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Writer's pictureFahad H
Jun 19, 20194 min read

BUDGET HIGHLIGHTS – 2018 2019 | #BUDGET2018 AMENDMENTS INCOME TAX | DETAILED | CA DIVYANSHU SE


DETAILED ANALYSIS of AMENDMENTS / CHANGES made in FINANCE BUDGET 2018 dated 01 Feb 2018 Complete protection of all Income tax Amendments with Examples in Simple language in HINDI Finance Budget 2018-19 Highlights, Budget 2018: How Much Income Tax You Have To Pay In 2018-19

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No change in Tax Rate. All individuals together with people, HUF, Firms and Companies to pay identical tax as per SLABS of final 12 months . However Education cess is being elevated from Three to 4 % to be referred to as *Education and Health cess*. For Domestic Companies having whole turnover or gross receipts not exceeding ? 250 Crore in Financial 12 months 2016-17 shall be liable to pay – tax at 25%* as in opposition to current ceiling of Rs 50 crore in Financial 12 months LTCG on SHARES (additionally relevant for FII) Long time period Capital Gain on SHARES even when STT paid – If better than ? 1 Lakh – 10% Tax (listed inventory – STT paid)

Standard deduction of extra ? 40,000 for salaried staff. Exemption of Travelling Allowance (besides in case of otherwise abled individuals) Medical Expense Reimbursement is withdrawn 100% tax deduction for the primary 5 years to firms registered as farmer producer firms with a turnover of Rs. 100 crore and above. ? 50,000 deduction underneath Section 80D if Mediclaim for senior residents (Previously ? 30,000/-) In Section 80DDB financial restrict of deduction is elevated to ? 1 Lakh for each senior residents and really senior residents. (Previously ? 60Okay & ? 80Okay). No change in Tax Rate. All individuals together with people, HUF, Firms and Companies to pay identical tax . However Education cess is being elevated from Three to 4 % to be referred to as Education and Health cess. However for Domestic Companies having whole turnover or gross receipts not exceeding Rs 250 crores in Financial 12 months 2016-17 shall be liable tp pay tax at 25% as in opposition to current ceiling of Rs 50 crore in Financial 12 months 2015-16. Long time period Capital achieve exemption underneath part 10(38) in respect of listed STT paid shares being withdrawn. However capital achieve as much as 31.1.2018 shall not be taxed as price of acquisition shall be taken as Fair Market Value as on 31.1.2018. Tax on STT paid long run capital Gain shall be 10% underneath Section 112A. Further such tax shall be chargeable for TDS. Provision of Section 43CA, 50C and 56(2)(x) being amended to permit 5% of sale consideration in variation vis a vis stamp responsibility worth. On account of location, drawback and many others. Provision of part 40(ia) and 40A(3) and 40A(3A)are being made relevant to Charitable Trust . Hence expenditure incurred with out deduction of tax and in money won’t be eligible as utility of earnings underneath part 10(23C) and part 11(1)(a). Income Computation and Disclosure Standards(ICDS) being given statutory backing in view of determination of Delhi High Court determination. Marked to market loss computed as per ICDS to be allowed underneath part 36. Gain or loss in Foreign Exchange as per ICDS to be allowed underneath new part 43AA. Construction Contract earnings to be computed on share completion methodology as per ICDS. Valuation of Inventorty together with Securities to be as per ICDS. Interest on compensation, enhanced compensation. Claim or enhancement declare and subsidy, incentives to be taxed within the 12 months of receipt solely as per new Section 145B. Conversion of inventory in commerce to capital asset to be charged as enterprise earnings within the 12 months of conversion on Fair Market worth on the date of conversion. 54EC advantage of funding in Bonds to be restricted to Capital achieve on land and constructing solely. Further interval of holding being elevated from Three years to five years. Deemed dividend to be taxed within the arms of the corporate itself as Dividend Distribution of tax @ 30%. Penalty for non submitting monetary return as required underneath part 285BA being elevated to Rs 500 per day .

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DISCLAIMER – * This video is mere a normal information meant for Educational functions solely. No authorized recommendation is given on this Video or Comments or in any means. All the Examples mentioned are topic to vary as per state of affairs.

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