Tax

In Budget 2018-19, Finance Minister Arun Jaitley announced a standard deduction of Rs 40,000 in place of exemptions allowed for medical reimbursement (Rs 15,000) and transport allowance (Rs 19,200).

Dividends paid by a domestic company to shareholders are subjected to dividend distribution tax at an effective rate of 20.35 per cent.

Expectations are high that the government will announce some income tax sops for the middle class in Budget 2018, the last full-year Budget before general elections due next year. With eight state elections also due this year, the government is also expected to focus on the farm sector and small businesses. This will also be the first Budget after ...

Some tax experts have suggested that the government reduce the tenure of tax-exempted fixed deposits (FDs) to a minimum of three years, from the current five years.

Union Budget 2018: Finance Minister Arun Jaitley is expected to increase the minimum income tax exemption limit.

The government may tweak income tax slabs and rates to bring down the burden on individuals, according to a survey by tax and advisory firm EY.

Chambers of commerce have suggested reintroduction of the standard deduction for salaried employees of at least Rs 1 lakh in Budget 2018.

The GST Council also considered simplification of the return filing process during the meeting.

The GST Council decided to reduce GST rate on tailoring service from 18% to 5%.

Briefing reporters after the meeting, Jaitley said the next GST Council meeting may consider bringing items like crude oil, natural gas, petrol, diesel, ATF and real estate within the GST purview.