Income Tax news

ICAI submits 26 Post Budget suggestions related to Income 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...

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Posted Under: Income Tax |

Standard deduction available on pension from former employer: CBDT

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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Posted Under: Income Tax |

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

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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Posted Under: Income Tax |

Reconciliation of each payment made by deductor to avoid duplication of work of TDS return

In order to make the process of claim of TDS error free, a system was devised some years ago in 2009 and published vide circular no 2/2009, dated 21.05.2009. The relevant excerpt from the said circular is as follows:...

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Posted Under: Income Tax |

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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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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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 |

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