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Finance Minister Nirmala Sitharaman today announced no changes in personal income tax rates but levied an additional surcharge on the super-rich. She also sought to spur growth with a reduction in corporate tax and sops to the housing sector, startups, and electric vehicles. Among key announcements, Sitharaman said that digital payments will get cheaper, govt will launch an ATM-like One Nation One Card for pan-India travel and new model rental laws will be unveiled to boost affordable housing. 1  Taxes :  * No change in personal income tax rates  * Additional Rs 1.5 lakh tax relief on home loan for the purchase of a house up to Rs 45 lakh.  * Custom duty hike on fuel by 1 rupee, gold, and precious items; Petrol & diesel to get costlier.  * 3% surcharge on an income of Rs 2 crore; 7% on Rs 5 crore and above.  * Corporate tax with a turnover of up to Rs 400 crore slashed to 25 percent from a current rate of 30 percent....

Budget 2018 was the last full-fledged budget presented by the government led by Narendra Modi. Long Term Capital Gains (LTCG) tax on profit earned from the sale of equity shares listed on a recognized stock exchange in India. The LTCG tax was re-introduced after a time gap of 14 years. The provisions were closely followed since they impacted the majority of taxpayers of the country. The tax was levied at the rate of 10 per cent (plus applicable surcharge and cess) while providing relief from gains accrued up to January 31, 2018, i.e., a mechanism was derived wherein the stock price as on 31 January 2018 was considered as the deemed cost, provided it is beneficial to the taxpayer. Following are some of the illustrative points: Treatment of compulsorily convertible instruments – The current provisions do not provide clarity on the cost to be adopted for the purpose of computation of capital gains in case of instruments that are compulsorily converted into equity sh...