Income Tax news

Union Budget’s agriculture focus will boost growth prospects

Finance Minister Arun Jaitley has done well by announcing measures to help MSMEs and job creation in the last full Budget of the current government...

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Posted Under: Income Tax |

Budget 2018: Tax incentives for International Financial Services centre

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. ...

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Posted Under: Income Tax |

Incentive for Real Estate: No Adjustment to be Made if Circle Rate Value does Not Exceed 5% of Consideration

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 immova...

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Posted Under: Income Tax |

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 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 |
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