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...
In the year 2012, the then Government had introduced retrospective amendments to the Indian Income- tax Act in order to nullify the decision rendered by the Apex Court in the case of Vodafone International Holdings B.V. vs Union of India with regard to taxation of indirect transfer of shares.
Arjuna, In this year, main focus was on Direct taxes rather than indirect taxes. The government has suggested certain changes in the income tax rate and deductions from the total income. In this budget, the government has focused on deduction provisions in case of senior citizen.
A. Rates of Income-tax- Brief Impact: A. Individual, Hindu undivided family, association of persons, body of individuals, artificial juridical person. I. The rate of income tax is proposed to be same. Tax slab and rates remain unchanged.
Government is always committed to the welfare of farmers and the emphasis is on generating higher income for farmers. Government has promoted organic farming in a big way.
Since the time the FM has announced 10% Long Term Capital Gains (LTCG) without indexation benefit on Equity investments, there is continuous debate and discussion on the same. You must have read multiple articles on how the LTCG will be determined, the rules, grandfathering provision and so on.
It was largely expected before the budget that Exemption limit would be increased this time in the budget. This thought process was in line of the implementation of GST as somehow collection to the Government has been increased and a formal organised system has been implemented of Taxation through implementation of GST.
The Budget proposes that LTCG tax will have to be paid on profit booked after March 31. Sale of shares made till March, the existing law will apply and LTCG will not be applicable. So if you sell before March 31 a stock that has been held for more than a year, you do not have to pay tax. However, if you sell it on or after April 1, LTCG tax will apply on the gains.
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:
Finance Minister has presented Budget 2018 dated 1st February 2018. Certainly, in every budget taxpayer expects certain relief from Direct Tax perspective. Whilst income slabs, tax rates and surcharges remain mostly un-fiddled, certain key changes proposed as discussed below:
Changes in Tax Rates for Domestic Companies: Company whose total turnover or gross receipts in the PY 2016-17 does not exceed Rs. 250 crore rupees – 25% No change in Tax Rates for others. No change in Surcharge.
