FM Arun Jaitley outside MoF in North Block on Budget day. Photo: PTI
Finance Minister Arun Jaitley tabled the Union Budget
for the year. In hi speech he said did not change the personal income tax slabs. The long-term capital gains will be taxed at 10 per cent for investment over Rs 100,000. A few highlights of the Finance Bill.
Subject to the provisions of sub-sections (2) and (3), for the assessment year commencing on the 1st day of April, 2018, income-tax shall be charged at the rates specified in Part I of the First Schedule and such tax shall be increased by a surcharge, for the purposes of the Union, calculated in each case in the manner provided therein.
In section 2 of the Income-tax Act,–– (a) in clause (22), after Explanation 2, the following Explanation shall be inserted, namely:–– “Explanation 2A.–– In the case of an amalgamated company, the accumulated profits, whether capitalised or not, or loss, as the case may be, shall be increased by the accumulated profits, whether capitalised or not, of the amalgamating company on the date of amalgamation.”;.