Income Tax Budget Highlights 2018

Budget Highlights - Direct Taxes ·       The budget proposes to allow hundred per cent deduction to the companies registered as Farmer Producer Companies and having annual turnover up to INR 100 crores in respect of their profit derived from such activities for a period of five years from financial year 2018-19. ·       Relaxation of minimum period of employment of 150 days under Section 80JJAA of Income Tax Act, 1961 apart from apparel industry is proposed to be extended to footwear and leather industry. Further, it is proposed to rationalise this deduction of 30% by allowing the benefit for a new employee who is employed for less than the minimum period during the first year but continues to remain employed for the minimum period in subsequent year ·       Gains on transfer of immovable property not to be computed with reference to stamp duty value, where variation in stamp duty value and sale consideration is less than 5% of the sales consideration. ·       Ben