Govt. of India has notified the ‘Finance Act, 2018’, an Act to give effect to the financial proposals of the Central Government for the financial year 2018-2019 (i.e. Applicable for FY 2018-19/ AY 2019-20), after receiving the assent from the Hon’ble President on 29/03/2018:
Finance Act, 2018 : GOI Notification dt. 29/03/2018
MINISTRY OF LAW AND JUSTICE
New Delhi, 29/03/2018 Chaitra 8, 1940 (Saka)
The following Act of Parliament received the assent of the President on the 29th March, 2018, and is hereby published for general information:—
THE FINANCE ACT, 2018
No. 13 of 2018 Dated 28/03/2018
An Act to give effect to the financial proposals of the Central Government for
the financial year 2018-2019.
BE it enacted by Parliament in the Sixty-ninth Year of the Republic of India as follows:—
1. Short title and commencement:
(1) This Act may be called the Finance Act, 2018.
(2) Save as otherwise provided in this Act, sections 2 to 55 shall come into force on 01/04/2018. (contd… please refer attachment for complete text)
GST Related Amendments in Finance Act 2018:
PART XX: AMENDMENT TO THE CENTRAL GOODS AND SERVICES TAX ACT, 2017
221. Amendment of section 2: In the Central Goods and Services Tax Act, 2017, in section 2, in clause (16), for the words “Central Board of Excise and Customs”, the words “Central Board of Indirect Taxes and Customs” shall be substituted.
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)”, which 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