Income Tax

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A 1% increase in the cess of corporation and personal income tax was proposed by the Finance Minister in the session yesterday. From an earlier 3%, the cess has now been increased to 4%. This, in turn, will spiral the total income tax paid by a taxpayer, every year.


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Salaried individuals, henceforth, will get a Rs.40,000 deduction on their incomes, thereby replacing the existing exemption permitted on reimbursement of medical costs and transportation allowances. Around 2.5 crore salaried individuals are believed to benefit from this move and the total cost incurred by the Government would amount to Rs.8,000 crore. In the year 2006-07, standard deductions on incomes were abolished, although soon after the concept was brought back into action. Standard deduction, essentially comprises of deduction of a certain amount of money from the salaried individual’s income to cope with expenses that the person would incur during his employment in the organisation.
The Union Budget 2018 introduced a new 10% tax charged on investments of long-term capital gains in stocks, and equity mutual funds. Contradicting hugely from its existing standard of tax exemption, the new tax law states that all profits exceeding the amount of Rs.1 lakh (from mutual funds and stock markets) will henceforth be taxed a 10% rate. However, long-term capital gains that have been invested in stocks and mutual funds up until January 31, 2018 will be exempted from any tax deduction.
The Finance Minister in the session of Union Budget 2018 held yesterday also introduced a 10% tax rate on distributed income earned from equity-based mutual funds.
Concerning the senior citizens of the country, the Indian government has established a lot of changes that will help minimise their financial burden:
The exemption of interest income on prepayments made in banks and post offices has been increased to Rs.50,000 from an earlier Rs.10,000.
Under Section 80D, the deduction limit for premiums paid on health insurances or other medical expenditures has been increased to Rs.50,000 from an existing amount of Rs.30,000.
No deduction of TDS under Section 194A. Availability of benefits for interest received from recurring and fixed deposit schemes.

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