ALSO READBudget 2018: Capital gains tax: First principles first Budget 2018: A tightrope walk for Arun Jaitley Budget 2018: A believer of the Bhagwad Gita, Modi likely to shun populism Budget 2018: Know your savings if FM Jaitley changes tax exemption limit Budget 2018: Overseas investors demand status-quo on LTCG tax
Finance Minister Arun Jaitley tabled the Union Budget for the year. In hi speech he said did not change the personal income tax slabs. The long-term capital gains will be taxed at 10 per cent for investment over Rs 100,000. A few highlights of the Finance Bill.
Subject to the provisions of sub-sections (2) and (3), for the assessment year commencing on the 1st day of April, 2018, income-tax shall be charged at the rates specified in Part I of the First Schedule and such tax shall be increased by a surcharge, for the purposes of the Union, calculated in each case in the manner provided therein.
In section 2 of the Income-tax Act,–– (a) in clause (22), after Explanation 2, the following Explanation shall be inserted, namely:–– “Explanation 2A.–– In the case of an amalgamated company, the accumulated profits, whether capitalised or not, or loss, as the case may be, shall be increased by the accumulated profits, whether capitalised or not, of the amalgamating company on the date of amalgamation.”;.
To read the full text of the Finance Bill, Click here.