Know your world in 60 words - Read News in just 1 minute
Hot Topics
Select the content to hear the Audio

Added on : 2018-03-30 17:51:27

Several budget proposals including the reintroduction of the tax on long-term capital gains(LTCG) exceeding Rs 100,000 from the sale of shares will kick in from April 1, the beginning of the 2018-19 financial year. Besides, other tax proposals like reduced corporate tax of 25 per cent on businesses on turnover of up to Rs 250 crore and a standard deduction of Rs 40,000 in lieu of transport allowance and medical reimbursement will come into effect from Sunday.
While the exemption limit on income from interest for senior citizens has been raised five times to Rs 50,000 per year, the limit of deduction for health insurance premium and medical expenditure has been raised to Rs 50,000 from Rs 30,000 under section 80D of the I-T Act. For senior and very senior citizens, the tax deduction for critical illness will be Rs 100,000 from April 1, as against the existing limit of Rs 60,000 for senior citizens and Rs 80,000 for very senior citizens. In the last regular Budget of the present NDA government, Finance Minister Arun Jaitley had retained the 10-15 per cent surcharge on the super-rich, while raising the health and education cess, levied on all taxable income, to 4 per cent from 3 per cent at present.
These proposals too will come into effect from Sunday.

Several budget proposals including the reintroduction of the tax on long-term capital gains(LTCG) exceeding Rs 100,000 from the sale of shares will kick in from April 1, the beginning of the 2018-19 financial year. Besides, other tax proposals like reduced corporate tax of 25 per cent on businesses on turnover of up to Rs 250 crore and a standard deduction of Rs 40,000 in lieu of transport allowance and medical reimbursement will come into effect from Sunday.
While the exemption limit on income from interest for senior citizens has been raised five times to Rs 50,000 per year, the limit of deduction for health insurance premium and medical expenditure has been raised to Rs 50,000 from Rs 30,000 under section 80D of the I-T Act. For senior and very senior citizens, the tax deduction for critical illness will be Rs 100,000 from April 1, as against the existing limit of Rs 60,000 for senior citizens and Rs 80,000 for very senior citizens. In the last regular Budget of the present NDA government, Finance Minister Arun Jaitley had retained the 10-15 per cent surcharge on the super-rich, while raising the health and education cess, levied on all taxable income, to 4 per cent from 3 per cent at present.
These proposals too will come into effect from Sunday.

Editor & Publisher : Dr Dhimant Purohit

Headlines

Good News

politics

India

World