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7 Income Tax Changes to Take Effect From April 1, 2018

2Apr By Lavina TolaniNo Comments

INDIA

7 Income Tax Changes to Take Effect From April 1, 2018

While we have already begun with our new financial year, there is a lot to look forward in the coming months. Finance Minister, Mr. Arun Jaitley did very less for taxpayers or middle-class salaried employees in Union Budget 2018, yet there are a few tax proposals that are going to significantly affect your earnings and lifestyle in the upcoming year. Herein, we will focus on 10 such tax rules that you should take keynote for the financial year 2019 which will come into effect from April 1, 2018. Standard Deduction Gets Re-introduced Coming as a much-needed relief to the salaried class, a standard deduction of Rs. 40,000 for medical expenses and transport allowance has been provided.While the net benefit will reduce down to Rs. 5,800, the pensioners too will be eligible to avail...

No ‘Angel Tax’ For Startups on Raising Funds Up To Rs 10 Crore

6Feb By RishabhNo Comments

News

No ‘Angel Tax’ For Startups on Raising Funds Up To Rs 10 Crore

In between the Indian government's bid to promote Make in India and the startup industry in the country, the government has finally agreed stating that startups founded before 2016 who have raised up to Rs 10 crore angel funding will be exempted from the Angel Tax. Know what is Angel Tax here? "We have finalised the conditions which will resolve the issue of pre-2016 startups," an anonymous official from DIPP(Department of Industrial Policy and Promotion) told the source ET. The finance ministry had initiated the discussions with the Department of Industrial Policy and Promotion (DIPP) on the certification of genuine startups to help with the decision, amidst growing protests from investors and startup founders. "The government has also asked tax officials not to pursue cases against s...

‘Share Market is Negatively Impacted by the Union Budget for Short Term’ : Nikhil, Zerodha Co-founder

5Feb By Sabhyata AgarwalNo Comments

Entrepreneurs Talk

‘Share Market is Negatively Impacted by the Union Budget for Short Term’ : Nikhil, Zerodha Co-founder

Amidst the buzz of Union Budget 2018, a lot has been said and commented upon by the Ministers, Entrepreneurs and Media Personalities. The issue of how the citizens would get affected by the financial plan has been a food for thought to everyone. While the trollers were busy trolling about the delicate topic; How Income tax payers watching the budget... #Budget2018 pic.twitter.com/7cNF8XitYX — Broken Pundit (@Brokenpundit) 1 February 2018 As soon as the Union Budget 2018 hit the headlines, the stock investors got worried about the tax that will be levied on their long-term benefits; we turned to some successful stock trading businesses and e-commerce brands like Policy-bazaar, Zerodha, Paytm and Zebpay to share their views on how the recommendations done by the FM would affec...

Budget 2018: Instead of Increasing Tax Exempted Income to 3 lacs, Govt. Implied Standard Deduction To Reward Honest Taxpayers

2Feb By Press Trust of IndiaNo Comments

News

Budget 2018: Instead of Increasing Tax Exempted Income to 3 lacs, Govt. Implied Standard Deduction To Reward Honest Taxpayers

Tax-free income for salaried class and pensioners has been raised to Rs 2.9 lakh by way of a Rs 40,000 standard deduction and not by hiking exemption limit as the government wanted the benefit to accrue to honest tax payers, Finance Secretary Hasmukh Adhia said today. The standard deduction, which replaces tax-free transport allowance of Rs 1,600 per month (Rs 19,200 a year) and medical expense reimbursement of Rs 15,000 per annum, will accrue automatically to salaried class and pensioners without the requirement of furnishing proof like medical bills that is in vogue now. The provision, which forms part of the Budget for 2018- 19, will apply from April 1 after Parliament approval. Finance Minister Arun Jaitley chose the standard deduction route rather than raising tax exemption l...