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Revision of Income Tax Act - Rajya Sabha Unstarred Question No. 399

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Revision of Income Tax Act - Rajya Sabha Unstarred Question No. 399

GOVERNMENT OF INDIA
MINISTRY OF FINANCE
DEPARTMENT OF REVENUE
RAJYA SABHA
UNSTARRED QUESTION No. 399
 
TO BE ANSWERED ON TUESDAY, THE 6 TH FEBRUARY, 2018
 
17 , MAGHA, 1939 ( SAKA)
REVISION OF INCOME TAX ACT
 
399: DR. PRADEEP KUMAR BALMUCHU:
 
Will the Minister of FINANCE be pleased to state: 

(a) whether it is a fact that Government is contemplating on bringing changes to Income Tax Act to  reduce the tax burden and ease the tax return procedure;
 
(b) if so, the details thereof?


ANSWER

MINISTER OF STATE IN THE MINISTRY OF FINANCE
(SHRI SHIV PRATAP SHUKLA) 

(a) Yes Sir. 

(b) In order to reduce the tax burden, the Finance Bill, 2018 proposes to make the following changes to the Income-tax Act, 1961 (‘the Act’): 

(i) rate of income-tax is proposed to be reduced to 25% from 30% in the case of companies which show total turnover or gross receipts of up to Rs. 250 crore in FY 2016-17; 

(ii) it is proposed to amend section 16 of the Act and allow a standard deduction of Rs. 40,000/- to salaried persons in lieu of the present exemption in respect of transport allowance (except in the case of differently- abled persons) and reimbursement of miscellaneous medical expenses; 

(iii) it is further proposed to raise the limit of deduction for health insurance premium and/or medical expenditure from Rs. 30,000/- to Rs. 50,000/- in the case of senior citizens by amending section 8oD of the Act; 

(iv) it is also proposed to raise the limit of deduction for medical expenditure in respect of certain critical illnesses from Rs. 60,000/- in the case of senior citizens and Rs. 80,000/- in the case of very senior citizens to Rs. 1,00,000/- in the case of all senior citizens by amending section 8oDDB of the Act; 

(v) it is also proposed to increase deduction allowed to senior citizens on interest income from deposits with banks, co-operative societies and post offices from Rs. 10,000/- to Rs. 50,000/- by inserting a new section 8oTTB in the Act; 

(vi) it is proposed to provide 100% deduction in respect of profit of Farm Producer Companies having a total turnover of up to Rs. 100 crore for a period of five years from the financial year 2018-2019 by amending section 8oP of the Act; 

(vii) it is proposed to reduce the rate of alternate minimum tax to 9% from 18.5% in case of a unit located in an International Financial Service Center by amending section l 15JC of the Act. 

In respect of easing of tax return procedure, it is stated that vide Finance Bill, 2018 it is proposed to allow an insolvency professional appointed by the Adj udicating Authority under the Insolvency and Bankruptcy Code, 2016 to verify the return during the resolution process under the said Code. It is further stated that return of income forms for AY 2018-19 are in the process of being finalized and that as a matter of simplification of return filing procedures, the said forms are regularly being rationalized. 

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Source : RAJYA SABHA (HINDI / ENGLISH)

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