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Section 80TTB: Rs. 50000 deduction on interest income to senior citizen

New section 80TTB to allow a deduction upto Rs 50,000/- in respect of interest income from deposits held by senior citizens. However, no deduction under section 80TTA shall be allowed in these cases....

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Posted Under: Income Tax | ,

Indian Union Budget– 2018 An Analysis of Income Tax Proposals

Income Tax slabs and rate of surcharge are not changed, but cess (additional surcharge) rate is increased from 3% to 4% which is obviously payable on aggregate of income-tax and surcharge. Now only single cess @ 4% called Health and Education Cess is there....

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Budget 2018 backs legality of ICDS

India Inc. was promised that the government will be staying away from resorting to any retrospective amendment. Conversely, the Finance Bill 2018, has proposed various retrospective amendments to Income-tax Act, 1961 (the Act) for adopting several provisions of Income Computation and Disclosure Standards (ICDS) which are poles apart from ...

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Long term capital gain Tax on share – Understanding with illustrations

The new budget which was introduced by Mr Jaitley saw the reintroduction of tax on Long term capital gain @10% with certain restrictions. The pivotal part of this restriction can be entirely put into one word i.e GRANDFATHERING as on 31st January 2018 , which certainly is inspired by tweets of Mr Shashi tharoor considering the usage of su...

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Income Tax Rates for financial year 2018-19 / AY 2019-20

Rates of income-tax for financial year 2018-19 or Assessment Year 2019-20 A. Income Tax Rates for financial year 2018-19  for Individual below the Age of Sixty Years, Hindu undivided family, association of persons, body of individuals, artificial juridical person are as under-  Upto Rs. 2,50,000 Nil. Rs. 2,50,001 to Rs. 5,00,000 5 per c...

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Sec. 80D Deductions for senior citizens raised to Rs. 50000

Section 80D, inter-alia, provides that a deduction upto Rs 30,000/- shall be allowed to an assessee, being an individual or a Hindu undivided family, in respect of payments towards annual premium on health insurance policy...

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Budget 2018: Notes on clauses of Finance Bill 2018

Income-tax Clause 2, read with the First Schedule to the Bill, specifies the rates at which income-tax is to be levied on income chargeable to tax for the assessment year 2018-2019. Further, it lays down the rates at which tax is to be deducted at source during the financial year 2018-2019 from income other than […]...

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Budget 2018 Exhaustive Analysis of Changes in Excise Duty

Chapter 24: No change. Chapter 27: 1) A Road and Infrastructure Cess, as an Additional Duty of Excise, is being imposed on motor spirit commonly known as petrol and high speed diesel, falling under heading 2710, at the rate of Rs. 8 per litre. [Clause 110 read with the Sixth Schedule of the Finance Bill, […]...

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Budget 2018 Exhaustive Analysis of Changes in Custom Duty

D.O.F.No.334/4/2018-TRU (01/02/2018)

The Finance Minister has introduced the Finance Bill, 2018 in Lok Sabha today, that is, 1st February, 2018. Changes in Customs and Central Excise law and rates of duty have been proposed through the Finance Bill, 2018....

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Summary of Union Budget 2018-19

Government says that it is firmly on course to achieve high growth of 8% plus as manufacturing, services and exports are back on good growth path. While GDP growth at 6.3% in the second quarter of 2017-18 signalled turnaround of the economy, growth in the second half is likely to remain between 7.2% to 7.5%. […]...

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