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Chat Transcript

Girish Vanvari

Partner , KPMG

Proposals affecting tax payers in Budget 2018


Questions Answered


guest: For senior citizens whether interest on bank deposits exempted upto Rs.50000

Girish Vanvari: yes.

shashank : Hello sir. Income or profit for long term investors is applicable today or April 18

Girish Vanvari: The applicability of LTCG tax is from today.

shashank : What to ask u that if I have taken larsen 2 years back. I am holding same qty for 2 years. Now today I have sold the shares. I earn 2 lakh profit. Pl tell me whether I have to pay tax on 2 lakh

Girish Vanvari: The tax will be on only on difference between sales consideration and market value of shares as of yesterday

Sudhir Padhye: Sir Rs 50000 u/s 80D for Sr ctzn.is insurance premiums or on actual expenses Thanks

Girish Vanvari: Only on insurance premium

guest: I am a Senior Citizen and ha over 20lacs in bank deposits all FD which me around 7.5 return. Does this budget fetch any benefit in terms of taxable income being reduced!?

Girish Vanvari: with 7.5% return on 20 lakhs FD- the income is ~ 1,50,000. The budget provides benefit under section 80TTB of INR 50,000. hence the taxable bank interest will get reduced to 1,00,000 and if your total income is below the overall taxable limit for senior citizen (60ys but less than 80yrs) i.e. INR 3,00,000 than tax liability will be nil

T0bfcy9IMM: Dear Sir, Relaxation on interest income upto 50000/- for senir citizen has given. This interest income include all bank interest, post office interest, dividend income and other interest income.

Girish Vanvari: the relaxation is only for income from bank deposits and post offices

Ashit_Bakhru: Do you think that make in india campaign has curtailed changes in Transfer Pricing laws which were demanded by MNC`s to reduce litigation.

Girish Vanvari: Make in India campaign was more of PM Modi`s initiative in a bid to attract foreign investment along with portraying India as a sustainable economy". TP laws in India have continually evolved in lines with developed countries which has been a welcome move by the Indian Government as well

guest: What about corporate tax cut? what are your views

Girish Vanvari: Its a good move as it will provide relief to MSME

guest: How will the tax proposal benefit the small entrpreenurs

Girish Vanvari: Corporate tax rate is reduced to 25% in case of turnover is less than 250 crore in FY 16-17. this move will help small entrepreneurs to have the benefit of lower corporate tax rate

guest: i did not really understand the tax slabs, can you explain? I\`m new appointed on join and know nothing about this

Girish Vanvari: Current tax slabs for individuals - Total income upto INR 2,50,000- Nil tax; INR 2,50,001 to 5,00,000- 5 percent tax; INR 5,00,001 to 10,00,000- 20 percent tax and above 10,00,000- 30 percent + applicable surcharge and education cess

guest: what is the 40000 deduction on?

Girish Vanvari: 40,000 is standard deduction from salary replaced for incentives of Medical reimbursement and traveling allowance

akashsinghal17: Hi Girish - Is it safe to say that given the reintroduction of LTCG on equity mutual funds, ULIPs have become the only tax-exempt option for saving taxes on LTCG on equity instruments?

Girish Vanvari: ULIP will become more attractive mode of investment depending on type and nature of returns on it.
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