How GST effected Income Tax GST, or the goods and service tax, has become a reality in India now. This could be called the biggest reform in the history of our nation, especially in the Indirect Taxation where around 11 types of taxes would be incorporated into a single tax. There are no doubts in […]
TDS on 7.75% GOI Savings (Taxable) Bonds, 2018 The government of India introduced 8% Savings (Taxable) Bonds, 2003 in 2003. Under the existing law, the interest received by the investor is taxable. Further, the payer is liable to deduct tax at source under section 193 of the Act at the time of payment or credit […]
ITR will not automatically fetch income tax notice in case of mismatch in Form 26AS Budget 2018 has proposed to remove the existing system of income tax return assessment where a return filer would be automatically sent a notice if his/her Form 26AS details did not match with the income declared in the return.
Salient Features of Finance Bill, 2018 1. No change in Tax Rate. All persons including individuals, HUF, Firms and Companies to pay same tax . However Education cess is being increased from 3 to 4 % to be known as Education and Health cess under Finance Bill, 2018.
Long term capital gains tax may return The government is looking to re-introduce long capital gains tax on listed stocks with certain riders as a part of it makes an attempt to boost additional revenue within the Budget.