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Thursday, February 1, 2018

Immediate update on direct tax changes from the budget speech -
1. Real estate – double taxation in respect of immovable property. No adjustment where 5% difference is there.
2. MSME – Corporate tax rate 25% to companies having T/o under Rs. 250 crore in FY 2016-17. Revenue foregone Rs. 7000 crore FY 18-19.
3. Salaried tax payers – No changes in structure. Salaried taxpayer – standard deduction of Rs. 40,000/- in lieu of transport and reimbursement of medical expenses.
4. Senior citizens – exemption of interest income from FD / RD increased to Rs. 50,000. No TDS u/s 194A for this. Health insurance deduction from Rs. 30,000 to Rs. 50,000.
5. Rs. 1,00,000/- deduction u/s 80DDB for critical illnesses for senior and very senior citizens
6. Payment exceeding Rs. 10,000 in cash disallowed for Trusts. Non-deduction of TDS would be disallowed @ 30%
7. LTCG tax – Tax LTCG exceeding Rs. 1,00,000/- @ 10% w/o indexation. All gains upto 31.1.18 grand fathered. STCG normal 15%. Tax on distributed income by EOF @ 15%.
8. Increase cess by 1%. Total cess @ 4% health and education cess
9. E assessment – to be expanded

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