Budget 2018

ITR, Fine, Prosecution proceedings, Budget 2018

Income 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. ...

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Budget 2018 LTCG Tax of 10% on Stocks and Mutual Funds

Income 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 ...

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Long Term Capital Gains on shares, etc with effect from AY 2019-20

Income 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of equity oriented fund and units of business trust to be taxed under Sec 112A, as the exemption u/s 10(38) has been withdrawn with effect from 1st April 2018....

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How LTCG tax will affect mutual funds

Income 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....

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Triple Taxation under Income Tax Act, 1961 after introduction of Section 115BBDA

Income Tax - With the introduction of the Section 115BBDA in the Income Tax Act, 1961 by the Finance Act, 2016, w.e.f. 1-4-2017 the Government is levying 3 times tax on same source of Income. As per said section, when the shareholder receives the dividend in aggregate of more that Rs. 10 lakhs, then such shareholder have also to pay Income Tax. Theref...

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All about Budget Session 2018 of Parliament; Concluded on 6th April, 2018

Income 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, […]...

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Standard deduction available on pension from former employer: CBDT

Income 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...

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CBEC renamed central board of indirect taxes and customs (CBIC)

Income 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....

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Lok Sabha passes Finance Bill 2018 with amendments (Download Bill)

Income 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 […...

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Budget 2018-19 puts a premium on honest investment: Piyush Goyal

Income Tax - NEW DELHI, 12 February 2108: Union Minister of Railways Mr. Piyush Goyal today said that Budget 2018-19 proposals were aimed at removing the structural impediments to attain long term growth, a budget that rises above populism and puts a premium on honest investment towards building a New India....

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CBDT withdraws Transport allowance of Rs. 1,600 pm

Notification No. 17/2018 - (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...

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24 FAQs on Taxation of Long Term Capital Gain on Shares

F.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....

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Seeks to exempt 10% ethanol blended petrol from additional duty of excise

Notification No. 12/2018-Central Excise - (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...

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CBEC exempt excise duty on goods in Fourth Schedule to Central Excise Act, 1944

Notification No. 10/2018-Central Excise - (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%...

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CBEC reduces rate Basic Excise Duty on petrol diesel by Rs. 2/- per litre

Notification No. 09/2018-Central Excise - (02/02/2018) - Notification No. 09/2018-Central Excise- Seeks to reduce rate of Basic Excise Duty (BED) on petrol diesel by Rs. 2/- per litre but benefit of such reduction will not be passed to consumer....

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Recent Posts in "Budget 2018"

ITR, Fine, Prosecution proceedings, Budget 2018

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 More
Posted Under: Income Tax |

Budget 2018 LTCG Tax of 10% on Stocks and Mutual Funds

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 More
Posted Under: Income Tax |

Long Term Capital Gains on shares, etc with effect from AY 2019-20

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 More
Posted Under: Income Tax |

How LTCG tax will affect mutual funds

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 More
Posted Under: Income Tax |

Triple Taxation under Income Tax Act, 1961 after introduction of Section 115BBDA

With the introduction of the Section 115BBDA in the Income Tax Act, 1961 by the Finance Act, 2016, w.e.f. 1-4-2017 the Government is levying 3 times tax on same source of Income. As per said section, when the shareholder receives the dividend in aggregate of more that Rs. 10 lakhs, then such shareholder have also to pay Income Tax. Theref...

Read More
Posted Under: Income Tax |

8 Major Changes in respect of Income tax for FY 2018-19

The biggest change implemented this financial year is the reintroduction of the long term capital gains tax on stock market investments. 10% Long Term Capital Gains (LTCG) tax will be imposed on profits exceeding `1 lakh made from the sale of stocks and equity-oriented mutual funds that have been held for over a year. ...

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Posted Under: Income Tax |

20 changes in Income Tax applicable from 01-04-2018 & 01-04-2019

20 changes in Income Tax applicable from 01-04-2018 and 20 changes applicable from 01-04-2019 All major income tax changes made applicable in Budget 2017 & 2018 are carefully listed. 20 changes applicable from 01-04-2018 (Assessment Year 2018-19 / Financial Year 2017-18) and 20 changes applicable from 01-04-2019 (Assessment Year 2...

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Posted Under: Income Tax |

Major changes in Income Tax For FY 2017-18 & 2018-19 for SME

New changes in the Income Tax Law by the Finance Act, 2018 have come into the effect from 01/04/2018 and a few provisions are effective from 01/04/2017, which have been mentioned at relevant places....

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Posted Under: Income Tax |

5 Income Tax Changes affecting Tax planning from 01.04.2018

Tax planning is one of the Key planning in which everyone indulges to get the most out of the benefits available in Income Tax Act. Budget 2018 proposed some key changes in the income tax laws which will become effective from 01.04.2018. Following are New Income Tax Changes affecting Tax planning from 01.04.2018...

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Posted Under: Income Tax |

Section 80TTB: Rs. 50000 deduction on interest income to senior citizen

New section 80TTB to allow a deduction upto Rs 50,000/- in respect of interest income from deposits held by senior citizens. However, no deduction under section 80TTA shall be allowed in these cases....

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Posted Under: Income Tax | ,
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