Income Tax : As the Financial Year 2017-18 is nearing completion, individual tax payers are having hardly one month time to save tax. For indi...
Income Tax : The Finance Bill 2018, has proposed to cover deemed dividend u/s 2(22)(e) of Income Tax Act, also for levy of dividend distributio...
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 o...
Income Tax : This article brings out the contradiction over the intention and implementation of amendment in section 11 so as to bring the disa...
Income Tax : As we all are aware that Finance Act, 2018 brought major amendment in the field of Medical Reimbursement Allowance and Mediclaim. ...
Income Tax : POST-BUDGET MEMORANDUM – 2018 1. INTRODUCTION 1.0 The Council of the Institute of Chartered Accountants of India considers it a ...
Finance : Budget Session 2018 of Parliament concludes The Budget Session, 2018 of Parliament which commenced on Monday, 29th January, 2018 h...
Income Tax : The Central Board of Direct Taxes (CBDT) has clarified that the pension received by a taxpayer from his former employer is taxable...
Custom Duty : With the enactment of the Finance Act, 2018, CBEC is renamed as the Central Board of Indirect Taxes and Customs (CBIC). The change...
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 amendm...
Corporate Law : In exercise of the powers conferred by sections 146, 178 and 191 of the Finance Act, 2018 (13 of 2018), the Central Government her...
Income Tax : CBDT releases Explanatory Notes to Provisions of Finance Act, 2018 vide Circular No. 8/2018 dated 26th of December, 2018 and expla...
Income Tax : CBDT has omitted provision related to exemption of transport allowance of Rs. 1,600 per month granted to an employee other than an...
Income Tax : Since the introduction of the Finance Bill, 2018 on 1st February, 2018, several queries have been raised in different fora on vari...
Excise Duty : Notification No. 12/2018-Central Excise Seeks to exempt 10% ethanol blended petrol from additional duty of excise (road and infras...
It appears that without analyzing the proposed amendments in Budger 2018, most of the people have jumped to the conclusion that entire Chapter VI A deduction are covered, thus wrongly concluding that deduction u/s 80C (payment of PPF/LIC/School fee etc) , 80D- mediclaim, 80G (Donations),80TTA & 80TTB (interest from Bank) etc etc will not be allowed if the Income Tax Return is filed beyond the due date, which in actual is not the case since only PART C to Chapter VIA is covered in the budget proposal. In the following paragraphs an attempt has been made to clarify the position
Goods imported into India are cleared for home consumption by payment of custom duty under Section 12 of the Customs Act, 1962 on the value determined under Section 14 of the Act.
The Lok Sabha has introduced the Notice of Amendments to the Finance Bill, 2018 on 12 March 2018. Please find below an analysis of the amendments which are effective from Financial Year 2018-19 (i.e. Assessment Year 2019-20), except as provided otherwise:
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 […]
As a taxpayer we need to be aware of the tax proposals of this year’s Union Budget as they are going to impact our earnings as well as the day-to-day lives from the upcoming financial year (2018-2019). Here we are taking a look at 10 such tax rules which will change from 1st April 2018.
The Hon’ble Finance Minister presented the Budget to the nation on the 1st February, 2018 and the Managing Committee of the Society thought it appropriate to conduct a brain storming session on the budgetary proposals, within the sub group formed for the purpose and to prepare a concise Post Budget Memorandum to be submitted to the Government, for its consideration and possible action.
This article would contain major amendments proposed vide union Budget 2018 along with the impact of the same on Taxpayer/citizen as well as revenue to the govt /remarks & one more column would be for rating of the amendment. You would have to invest 20 minutes in order to gain yourself an understanding of the budget proposal related to taxation.
Changes in Customs tariff ( Rates):- Make in India theme, Reduction in duty on raw materials, Increase in duty on finished goods Significant Changes in Legislative Changes in Customs Act, 1962 Changes in Customs tariff Act, 1975
No change in the in the slab rates of income tax for FY 2018-19. However, Education Cess on income-tax and Secondary and Higher Education Cess on income-tax of 3% shall be discontinued. New Cess Health and Education Cess is introduced levied at the rate of 4% of the income tax including surcharge (wherever applicable)
Budget 2018 gave sudden shock to the big players in stock market. From April 1, 2018, long term capital gain arising from the sale of shares or equity mutual fund schemes held for over one year and above Rs. 1 Lakh will be taxable @ 10%. Let’s understand in a comparative manner. Scenario pre Budget […]
