Budget - Page 2

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 the place of his residence and the [&he...

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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 |

Education cess increased from 3% to 4% as Health & Education cess from FY-2018-19. What will be its effect on Taxpayer’s Tax liability?

This article contains the meaning of Cess & Surcharge, difference between cess & surcharge, Education cess & it's rate. Also, according to Budget 2018, existing 3% Education cess will be replace by a 4% Health & Education Cess. So, how it will effect on taxpayer's tax liability, is also discussed here....

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Posted Under: Income Tax |

All you need to know about various provisions in relation to Cash transactions under Income tax Act

The Government of India with an intention to evade black money and to discourage the cash transactions time and again taking various steps. Specially the Income tax Act is amended and provided with disallowances and stringent penal provisions for various types of cash transactions. Let us briefly understand some of such provisions here....

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Posted Under: Income Tax |

7 key Changes in Income tax from April-1, 2018

After a gap of 14 years, the government reintroduced long term capital gains amounting to Rs one lakh and above at the rate of 10% on the sale of equities and equity mutual funds if they are sold any time after one year of their purchase. This means even If you sell your equity on April2, you will be liable to pay the tax at the rate of 1...

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Posted Under: Income Tax |

Biggest changes in taxation in New Financial Year 2018-19 for you

From April 1, a large number of Indians will see significant changes in their financial life. April 1 is the first day of the new financial year, 2018-19. The Budget proposals for the new financial year, announced on February 1, will come into force from today itself. Below are the key changes which are going to […]...

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Posted Under: Income Tax |

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

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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Posted Under: Income Tax |

Taxability of LTCG on transfer of shares & budget 2018 implications

Capital gains taxation has always been a contentious issue drawing the attention of Finance Minister in every Budget, with this year not being an exception. So Friends in today’s blog we are going to cover the taxation of LONG TERM CAPITAL GAIN (LTCG) arising from sale of listed shares as well as proposed amendment in […]...

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Posted Under: Income Tax |

New Financial Year!! New Challenges!! New Hopes!!…

Inspite of various changes in budget 2018, following are the highlights of some of the key changes which everyone should aware of. We hope that these changes will bring the positive results and let’s welcome new financial year!!...

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Posted Under: Income Tax |

10 Changes in Income Tax Relevant from AY 2018-19 Onwards

The Chartered Accountants and The Advocates are under a lot of pressure to meet the deadline of Mar 31, 2018. It is quite obvious as the closing of March 2018 is surely going to be the scariest deadlines for all those...

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Posted Under: Income Tax |
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