Community & General News
Premature closure of PPF may be allowed by Govt
14 February 2018 at 10:54Government of India makes Amendments in Small Savings Act; Proposes merger of Government Savings Certificates Act, 1959 and Public Provident Fund Act, 1968 with the Government Savings Banks Act, 1873; All existing protections have been retained while
Direct Tax collection shows growth of 19.3 percent upto January
10 February 2018 at 13:55The provisional figures of Direct Tax collections up to January, 2018 show that net collections are at Rs.6.95 lakh crore which is 19.3% higher than the net collections for the corresponding period of last year. The net Direct Tax collections represe
FAQ regarding taxation on LTCG released by CBDT
05 February 2018 at 12:2321 FAQs on taxation of long-term capital gains proposed in Finance Bill, 2018
Clarification on 'Expenditure on Tax administration' in Union Budget 2018-19
03 February 2018 at 14:10In one of the Budget documents of the Union Budget 2018-19,“Budget at a glance” under the title ‘Expenditure on Government of India’, an expenditure of Rs.77,747 crore and Rs.10,5541 crore has been shown against the item &ld
Rates of income tax for income of AY 2018-19: Cess increased
01 February 2018 at 15:08DIRECT TAXESA. RATES OF INCOME-TAXI. Rates of income-tax in respect of income liable to tax for the assessment year 2018-19.In respect of income of all categories of assessees liable to tax for the assessment year 2018-19, the rates of income-tax hav
Payments exceeding Rs. 10,000/- in cash to be disallowed
01 February 2018 at 13:56Stricter controls over small cash flow by companies; Payments exceeding Rs. 10,000/- in cash made by such entities shall be disallowedPosted On: 01 FEB 2018 1:16PM by PIB DelhiIn order to control the cash economy and increase TDS compliance, the Unio
Corporate tax reduced to 25% : Govt foregos 7000 crore revenue
01 February 2018 at 13:5599% MSMEs to gain by Tax Incentives provided in General Budget 2018-19 The Union Minister for Finance and Corporate Affairs, Shri Arun Jaitley has proposed a reduced rate of 25% to companies that have reported turnover up to Rs 250 crores in financia
Standard Deduction of Rs 40,000 allowed to Salaried Taxpayers
01 February 2018 at 13:53Relief to salaried taxpayers: standard deduction of Rs 40,000 allowed in lieu of present exemptions2.5 Crores salaried employees and pensioners to benefitDifferently-Abled will continue to get transport allowance at enhanced rate In order to provide
Exemption of interest income on deposits increased to Rs 50,000 for senior citizens
01 February 2018 at 13:49With the objective of providing a dignified life to senior citizens, the Union Minister for Finance and Corporate Affairs, Shri Arun Jaitley, announced significant incentives for senior citizens.
LTCG on equity introduced at 10%
01 February 2018 at 13:44Rationalisation of long term capital gains proposedRevenue gain of about Rs.20,000 crores expected in the first yearThe Union Finance and Corporate Affairs Minister Shri Arun Jaitley today proposed to tax long term capital gains exceeding Rs.1 lakh
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