Income-tax rate and withholding revisions reshape tax computation, introduce a health and education cess and new digital nexus rules. The Bill prescribes income-tax and withholding rates for 2018-2019, revises surcharge and cess structures by replacing earlier education cesses with a Health and Education Cess, introduces ten percent withholding on specified long-term capital gains, expands definitions to include fair market value and certain compensations within income, creates a significant economic presence nexus for non-residents in India for specified digital and transactional activities, mandates notified income-computation and disclosure standards for marked-to-market losses, foreign exchange fluctuations and contract accounting, and enacts comprehensive Customs reforms including automated clearance, an electronic cash ledger, a Customs Authority for Advance Rulings and new time bound adjudication and audit mechanisms.
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Income-tax rate and withholding revisions reshape tax computation, introduce a health and education cess and new digital nexus rules.
The Bill prescribes income-tax and withholding rates for 2018-2019, revises surcharge and cess structures by replacing earlier education cesses with a Health and Education Cess, introduces ten percent withholding on specified long-term capital gains, expands definitions to include fair market value and certain compensations within income, creates a significant economic presence nexus for non-residents in India for specified digital and transactional activities, mandates notified income-computation and disclosure standards for marked-to-market losses, foreign exchange fluctuations and contract accounting, and enacts comprehensive Customs reforms including automated clearance, an electronic cash ledger, a Customs Authority for Advance Rulings and new time bound adjudication and audit mechanisms.
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