Budget 2018 : Key Highlights
To Download CountMagic Budget Handbook (red part link to pdf ) for detailed analysis and
impact of Budget 2018.
Individuals And Salaried Professional
When is e-Way Bill registration required for unregistered transporters?
Personal income tax slab rates remains the same.
- Personal income tax slab rates remains the same.
- Introduction of Standard deduction of Rs 40,000 for the salaried class (replacing
the transport allowance and the miscellaneous medical Reimbursement).
- Education cess now to be called as Health and Education cess effective rate
increased to 4% from 3%.
- Introduction of tax on long term capital gains above Rs 1 lakh on sale of equity
shares @ 10% without giving the benefit of indexation. Capital gains tax for until
31 January 2018 will be grandfathered.
For senior citizens
- No TDS on interest from FD upto Rs 50,000.
- Exemption under Section 80D upto Rs 50,000 for medical insurance for senior
- Exemption limit for medical expenditure for certain critical illness from raised from
Rs 60,000/- in case of senior citizens and from Rs 80,000 in case of very senior
citizens, to Rs 1 lakh in respect of all senior citizens, under section 80DDB.
- Reduction in corporate tax rate to 25% for companies having a turnover of Rs 250 crores and less.
- Equity Oriented Mutual funds to face a Dividend Distribution Tax @ 10%.
- Short term capital gains to continue to be taxed @ 15%.
- Cryptocurrencies continued to be considered as not “legal tender”. Government
to consider exploring the Blockchain technology.
- Introduction of e-assessments to reduce interface between income tax
department and taxpayers.