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Major Takeaways - Budget 2018

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Major Takeaways - Budget 2018
By: CS Swati Dodhi
February 1, 2018
  • Contents
Direct Tax
 
- Farmer producer companies will get 100% exemption for 5 years
- New employees cost deduction rationalized for 1st year of employment
- Companies with turnover upto 250 Crore will have 25% tax rate
- ₹ 40000 standard deduction allowed to salaried employees
- Interest on FDs limit raised to ₹ 50000 for senior citizen
- Senior Citizen Medical Insurance limit raised to ₹ 50000
- Critical illness expenditure limit also increased to ₹ 1 lakh for senior citizen
- Long Term Capital Gain above ₹ 1 lakh in a year on listed equity shares will be taxed at 10%. Such gains upto 31.01.18 exempted
- Tax on Growth oriented Mutual Fund distributing Dividend
- Total Cess on Income Tax is now 4%
- Electronic Assessment introduced
 
Indirect Tax (Non-GST)
 
- Custom duty on mobile phones and accessories increased
- Educational Cess on some goods reduced
- Certain changes in procedural part of Customs
 

 

By: CS Swati Dodhi - February 1, 2018

 

 

 
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