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Highlights of Budget 2018 presented on 1st February, 2018

1. EPF contribution of women reduced from 12% to 8% (Employer & Employee both)

2. Dealing in Cryptocurrencies like Bitcoins is prohibited and the government is taking action on dealing with all the dealers against them.

3. Corporate tax reduced to 25% from 30% for companies with annual turnover of up to Rs 250 crore.

4. Companies with annual turnover more than Rs 250 crore - 30% is applicable

5. No change in personal income tax slabs

6. 100% tax rebate for farmer producer companies having a turnover of Rs 100 crore for 5 years from F.Y. 2018-19

7. Exemption on interest income (Interest on FD) to be increased from Rs 10000 to Rs 50,000 u/s 194A for senior citizen

8. Standard deduction of Rs 40,000 introduced in lieu of transport and medical reimbursements for salaried employees and no other benefit shall be available to them in regard to Medical Reimbursements and transport reimbursements

9. Custom duty on mobile phones increased from 15% to 20%

10. Custom duty on raw cashews reduced from 5% to 2.50%

11. All assessments under IT Laws shall be made electronically.

12. Capital gain tax - Capital gains tax has been reintroduced, at 10% on gains of over Rs 1 lakh on equity investments.

13. For calculation of LTCG now 1) date of purchase/acquisition will be the original date of which investment was made 2) cost of acquisition will be the rate as on 31 Jan 2018 . Investors should keep a record of the closing price of their holdings as on 31 Jan 2018.

14. No education cess on import shall be levied. But social welfare cess @10% shall be levied on import of goods from outside India or SEZ, EOU, EHTP, STP etc.

15. Central Board of Excise and Customs named as Central Board of Indirect Taxes and Customs.

16. Educational cess increased from 3% to 4%

17. Deduction of 30 percent on emoluments paid to new employees Under Section 80-JJAA to be relaxed to 150 days for footwear and leather industry, to create more employment.

18. No education cess on import shall be levied. But social welfare cess @10% shall be levied on import of goods from outside India or SEZ, EOU, EHTP, STP etc.

19. Central Board of Excise and Customs named as Central Board of Indirect Taxes and Customs.

20. Educational cess increased from 3% to 4%

21. Deduction of 30 percent on emoluments paid to new employees Under Section 80-JJAA to be relaxed to 150 days for footwear and leather industry, to create more employment.

22. No adjustment in respect of transactions in immovable property where Circle Rate value does not exceed 5 percent of consideration.

23. Increase in deduction limit for medical expenditure for certain critical illness from Rs. 60,000 (in case of senior citizens) and from Rs. 80,000 (in case of very senior citizens) to Rs. 1 lakh for all senior citizens, under section 80DDB.

24. To control cash economy, payments exceeding Rs. 10,000 in cash made by trusts and institutions to be disallowed and would be subject to tax.

25. Proposal to introduce tax on distributed income by equity-oriented mutual funds at the rate of 10 percent. 

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