Budget 2018: Full text of direct tax provisions in Finance Bill 2018

Finance Minister Arun Jaitley tabled the Union Budget for the year on the floor of the House on Thursday. In his Budget speech, he said he did not change the personal income-tax slabs. The long-term capital gains would be taxed at 10 per cent for investment over Rs 100,000. Here is an excerpt.

The provisions of Finance Bill, 2018 relating to direct taxes seek to amend the Income-tax Act, 1961 (hereafter referred to as 'the Act') to continue to provide momentum to the buoyancy in direct taxes through deepening and widening of the tax base, reducing the corporate tax rate for micro, small and medium enterprises, promoting horizontal equity in personal income-tax and enhancing the effectiveness, transparency and accountability of the tax administration.

To read the full memorandum, Click here.