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Budget 2018 Impact: Half the Nifty50 companies end the day in red

EY analyses the impact of Finance Minister Arun Jaitley's Union Budget 2018-19 announcements on each of the NSE's Nifty50 stocks

BS Web Team 

budget impact on stock market 2018
FM Arun Jaitley outside MoF in North Block on Budget day. Photo: PTI

When Finance Minister Arun Jaitley presented 2018 in Parliament on Thursday, some of his announcements, especially the measures related to and companies in general, sent the swinging. There was a sudden drop in the benchmark indices at the time of the speech. Even as most stocks recouped some of their losses later in the day, as many as 24 Nifty50 stocks ended their day in the red.

This EY analysis looks at the announcements in Finance Minister Arun Jaitley’s Union 2018-19 that might have impacted each of the NSE’s Nifty50 stocks:

Adani Ports and Special Economic Zone Ltd.

·Rationalisation of additional deduction of 30% on new employees

·Existing secondary and higher education cess of 3% increased to 4%

·Legislative amendments to align the provisions of Income tax with Income computation and Disclosure Standards

·Chapter VI-A deduction denied in case of belated return

Profits from service contracts to be computed on percentage completion method

AMBUJA CEMENTS

·Rationalisation of additional deduction of 30% on new employees

·Existing secondary and higher education cess of 3% increased to 4%

·Deemed dividend under section 2(22)(e) to attract dividend distribution tax@ 30%

·Long term capital gains tax @10% introduced on sale of listed shares

·Chapter VI-A deduction denied in case of belated return

·Increased focus on infrastructure sector to provide market opportunities

·Increase in the effective duty due to introduction of social welfare surcharge


ASIAN PAINTS

·Rationalisation of additional deduction of 30% on new employees

·Existing secondary and higher education cess of 3% increased to 4%

·Deemed dividend under section 2(22)(e) to attract dividend distribution tax@ 30%

·Any capital/ revenue compensation receivable towards termination/modification of business contract shall be taxable as business income

·Increase in effective duty due to introduction of social welfare surcharge

AXIS BANK

·Increase in Education cess from 3% to 4%

·Tax on Long Term Capital Gains exceeding Rs. 1 lakh at the rate of 10%, without allowing indexation

·Transaction in respect of trading of agricultural commodity on recognized stock exchange to be treated as non – speculative transaction

·Amendment in the Indian Stamp Act with respect to stamp duty regime on financial securities transaction.

·SEBI to consider mandating with large companies, to meet about one-fourth of their financing needs from the bond market.

BAJAJ AUTO

·Rationalisation of additional deduction of 30% on new employees

·Existing secondary and higher education cess of 3% increased to 4%

·Deemed dividend under section 2(22)(e) to attract dividend distribution tax@ 30%

·Any capital/ revenue compensation receivable towards termination/modification of business contract shall be taxable as business income

·BCD on specified parts & accessories of motor cycles increased to 15%

·BCD on CKD imports of motor cycles increased from 20% to 25%

·Increase in effective duty due to introduction of social welfare surcharge

Bharat Petroleum Corporation Ltd.

·Rationalisation of additional deduction of 30% on new employees

·Existing secondary and higher education cess of 3% increased to 4%

·Deemed dividend under section 2(22)(e) to attract dividend distribution tax@ 30%

·Budgetary expenditure decreased from 7,800 crores to 7,400 crores

BHARTI AIRTEL

·Rationalisation of additional deduction of 30% on new employees

·Existing secondary and higher education cess of 3% increased to 4%

·Deemed dividend under section 2(22)(e) to attract dividend distribution tax@ 30%

·Long term capital gains tax @10% introduced on sale of listed shares

·Legislative amendments to align the provisions of Income tax with Income computation and Disclosure Standards

·BCD levied at 5% on preform of silica for use in the manufacture of telecommunication cables

·Increase in the effective duty due to Introduction of social welfare surcharge


BHARTI INFRATEL


·Rationalisation of additional deduction of 30% on new employees

·Existing secondary and higher education cess of 3% increased to 4%

·Legislative amendments to align the provisions of Income tax with Income computation and Disclosure Standards

·Chapter VI-A deduction denied in case of belated return

·BCD exempted on specified solar tempered glass for manufacture of solar cells, panels and modules

·Increase in the effective duty due to Introduction of social welfare surcharge

CIPLA

·Rationalisation of additional deduction of 30% on new employees

·Existing secondary and higher education cess of 3% increased to 4%

·Deemed dividend under section 2(22)(e) to attract dividend distribution tax@ 30%

·Any capital/ revenue compensation receivable towards termination/modification of business contract shall be taxable as business income

·Introduction of World’s largest government funded health care titled “National Health Protection Scheme” to cover over 10 crore poor and vulnerable families.

·Allocation of INR 1200 crore for the National Health Policy 2017.

·Setting up of 24 new Government Medical Colleges and Hospitals by upgrading existing district hospitals in the country.

DR REDDY'S LABS

·Rationalisation of additional deduction of 30% on new employees

·Existing secondary and higher education cess of 3% increased to 4%

·Deemed dividend under section 2(22)(e) to attract dividend distribution tax@ 30%

·Any capital/ revenue compensation receivable towards termination/modification of business contract shall be taxable as business income

·Introduction of World’s largest government funded health care titled “National Health Protection Scheme” to cover over 10 crore poor and vulnerable families.

·Allocation of INR 1200 crore for the National Health Policy 2017.

·Setting up of 24 new Government Medical Colleges and Hospitals by upgrading existing district hospitals in the country.

·Increase in effective duty due to introduction of social welfare surcharge

HINDUSTAN UNILEVER

·Rationalisation of additional deduction of 30% on new employees

·Existing secondary and higher education cess of 3% increased to 4%

·Deemed dividend under section 2(22)(e) to attract dividend distribution tax@ 30%

·Any capital/ revenue compensation receivable towards termination/modification of business contract shall be taxable as business income

·BCD rate on specified products (including perfumes, beauty products, dental products, toiletries) increased from 10 to 20%

·BCD rate on orange fruit juice increased from 30% to 35%

·BCD rate on cranberry juice increased from 10% to 50%

·BCD rate on miscellaneous food preparations (other than soya protein) increased from 30% to 50%

·BCD rate on specified crude & edible vegetable oils increased from 12.5% to 30%

·BCD rate on specified refined edible vegetable oils increased from 20% to 35%

·Increase in effective duty due to introduction of social welfare surcharge

EICHER MOTORS

·Rationalisation of additional deduction of 30% on new employees

·Existing secondary and higher education cess of 3% increased to 4%

·Deemed dividend under section 2(22)(e) to attract dividend distribution tax@ 30%

·Any capital/ revenue compensation receivable towards termination/modification of business contract shall be taxable as business income

·BCD on truck and bus radial tyres increased from 10 % to 15%

·BCD on specified parts & accessories of motor vehicles, motor cars and motor cycles increased to 15%

·BCD on CKD imports of motor vehicles, motor cars, motor cycles increased from 20% to 25%

·Increase in effective duty due to introduction of social welfare surcharge

HCL TECHNOLOGIES

·Rationalisation of additional deduction of 30% on new employees

·Existing secondary and higher education cess of 3% increased to 4%

·Legislative amendments to align the provisions of Income tax with Income computation and Disclosure Standards

·Chapter VI-A deduction denied in case of belated return

HDFC BANK

·Increase in Education cess from 3% to 4%

·Tax on Long Term Capital Gains exceeding Rs. 1 lakh at the rate of 10%, without allowing indexation

·Compensation on termination or modification of terms and conditions of contract to be taxable as business income or income from other sources

·Transaction in respect of trading of agricultural commodity on recognised stock exchange to be treated as non – speculative transaction

·SEBI to consider mandating large corporates, to meet about one-fourth of their financing needs from the bond market.

·Amendment in the Indian Stamp Act with respect to stamp duty regime on financial securities transaction.

·Unified authority for regulating all financial service in IFSC to be established

HERO MOTOCORP

·Rationalisation of additional deduction of 30% on new employees

·Existing secondary and higher education cess of 3% increased to 4%

·Deemed dividend under section 2(22)(e) to attract dividend distribution tax@ 30%

·Any capital/ revenue compensation receivable towards termination/modification of business contract shall be taxable as business income

·BCD on specified parts & accessories of motor cycles increased to 15%

·BCD on CKD imports of motor vehicles, motor cars, motor cycles increased from 20% to 25%

·Increase in effective duty due to introduction of social welfare surcharge

HINDALCO INDUSTRIES

·Rationalisation of additional deduction of 30% on new employees

·Existing secondary and higher education cess of 3% increased to 4%

·Deemed dividend under section 2(22)(e) to attract dividend distribution tax@ 30%

·Long term capital gains tax @10% introduced on sale of listed shares

·Chapter VI-A deduction denied in case of belated return

·Increased focus on infrastructure sector to provide market opportunities

·Increase in the effective duty due to introduction of social welfare surcharge


HPCL

·Rationalisation of additional deduction of 30% on new employees

·Existing secondary and higher education cess of 3% increased to 4%

·Deemed dividend under section 2(22)(e) to attract dividend distribution tax@ 30%

·Long term capital gains tax @10% introduced on sale of listed shares

·Budgetary expenditure increased from 7,110 crores to 8,425 crores

HDFC

·Increase in Education cess from 3% to 4%

·Tax on Long Term Capital Gains exceeding Rs. 1 lakh at the rate of 10%, without allowing indexation

·Transaction in respect of trading of agricultural commodity on recognised stock exchange to be treated as non – speculative transaction

·SEBI to consider mandating large corporates, to meet about one-fourth of their financing needs from the bond market.

·Amendment in the Indian Stamp Act with respect to stamp duty regime on financial securities transaction.

·Unified authority for regulating all financial service in IFSC to be established

ICICI BANK

·Increase in Education cess from 3% to 4%

·Tax on Long Term Capital Gains exceeding Rs. 1 lakh at the rate of 10%, without allowing indexation

·Transaction in respect of trading of agricultural commodity on recognized stock exchange to be treated as non – speculative transaction

·Amendment in the Indian Stamp Act with respect to stamp duty regime on financial securities transaction.

·SEBI to consider mandating with large companies, to meet about one-fourth of their financing needs from the bond market.

INDIAN OIL

·Rationalisation of additional deduction of 30% on new employees

·Existing secondary and higher education cess of 3% increased to 4%

·Deemed dividend under section 2(22)(e) to attract dividend distribution tax@ 30%

·Long term capital gains tax @10% introduced on sale of listed shares

·Chapter VI-A deduction denied in case of belated return

·Budgetary expenditure increased from 18,849 Crores to 22,862 crores

ITC

·Rationalisation of additional deduction of 30% on new employees

·Existing secondary and higher education cess of 3% increased to 4%

·Deemed dividend under section 2(22)(e) to attract dividend distribution tax@ 30%

·Any capital/ revenue compensation receivable towards termination/modification of business contract shall be taxable as business income

·BCD rate on specified products (including perfumes, beauty products, dental products, toiletries) increased from 10 to 20%

·BCD rate on cashews nuts in shell has been reduced from 5 to 2.5%

·BCD rate on orange fruit juice increased from 30% to 35%

·BCD rate on cranberry juice increased from 10% to 50%

·BCD rate on miscellaneous food preparations (other than soya protein) increased from 30% to 50%

·BCD rate on specified crude & edible vegetable oils increased from 12.5% to 30%

·BCD rate on specified refined edible vegetable oils increased from 20% to 35%

·Increase in effective duty due to introduction of social welfare surcharge

KOTAK MAHINDRA BANK

·Increase in Education cess from 3% to 4%

·Tax on Long Term Capital Gains exceeding Rs. 1 lakh at the rate of 10%, without allowing indexation

·Transaction in respect of trading of agricultural commodity on recognized stock exchange to be treated as non – speculative transaction

·SEBI to consider mandating large corporates, to meet about one-fourth of their financing needs from the bond market.

·Amendment in the Indian Stamp Act with respect to stamp duty regime on financial securities transaction.

·Unified authority for regulating all financial service in IFSC to be established

LARSEN & TOUBRO

·Rationalisation of additional deduction of 30% on new employees

·Existing secondary and higher education cess of 3% increased to 4%

·Deemed dividend under section 2(22)(e) to attract dividend distribution tax@ 30%

·Long term capital gains tax @10% introduced on sale of listed shares

·Chapter VI-A deduction denied in case of belated return

·New initiatives to strengthen infrastructure at the goods sheds

·Budgetary expenditure on infrastructure increased to 5.97 lakh crore as against estimated expenditure of 4.94 lakh crore in 2017-18

·Increased Government attention on maintenance of track infrastructure

·BCD reduced on import of bricks, blocks, tiles and other specified ceramic goods

·BCD reduced on import of specified articles of stone containing magnesite, dolomite or chromite

·BCD increased on import of refractory bricks, blocks, tiles and other refractory ceramic goods

·Increase in the effective duty due to introduction of social welfare surcharge


INDUSIND BANK

·Increase in Education cess from 3% to 4%

·Tax on Long Term Capital Gains exceeding Rs. 1 lakh at the rate of 10%, without allowing indexation

·Compensation on termination or modification of terms and conditions of contract to be taxable as business income or income from other sources

·Transaction in respect of trading of agricultural commodity on recognised stock exchange to be treated as non – speculative transaction

·SEBI to consider mandating large corporates, to meet about one-fourth of their financing needs from the bond market.

·Amendment in the Indian Stamp Act with respect to stamp duty regime on financial securities transaction.

·Unified authority for regulating all financial service in IFSC to be established

MAHINDRA & MAHINDRA

·Rationalisation of additional deduction of 30% on new employees

·Existing secondary and higher education cess of 3% increased to 4%

·Deemed dividend under section 2(22)(e) to attract dividend distribution tax@ 30%

·Any capital/ revenue compensation receivable towards termination/modification of business contract shall be taxable as business income

·BCD on truck and bus radial tyres increased from 10 % to 15%

·BCD on specified parts & accessories of motor vehicles, motor cars and motor cycles increased to 15%

·BCD on CKD/CBU imports of motor vehicles, motor cars, motor cycles increased from 20% to 25%

·Increase in effective duty due to introduction of social welfare surcharge

·BCD on Lithium-ion batteries increased from 10% to 20%. However, the effective BCD rate will remain unchanged

LUPIN

·Rationalisation of additional deduction of 30% on new employees

·Existing secondary and higher education cess of 3% increased to 4%

·Deemed dividend under section 2(22)(e) to attract dividend distribution tax@ 30%

·Any capital/ revenue compensation receivable towards termination/modification of business contract shall be taxable as business income

·Introduction of World’s largest government funded health care titled “National Health Protection Scheme” to cover over 10 crore poor and vulnerable families.

·Allocation of INR 1200 crore for the National Health Policy 2017.

·Setting up of 24 new Government Medical Colleges and Hospitals by upgrading existing district hospitals in the country.

·Increase in effective duty due to introduction of social welfare surcharge

MARUTI SUZUKI

·Rationalisation of additional deduction of 30% on new employees

·Existing secondary and higher education cess of 3% increased to 4%

·Deemed dividend under section 2(22)(e) to attract dividend distribution tax@ 30%

·Any capital/ revenue compensation receivable towards termination/modification of business contract shall be taxable as business income

·BCD on specified parts & accessories of motor vehicles and motor cars increased to 15%

·BCD on CKD or CBU imports of motor vehicles, motor cars increased from 20% to 25%

·Increase in effective duty due to introduction of social welfare surcharge

NTPC

·Rationalisation of additional deduction of 30% on new employees

·Existing secondary and higher education cess of 3% increased to 4%

·Deemed dividend under section 2(22)(e) to attract dividend distribution tax@ 30%

·Long term capital gains tax @10% introduced on sale of listed shares

·Chapter VI-A deduction denied in case of belated return

·Increased allocation to Prime Minister Saubhagya Yogna for provision of free electricity connections to 4 crore poor households

·Increase in the effective duty due to introduction of social welfare surcharge


OIL & NATURAL GAS CORP

·Rationalisation of additional deduction of 30% on new employees

·Existing secondary and higher education cess of 3% increased to 4%

·Deemed dividend under section 2(22)(e) to attract dividend distribution tax@ 30%

·Budgetary expenditure to ONGC decreased from 37218 Crores to 32077 crores

RELIANCE INDUSTRIES

·Accumulated profits of amalgamating company to be considered for computing deemed dividend

·Rationalisation of additional deduction of 30% on new employees

·Existing secondary and higher education cess of 3% increased to 4%

·Deemed dividend under section 2(22)(e) to attract dividend distribution tax@ 30%

·Long term capital gains tax @10% introduced on sale of listed shares

·Chapter VI-A deduction denied in case of belated return

STATE BANK OF INDIA

·Increase in Education cess from 3% to 4%

·Tax on Long Term Capital Gains exceeding Rs. 1 lakh at the rate of 10%, without allowing indexation

·Transaction in respect of trading of agricultural commodity on recognized stock exchange to be treated as non – speculative transaction

·Amendment in the Indian Stamp Act with respect to stamp duty regime on financial securities transaction.

·Bank recapitalization program launched to pave the way for the public sector banks to lend additional credit of INR 5 lakh crore.

·SEBI to consider mandating with large companies, to meet about one-fourth of their financing needs from the bond market.

SUN PHARMA

·Rationalisation of additional deduction of 30% on new employees

·Existing secondary and higher education cess of 3% increased to 4%

·Deemed dividend under section 2(22)(e) to attract dividend distribution tax@ 30%

·Any capital/ revenue compensation receivable towards termination/modification of business contract shall be taxable as business income

·Introduction of World’s largest government funded health care titled “National Health Protection Scheme” to cover over 10 crore poor and vulnerable families.

·Allocation of INR 1200 crore for the National Health Policy 2017.

·Setting up of 24 new Government Medical Colleges and Hospitals by upgrading existing district hospitals in the country.

·Increase in effective duty due to introduction of social welfare surcharge

TCS

·Rationalisation of additional deduction of 30% on new employees

·Existing secondary and higher education cess of 3% increased to 4%

·Legislative amendments to align the provisions of Income tax with Income computation and Disclosure Standards

·Chapter VI-A deduction denied in case of belated return

TATA MOTORS

·Rationalisation of additional deduction of 30% on new employees

·Existing secondary and higher education cess of 3% increased to 4%

·Deemed dividend under section 2(22)(e) to attract dividend distribution tax@ 30%

·Any capital/ revenue compensation receivable towards termination/modification of business contract shall be taxable as business income

·BCD on truck and bus radial tyres increased from 10 % to 15%

·BCD on specified parts & accessories of motor vehicles increased to 15%

·BCD on CKD/CBU imports of motor vehicles, motor cars increased from 20% to 25%

·BCD on CBU import of motor vehicles increased from 20% to 25%

·Increase in effective duty due to introduction of social welfare surcharge

·BCD on Lithium-ion batteries increased from 10% to 20%. However, the effective BCD rate will remain unchanged

TATA STEEL

·Rationalisation of additional deduction of 30% on new employees

·Existing secondary and higher education cess of 3% increased to 4%

·Deemed dividend under section 2(22)(e) to attract dividend distribution tax@ 30%

·Chapter VI-A deduction denied in case of belated return

·Increased focus on infrastructure sector will provide market opportunities

·Increase in the effective duty due to introduction of social welfare surcharge


ULTRATECH CEM.

·Rationalisation of additional deduction of 30% on new employees

·Existing secondary and higher education cess of 3% increased to 4%

·Deemed dividend under section 2(22)(e) to attract dividend distribution tax@ 30%

·Long term capital gains tax @10% introduced on sale of listed shares

·Chapter VI-A deduction denied in case of belated return

·Increased focus on infrastructure sector to provide market opportunities

·Increase in the effective duty due to introduction of social welfare surcharge


UPL

·Rationalisation of additional deduction of 30% on new employees

·Existing secondary and higher education cess of 3% increased to 4%

·Deemed dividend under section 2(22)(e) to attract dividend distribution tax@ 30%

·Long term capital gains tax @10% introduced on sale of listed shares

·Chapter VI-A deduction denied in case of belated return

·Boost to agriculture sector will provide market opportunities

·Increase in the effective duty due to introduction of social welfare surcharge

VEDANTA

·Rationalisation of additional deduction of 30% on new employees

·Existing secondary and higher education cess of 3% increased to 4%

·Deemed dividend under section 2(22)(e) to attract dividend distribution tax@ 30%

·Long term capital gains tax @10% introduced on sale of listed shares

·Chapter VI-A deduction denied in case of belated return

·Increased focus on infrastructure sector will provide market opportunities

·Increase in the effective duty due to introduction of social welfare surcharge


COAL INDIA

·Rationalisation of additional deduction of 30% on new employees

·Existing secondary and higher education cess of 3% increased to 4%

·Deemed dividend under section 2(22)(e) to attract dividend distribution tax@ 30%

·Long term capital gains tax @10% introduced on sale of listed shares

·Chapter VI-A deduction denied in case of belated return

·In order to create employment and aid growth, IEBR for 2018-19 is increased from 8500 Crores to 9500 crores

·Increase in the effective duty due to introduction of social welfare surcharge


POWER GRID CORPN

·Rationalisation of additional deduction of 30% on new employees

·Existing secondary and higher education cess of 3% increased to 4%

·Deemed dividend under section 2(22)(e) to attract dividend distribution tax@ 30%

·Long term capital gains tax @10% introduced on sale of listed shares

·Chapter VI-A deduction denied in case of belated return

·Increased allocation to Prime Minister Saubhagya Yogna for provision of free electricity connections to 4 crore poor households

·Increase in the effective duty due to introduction of social welfare surcharge


GAIL (INDIA)

·Rationalisation of additional deduction of 30% on new employees

·Existing secondary and higher education cess of 3% increased to 4%

·Deemed dividend under section 2(22)(e) to attract dividend distribution tax@ 30%

·Budgetary expenditure increased from 3,309 crores to 4,722 crores

·Increase in the effective duty due to introduction of social welfare surcharge


INDIABULLS HOUSING

·Increase in Education cess from 3% to 4%

·Tax on Long Term Capital Gains exceeding Rs. 1 lakh at the rate of 10%, without allowing indexation

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

·Decrease in custom duty rate on construction material

·Amendment in the Indian Stamp Act with respect to stamp duty regime on financial securities transaction.

·SEBI to consider mandating with large companies, to meet about one-fourth of their financing needs from the bond market.

·RBI Act is being amended to institutionalize and uncollateralized deposit facility.

·Social welfare Cess introduced to finance housing sector

BAJAJ FIN.

·Increase in Education cess from 3% to 4%

·Tax on Long Term Capital Gains exceeding Rs. 1 lakh at the rate of 10%, without allowing indexation

·Transaction in respect of trading of agricultural commodity on recognized stock exchange to be treated as non – speculative transaction

·Amendment in the Indian Stamp Act with respect to stamp duty regime on financial securities transaction.

·SEBI to consider mandating with large companies, to meet about one-fourth of their financing needs from the bond market.


YES BANK

·Increase in Education cess from 3% to 4%

·Tax on Long Term Capital Gains exceeding Rs. 1 lakh at the rate of 10%, without allowing indexation

·Transaction in respect of trading of agricultural commodity on recognized stock exchange to be treated as non – speculative transaction

·Amendment in the Indian Stamp Act with respect to stamp duty regime on financial securities transaction.

·SEBI to consider mandating with large companies, to meet about one-fourth of their financing needs from the bond market.

BOSCH

·Rationalisation of additional deduction of 30% on new employees

·Existing secondary and higher education cess of 3% increased to 4%

·Deemed dividend under section 2(22)(e) to attract dividend distribution tax@ 30%

·Any capital/ revenue compensation receivable towards termination/modification of business contract shall be taxable as business income

·BCD on specified parts & accessories of motor vehicles, motor cars and motor cycles increased to 15%

·Increase in effective duty due to introduction of social welfare surcharge


AUROBINDO PHARMA

·Rationalisation of additional deduction of 30% on new employees

·Existing secondary and higher education cess of 3% increased to 4%

·Deemed dividend under section 2(22)(e) to attract dividend distribution tax@ 30%

·Any capital/ revenue compensation receivable towards termination/modification of business contract shall be taxable as business income

·Introduction of World’s largest government funded health care titled “National Health Protection Scheme” to cover over 10 crore poor and vulnerable families.

·Allocation of INR 1200 crore for the National Health Policy 2017.

·Setting up of 24 new Government Medical Colleges and Hospitals by upgrading existing district hospitals in the country.

·Additional Health and Wellness Centres to be established.

·Increase in effective duty due to introduction of social welfare surcharge

ZEE ENTERTAINMENT

·Rationalisation of additional deduction of 30% on new employees

·Existing secondary and higher education cess of 3% increased to 4%

·Legislative amendments to align the provisions of Income tax with Income computation and Disclosure Standards

·Chapter VI-A deduction denied in case of belated return

·Increase in the effective duty due to Introduction of social welfare surcharge


INFOSYS


·Rationalisation of additional deduction of 30% on new employees

·Existing secondary and higher education cess of 3% increased to 4%

·Legislative amendments to align the provisions of Income tax with Income computation and Disclosure Standards

·Chapter VI-A deduction denied in case of belated return

TECH MAHINDRA


·Rationalisation of additional deduction of 30% on new employees

·Existing secondary and higher education cess of 3% increased to 4%

·Legislative amendments to align the provisions of Income tax with Income computation and Disclosure Standards

·Chapter VI-A deduction denied in case of belated return

WIPRO

·Rationalisation of additional deduction of 30% on new employees

·Existing secondary and higher education cess of 3% increased to 4%

·Legislative amendments to align the provisions of Income tax with Income computation and Disclosure Standards

·Chapter VI-A deduction denied in case of belated return

Disclaimer: The data have been provided by EY. Neither EY nor Business Standard is liable for any action taken on the basis of this data

First Published: Fri, February 02 2018. 01:12 IST
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