The Central Board of Direct Taxes ( CBDT ), has recently issued an explanatory note to the provisions of the Finance Act, 2018. The circular dated 26th December 2018 provides for a brief note on the amendments made in the year regarding the change in the Act, rate structure etc.
The Finance Bill pronounced by the Finance Minister in February 2017 was later passed by the Parliament. The president has given assent to the bill on 29th March 2018. The circular explains the substance of the provisions of the Act relating to the direct taxes.
One of the significant proposal made in the Finance Bill was to grant indexation benefit in case of unlisted securities.
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