CBDT’s Explanatory Notes to Provisions of Finance Act, 2018

CBDT has issued “Explanatory Notes to the Provisions of Finance Act, 2018 in the matter of income tax (i.e. section-wise substance of the amended provisions applicable for FY 2018-19/ AY 2019-20, at a glance)” vide Circular No. 8/2018 dt. 26/12/2018.

The Finance Act, 2018 has been passed by the Parliament and has received the assent of the President on 29/03/2018. Also the same has been enacted as Act No. 13 of 2018. This CBDT circular explains the substance of the provisions of the Finance Act 2018, relating to direct taxes.

It may be noted that the Finance Act 2018 has mainly-

(i) specified the rates of income-tax for the assessment year 2019-20 and the rates of income-tax on the basis of which tax has to be deducted at source and advance tax has to be paid during financial year 2018-19;

(ii) amended sections 2, 9, 10, 11, 16, 17, 28, 36, 40A, 43, 43CA, 44AE, 47, 48, 49, 5OC, 54EC, 55, 56, 79, 80AC, 80D, 80DDB, 80IAC, 80JJAA, 80TTA, 115AD, 115BA, 115BBE, 115JB, 115JC, 115JF, 115O, 115Q, 115R, 115T, 139A, 140, 143, 145A, 193, 194A, 245O, 245Q, 253, 271FA, 276CC, 286, etc. of the Income-tax Act, 1961;

(iii) inserted new sections 43AA, 43CB, 80PA, 80TTB, 112A, 145B in the Income-tax Act;

(iv) amended section 97 of the Finance (No.2) Act, 2004;

(v) amended sections 116, 117, 118, 128 of the Finance Act, 2013;

(vi) amended sections 46, 55 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.

CBDT Income Tax Circular 8/2018 dt. 26/12/2018: Explanatory Notes to Finance Act, 2018

Related Posts:

Finance Act, 2018

Leave a Reply