Union Budget 2018-19 :Know the tax slabs of corporate sectors
Union Budget 2018-19 :Know the tax slabs of corporate sectors
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MUMBAI: The government will disclose its budget for the 2018-19 fiscal years on this Thursday Feb 1 2018. India's economy is projected to post growth of 6.75 per cent in the 2017-18 fiscal years ending in March after having Disturbance by the roll out of GST and the effects of demonetization (Note ban).

 The government is extensively expected to increase spending to ensure growth recaptures momentum, but most investors expect it to be far-sighted as loosening fiscal shortfall targets by too much would likely spark a sell-off in the bond market.

Below we have mentioned expectations across corporate sectors tax slabs and in banking:

TAXES

1) Cut corporate tax rate to 25 per cent from 30 per cent

2) Reduce Minimum Alternative Tax to 15 per cent from 18.5 per cent

3) Increase tax deductions, exemptions for individuals

BANKS

1) Permit full tax deduction for provisioning of non-performing assets at lenders

2) Raise the threshold for tax deduction on the interest paid on bank deposits from current 10,000 rupees

3) Reduce the tenure of tax-exempted retail term deposits to minimum of 3 years from current 5

4) Allow tax relief for proceedings under insolvency code

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