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Budget 2018 - Direct tax - Birds eye view

Income Tax - By: - CS Swati Dodhi - Dated:- 1-2-2018 - 1. No change in Tax Rate. All persons including individuals, HUF, Firms and Companies to pay same tax . Education cess is being increased from 3 to 4 % to be known as Education and Health cess. 2 .....

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al gain exemption under section 10(38) in respect of listed STT paid shares being withdrawn. 4. Capital gain up to 31.1.2018 shall not be taxed as cost of acquisition will be taken as Fair Market Value as on 31.1.2018. 5. Tax on STT paid long term ca .....

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ion 17(2) are being withdrawn. Thus net benefit to salaries class only ₹ 5,800 7. Provision of Section 43CA, 50C and 56(2)(x) being amended to allow 5% of sale consideration in variation vis a vis stamp duty value. On account of location, disad .....

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section 11(1)(a). 9. Agriculture Commodity Derivates income /loss also not to be considered as speculative under section 43(5). 10. Income Computation and Disclosure Standards(ICDS) being given statutory backing in view of decision of Delhi High Cour .....

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method as per ICDS. 14. Valuation of Inventorty including Securities to be as per ICDS. 15. Interest on compensation, enhanced compensation. Claim or enhancement claim and subsidy, incentives to be taxed in the year of receipt only as per new Sectio .....

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