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FINANCE BILL – 2008. HIGHLIGHTS
BASIC EXEMPTION LIMIT IN CASE OF INDIVIDUAL & HUF INCREASED AS UNDER : For an Income upto Rs.1,50,000/= - Rate of Tax NIL. For an Income from Rs.1,50,001/= to Rs.3,00,000/- Rate of Tax 10 %. For an Income from Rs.3,00,001/= to Rs.5,00,000/= - Rate of Tax 20 %. For an Income from Rs.5,00,001/= & above - Rate of Tax 30 %. Minimum Exemption Limit for Female Assessee increased to Rs.1,80,000/=. Minimum Exemption Limit for Senior Citizen Assessee increased to Rs.2,25,000/=. Short Term Capital Gain Tax on Listed Shares is increased to 15 %. No Change in Surcharge on Income Tax. No change in Corporate Income Tax & Income Tax on Firms. No change in Dividend Distribution Tax. Due dates for Filing of Income Tax Return & FBT Return in case of Corporate Assessee & Other Assessee whose Accounts are Audited under the Law shall be 30th September instead of 31st October. Income derived from Saplings or Seedings grown in a Nursery shall be “Agricultural Income”. Amount received by an Individual as a Loan either in lumpsum or in instalment in transaction of “Reverse Mortgage” shall be not be treated as a Income under the head Income from Capital Gain w.e.f. Ass.Yr : 2008 – 2009. Security Transaction Tax (STT) & Commodity Transaction Tax (CTT) paid by an Assessee in respect of taxable security transaction entered in the course of business will be allowable as a Business Expenditure, if the Assessee has shown Income arising from such transaction under the head “Income From Business or Profession”. Aggregate payments made in cash to a person “DURING A SINGLE DAY” exceeds Rs.20,000/= the same shall be disallowed Under section 40 A (3). No deduction shall be allowed in the subsequent year also if the liability for payment of expenses is created in the previous year & cash payment is made in the subsequent year. Conversion of Bonds into Shares / Debentures shall not be treated as transfer for the purpose of Capital Gain Tax. Sum invested under “Senior Citizen Savings Scheme Rules, 2004” or Five Year Deposit under “Post Office Time Deposit Rules, 1981” shall be eligible for Deduction Under Section 80 – C of the Income Tax Act, 1961 (w.e.f. : Ass.Yr : 2008 – 09). Mediclaim Premium paid by an Individual for the Parents who is a Senior Citizen shall be deductible Under Section 80 – D upto Rs.20,000/=. TDS to be deducted even if a payment is made to a Contractor by “Association of Persons or Body of Individuals” Under Section 194 C of the Act (w.e.f. : 1st June, 2008). TDS Certificates in Form No. 16 or in Form No.16 A is to be issued till 31st March, 2010 in physical form. Service Tax: Basic Exemption Limit raised to Rs.10,00,000/= from existing Rs.8,00,000/=. Renting of an Immovable Property will include allowing or permitting the use of a space in an immovable property, irrespective of the transfer of possession or control of the said immovable property. This might apply to a person who rents space in a Business Centre. by EXIMON.com Click here to Submit your Comments/Views on above articles
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