Key Budget 2018 proposals (Taxation)

0
245
Key Budget 2018 proposals (Taxation)
Key Budget 2018 proposals (Taxation)

Budget 2018

Key Budget 2018 proposals (Taxation)

1. No change in income tax slabs

2. Announces LTCG on stock market transaction. 10% tax on capital gains exceeding Rs. 1 lac. All gains up to 31st Jan., 2018 will be grandfathered. No change in STT regime, tweets Finance Secretary.

3. FM : Re-introduces standard deduction for salaried class up to Rs. 40,000 in lieu of transport, medical allowance. Standard deduction to cost rs. 8000 cr to Govt.

4. Increase in education cess proposed by 1% – rate now increased from 3% to 4%

5. Benefit for senior citizens u/s 80TTA to be increased to Rs. 50,000 for interest income

6. Short term capital gains continue to be taxable at 15%

7. No change in shareholding period for long term and short term capital gains

8. Proposes 10% DDT on equity oriented mutual funds.

9. 25% corp. tax rate for companies with turnover up to rs. 250 cr. Revenue foregone on account of 25% rate is Rs. 7,000 cr

10. In respect of stamp duty valuation substitution for purchaser and seller for real estate transaction, no adjustment to be made if circle rate value does not exceed by 5% as compared to sales consideration

11. Deduction u/s 80DDB to be increased to Rs. 1,00,000 for all senior citizens

12. Sec. 11 exemption to trust/charitable institutions – payments exceeding Rs. 10k in cash to be disallow and subjected to tax.

13. E-assessments to be rolled out across country. New scheme for assessments to be notified.

14. Proposal to regulate crypto-currencies to mitigate use for illegal activities.

15. On the indirect tax front, proposes procedural amendments to Customs Act.

16. Import duty on mobile phones hiked to 20% while that on TVs also increased to promote domestic manufacturers

17. 3% social welfare surcharge on import of certain goods.

Budget 2018


home  Submit Article   Discussion

LEAVE A REPLY

Please enter your comment!
Please enter your name here