Budget 2018

As the Financial Year 2017-18 is nearing completion, individual tax payers are having hardly one month time to save tax. For individual assessees whose Rs.1.5 lakh savings limit as available u/s 80C, 80CCC and 80CCD(1) are exhausted the only option left is contribution to NPS....

The Finance Bill 2018, has proposed to cover deemed dividend u/s 2(22)(e) of Income Tax Act, also for levy of dividend distribution tax @ 30%, u/s 115-O of Income Tax Act, in the hands of a closely held company paying such deemed dividends. Apprehensions have been raised in some quarters as to whether the proposed amendment will result in...

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....

This article brings out the contradiction over the intention and implementation of amendment in section 11 so as to bring the disallowances u/s 40A(3) and section 40(a)(ia) in computation of income of the Trusts or other institutions claiming exemption u/s 11...

As we all are aware that Finance Act, 2018 brought major amendment in the field of Medical Reimbursement Allowance and Mediclaim. Since these both the amendments are enforce together in India, there are some confusion which many of the clients and other professional colleagues are carrying after they heard the budget 2018 and the confusio...

Union Budget is the most comprehensive report of the Government's finances in which revenues from all sources and outlays for all activities are consolidated. The Budget also contains estimates of the Government's accounts for the next fiscal year called Budgeted Estimates....

Certain major amendments were made in Income Tax provisions through Finance Act 2018.This write-up is just to highlight amendments in brief mainly applicable from A.Y 2019-20....

In exercise of the powers conferred by sections 146, 178 and 191 of the Finance Act, 2018 (13 of 2018), the Central Government hereby appoints the 08th day of March, 2019, as the date on which the provisions of Part VI, Part X and Part XI of Chapter VIII of the said Act shall come into force....

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:-...

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...