Long term capital gains taxation reintroduced for equity transfers, with new computation rules and nexus conditions for digital presence. Finance Bill, 2018 overhauls direct tax measures: it revises tax rates, consolidates cesses, widens the tax base by PAN mandates and expanded definition of accumulated profits, brings deemed dividends under Dividend Distribution Tax, and introduces taxation of long term capital gains on equity and certain units subject to STT and specified cost basis rules. Cross border nexus rules are expanded to include agents and significant economic presence. The Bill also raises senior citizen reliefs, adds a standard salary deduction, provides insolvency relief for MAT and loss carry forwards, and strengthens assessment, reporting and customs procedures.
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Long term capital gains taxation reintroduced for equity transfers, with new computation rules and nexus conditions for digital presence.
Finance Bill, 2018 overhauls direct tax measures: it revises tax rates, consolidates cesses, widens the tax base by PAN mandates and expanded definition of accumulated profits, brings deemed dividends under Dividend Distribution Tax, and introduces taxation of long term capital gains on equity and certain units subject to STT and specified cost basis rules. Cross border nexus rules are expanded to include agents and significant economic presence. The Bill also raises senior citizen reliefs, adds a standard salary deduction, provides insolvency relief for MAT and loss carry forwards, and strengthens assessment, reporting and customs procedures.
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