Category: Budget

Long term capital gain changes in budget 2018

Honourable Finance Minister Arun Jaitley has proposed the few amendments in the Taxability of Long Term Capital Gain Taxes in case of Transfer of Shares or Units through the recently announced Financed Budget 2018. The long term capital gain changes are being proposed and suggested to rationalise the taxation of long term capital gains in all the classes of assets. Amid falling in the stock market index, top finance ministry official said that currently there were two concessions available to the investors reporting gains from investment exchange traded equity shares. Therefore, the government had decided to tap into the...

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Budget 2018- Highlights

Budget 2018 has been a major budget over the last three years of the existing government in power. This time the Honourable Finance Minister Mr Arun Jaitley has considerably taken care of each segment of the economy and fairly well budget was presented and proposed to the Nation. We will try to understand this Budget under various parts as given below: Budget 2018 Highlights:   Overview of Indian Economy (Major Considerations) Indian economy is now 2.5 trillion dollar economy in FY 2017-18. IMF has forecasted that India will grow at 7.4% next year. Exports are expected to grow at...

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TCS on Cash Sale: 11 Important Points to KNOW

Tax collected at source on cash sale ( TCS on cash sale) under section 206C is effective from 1st June, 2016. Here are the most important points related to TCS you should consider while doing sale or purchase transactions. Meaning of TCS on cash sale: ( Section 206C) TCS is covered under section 206C of income tax act,1961 TCS is short form of tax collection at source A sum equal to the statutory percentage of purchase price is collected by the seller/collector from buyer/lessee/payee.Every person,being seller,shall collect tax at source from the buyer of goods specified in section 206C...

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32 Income tax rules applicable for FY 2016-17

There are huge changes in income tax rules applicable for FY 2016-17 due to budget 2016-17 changes. In this post, I have covered all the changes in short. Income tax rules applicable for FY 2016-17: No change in income tax slab for FY 2016-17. Basic exemption limit is same Rs.2,50,000 for non senior citizen and Rs.3,00,000 for senior citizen. There is no change in income tax rate for fy 2016-17. Additional deduction of Rs.3000 is available u/s 87A. Now,  Section 87A will provide Rs.5000. Rate of surcharge is increased from 12% to 15% for income more than Rs. 1...

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25 Service tax changes applicable from 1st April 2016

Service tax changes applicable from 1st April 2016 due to budget 2016 are summarized in this article.The article provides knowledge about change in exemptions, abatement, reverse charge mechanism and service tax rules from 1/4/2016. 25 Service tax changes applicable from 1st April 2016: Change in Exemptions from 1st april, 2016: Exemption to senior advocate in respect of service to advocate or to partnership of advocates and a person represented on an arbitral tribunal to an arbitral tribunal is being withdrawn from 1st April, 2016. Service tax should be charged in bill under forward charges and paid to government. Exemption...

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