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ARTICLE · 05 FEBRUARY 2018

Finance Bill, 2018 Highlights:

S.S. Rana & Co.
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Tax rates for individuals, HUF and Firms unchanged. It shall be mandatory to obtain PAN for all entities (including HUF other than individuals) and all directors, partners, members of such entities...

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  1. Tax rates for individuals, HUF and Firms unchanged.
  2. It shall be mandatory to obtain PAN for all entities (including HUF other than individuals) and all directors, partners, members of such entities if the aggregate financial transactions done in a year by such entities amount to INR 2, 50,000 or more. Failure to do so will hold them liable to be prosecuted.
  3. The domestic companies which have a total turnover or gross receipts not exceeding INR 250 crores in the financial year 2016-17 will be taxed at 25%. Currently, this cap is at INR 50 crores in financial year 2015-16.
  4. A Health and Education Cess of 4% to replace existing 3% education cess on personal income tax and corporate tax.

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