Budget Highlight 2018
Salient Features of Finance Bill, 2018 1. No change in Tax Rate. All persons including individuals, HUF, Firms and Companies to pay same tax . However Education cess is being increased from 3 to 4 % to be knon as Education and Health cess. 2. However for Domestic Companies having total turnover or gross receipts not exceeding Rs 250 crores in Financial year 2016-17 shall be liable tp pay tax at 25% as against present ceiling of Rs 50 crore in Financial year 2015-16. 3. Long term Capital gain exemption under section 10(38) in respect of listed STT paid shares being withdrawn. 4. However 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 capital Gain will be 10% under Section 112A. Further such tax will be liable for TDS. 6. Standard Deduction of Rs 40,000 for salaried employees. However benefit of transport allowance of Rs 19,200 and Medical Reimbur...