tax - (26/12/2018) - CBDT releases Explanatory Notes to Provisions of Finance Act, 2018 vide Circular No. 8/2018 dated 26th of December, 2018 and explained changes made vide union budget 2018. Text of the Circular is as follows:-...
Read MoreNotification No. 17/2018-Income Tax [S.O. 1517(E)] - (06/04/2018) - CBDT has omitted provision related to exemption of transport allowance of Rs. 1,600 per month granted to an employee other than an employee, who is blind or deaf and dumb or orthopaedically handicapped with disability of lower extremities, to meet his expenditure for the purpose of commuting between...
Read MoreF.No. 370149/20/2018-TPL - (04/02/2018) - Since the introduction of the Finance Bill, 2018 on 1st February, 2018, several queries have been raised in different fora on various issues relating to the proposed new tax regime for taxation of long-term capital gains. The responses to these queries are provided below....
Read MoreNotification No. 12/2018-Central Excise [G.S.R. 138 (E)] - (02/02/2018) - Notification No. 12/2018-Central Excise Seeks to exempt 10% ethanol blended petrol from additional duty of excise (road and infrastructure cess) levied under clause 110 of Finance Bill 2018...
Read MoreNotification No. 10/2018-Central Excise [G.S.R. 136 (E)] - (02/02/2018) - Notification No. 10/2018-Central Excise Seeks to exempt duties of excise on goods falling within Fourth Schedule to Central Excise Act, 1944, in excess of amount calculated at the rate of 50%...
Read MoreCircular No. 8/2018-Income Tax - (26/12/2018) -
