Finance Act 2018

Finance Act 2018 has been assented by the President of India on 29th March 2018.sections 2 to 55 of Finance Act 2018 shall come into force on the 1st day of April, 2018

MINISTRY OF LAW AND JUSTICE
(Legislative Department)
New Delhi, the 29th March, 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

[28th March, 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:—

Short title and commencement

CHAPTER I
PRELIMINARY

1. (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 the 1st day of April, 2018

CHAPTER II
RATES OF INCOME-TAX

Income-tax.

2. (1) Subject to the provisions of sub-sections (2) and (3), for the assessment year
commencing on the 1st day of April, 2018, income-tax shall be charged at the rates specified in Part I of the First Schedule and such tax shall be increased by a surcharge, for the purposes
of the Union, calculated in each case in the manner provided therein.

(2) In the cases to which Paragraph A of Part I of the First Schedule applies, where the
assessee has, in the previous year, any net agricultural income exceeding five thousand
rupees, in addition to total income, and the total income exceeds two lakh fifty thousand
rupees, then,—

(a) the net agricultural income shall be taken into account, in the manner provided
in clause (b) [that is to say, as if the net agricultural income were comprised in the total
income after the first two lakh fifty thousand rupees of the total income but without
being liable to tax], only for the purpose of charging income-tax in respect of the total
income; and

(b) the income-tax chargeable shall be calculated as follows:—
(i) the total income and the net agricultural income shall be aggregated
and the amount of income-tax shall be determined in respect of the aggregate
income at the rates specified in the said Paragraph A, as if such aggregate
income were the total income;
(ii) the net agricultural income shall be increased by a sum of two lakh fifty
thousand rupees, and the amount of income-tax shall be determined in respect of
the net agricultural income as so increased at the rates specified in the said
Paragraph A, as if the net agricultural income as so increased were the total
income;
(iii) the amount of income-tax determined in accordance with
sub-clause (i) shall be reduced by the amount of income-tax determined in
accordance with sub-clause (ii) and the sum so arrived at shall be the income-tax
in respect of the total income:

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Books on Finance Act 2018

Master Guide to Income Tax Act with Commentary on Finance Act 2018 (28th Edition 2018)

by Pradeep S. Shah & Rajesh S. Kadakia (Author)