Budget - Page 4

5 Key Amendments to Finance Bill, 2018 passed by Lok Sabha

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:...

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Posted Under: Income Tax | ,

10 Important Income Tax Change with effect from 1st April 2018 ( FY 18-19 )

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....

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Posted Under: Income Tax | ,

Post Union Budget 2018 Suggestion by Society of Auditors

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 Gove...

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Posted Under: Income Tax |

Highlights of Maharashtra Budget 2018; PT amnesty & MVAT Changes

Amendments to Profession Tax Act- i. Responsibility to collect tax at source (TCS) on Organizations, Corporations, etc. ii. Attractive Scheme to be declared for One Time Payment of Tax (OTPT) for professionals. iii. Streamlining provisions for effective recovery of tax....

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Posted Under: Income Tax |

Is Proposed Amendment in Finance Bill 2018 Levying Tax on Deemed Dividend u/s 2(22)(e), Results in Double Taxation??

The Finance Bill 2018, has proposed to cover deemed dividend u/s 2(22)(e) of Income Tax Act, also for levy of dividend distribution tax @ 30%, u/s 115-O of Income Tax Act, in the hands of a closely held company paying such deemed dividends. Apprehensions have been raised in some quarters as to whether the proposed amendment will result in...

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Posted Under: Income Tax |

Contributions to National Pension System (NPS) u/s 80CCD(1B)

As the Financial Year 2017-18 is nearing completion, individual tax payers are having hardly one month time to save tax. For individual assessees whose Rs.1.5 lakh savings limit as available u/s 80C, 80CCC and 80CCD(1) are exhausted the only option left is contribution to NPS....

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Posted Under: Income Tax |

Budget 2018 clarity on Mediclaim vs Medical Reimbursements

Finance Act 2018 brought many amendments in the field of Income tax although not big but minute affecting entire class of taxpayers. General Confusion which many of the clients and other professional colleagues are carrying after they heard the budget 2018 is that Government by budget 2018 had withdrawn the Mediclaim Policy deduction avai...

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Posted Under: Income Tax |

Rate the Budget on Your Own (Income Tax)

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 ...

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Posted Under: Income Tax |

Budget 2018 – Proposed Changes in Customs Law

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...

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Posted Under: Income Tax |

Budget Excerpts 2018 – A brief Analysis !

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)...

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Posted Under: Income Tax |
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