Live updates and discussion on Budget

Proposal to introduce tax on distributed income by equity oriented mutual funds at 10%

Gains from equity share held up to 1 year will be taxed at 15%

Increase in customs duty on mobile phones to 20% from 15%: FM: #UnionBudget2018

Proposal to tax long term capital gains exceeding Rs 1 lakh at 10% without indexation

• Short-term capital gains tax continues to be 15%: FM   
•  Propose next FY health, education cess at 4%: FM

Proposal to increase Education Cess by 1%

E-assessment to be rolled across the country to transform assessment procedure of IT dept

Govt’s 12% contribution to EPF for new employees: #UnionBudget2018

In case of no deduction of tax for payments abouve Rs. 10000 to trust, 30% shall be taxed.

Incentives for sr citizens: Exemtion of interest income on bank deposits raised to Rs, 50000.

Proposal to amend income tax act to notify new scheme for assessment.

Central boards of Excise & Customs name changed to central board of indirect taxes & customs.

Jaitley reintroduces standard deduction of Rs 40,000 for salaried individuals #UnionBudget2018

   Corporate income tax rate cut to 25% for companies with turnover of upto Rs 250 crore 

   I-T laws tweaked to incentivise more hiring 

Standard deduction of rs 40000/- for income tax payer statrted again.