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Budget 2018

Long Term Capital Gain on Transfer of Equity Shares: Govt Issues Draft Notification [Read Notification]

Taxscan Team

The Finance Act, 2018 has withdrawn the exemption under clause (38) of Section 10 of the Income-tax Act, 1961 (the Act) and has introduced a new...

Budget Session 2018 of Parliament concludes

CBIC Notifies Regulations for Pre-Notice Consultation [Read Regulations]

CBEC to known as CBIC from Tomorrow

One Lakh Notices Sent to Crypto Currency Investors so far, says CBDT Chairman

CBDT Chief Asks Industries to become more Tax Compliant

Central Board of Direct Taxes (CBDT) chief Sushil Chandra said that the industries should take more initiative in paying tax more than the salaried class and help to build a tax compliant society and...

E-Assessment of Tax Payer to be dealt by Two Officers, says CBDT Chief

In order to wipe out the cliché procedure in the department, the Central Board of Direct Taxes (CBDT) has proposed to implement E-assessment soon. While clarifying the concept, the CBDT Chief Sushil...

Budget 2018: GST Cess Transferred to States do not form part of expenditure on “Tax administration”, Govt Clarifies

The Ministry of Finance, today issued a press release Clarifying ‘Expenditure on Tax administration’ in Union Budget 2018-19. It said that In one of the Budget documents of the Union Budget...

ICAI releases Tax proposals made in Union Budget 2018: Invites Suggestions [Read Proposals]

The Institute of Chartered Accountants of India (ICAI) released tax proposals made in the Finance Bill, 2018 last day before the Parliament. The Institute released a compilation of all the proposals...

Budget 2018: Govt to Amend PMLA to detect Corporate Fraud

The finance minister while delivering budget speech proposed to amend the PMLA (Prevention of Money Laundering Act) to expose corporate fraud in the country. Prevention of Money Laundering Act,...

No Need to furnish any Bills or documents to claim the Standard Deduction: CBDT Chief

In the union budget 2018 presented by the Union Finance and Corporate Affairs Minister Arun Jaitley, yesterday proposed to allow a standard deduction of Rs. 40,000 in lieu of the present exemption. In...

No Deductions for Industrial Undertakings If Income Tax Return not filed within Due Dates

The Finance Bill introduced by the Union Finance Minister Arun Jaitley last day proposed that the industrial undertakings cannot avail the benefit of section 80 deductions under the Income Tax Act if...