Finance Bill,2019 has proposed amendments to Standard deduction, Notional Income of two self-occupied property, Interest on capital borrowed for acquisition / construction of two self occupied House properties, Exemption under Section 54, Interest on capital borrowed for acquisition / construction of two self occupied House properties, Tax Rebate under Section 87A for Taxable Income up […]
Madras High Court has directed Commissioner of commercial tax in the case of M/s. Jeyyam Global Foods (P) Ltd. Vs Union of India to instruct his officers not to detain goods / conveyances for classification disputes.
Rationalization of customs duty and procedures to give boost to ‘Make in India’ initiative RFID technology to be used to improve export logistics The Government has undertaken rationalization of customs duties and procedures to promote the “Make in India” initiative. While presenting the Interim Budget 2019-20 in Parliament today, the Union Minister for Finance, Corporate […]
GST, the biggest taxation reform, led to increase in tax base, higher collections and ease of trade Rates continuously reduced providing relief of about r. 80,000 crore annually to consumers Most items of daily use of poor and middle class now in the 0% or 5% tax slab Average GST collection in the current financial […]
FM: India now 6th largest economy in the world with high growth Fiscal deficit down to 3.4%; average inflation 4.6% FDI of USD 239 BN in five years Banks recover Rs 3 Lakh Crores in outstanding loans Under the leadership of the Prime Minister, Shri Narendra Modi, the country has witnessed its best phase of […]
Tax collections increased from Rs 6.38 Lakh Crore in year 2013-14 to almost Rs 12 Lakh Crore this year 80% growth in tax base; number of returns filed increased from 3.79 crore to 6.85 Crore Within the next 2 years, almost all verification and assessment of returns selected for scrutiny to be done electronically The […]
Government Unveils vision for the Next Decade The Government has unveiled its vision for the next decade, listing thereby ten most important dimensions in 2030. “With this comprehensive ten-dimensional Vision, we will create an India where poverty, malnutrition, littering and illiteracy would be a matter of the past. India would be a modern, technology driven, […]
Government takes several measures to strenghthen MSMEs Gem platform extended to all CPSES Government undertakings to procure a fixed proportion of materials from women owned SMEs The Government has taken several measures to strengthen the Medium Small and Micro Enterprises (MSMEs). While a Scheme of sanctioning loans upto Rs. 1 crore in 59 minutes has […]
Rs. 1330 Crore provided in the Interim Budget 2019-20 for the Mission for Protection and Empowerment for Women An amount of Rs.1330 Crore has been provided in the Interim Budget for 2019-20 for the Mission for Protection and Empowerment for Women. This is an increase of Rs. 174 Crore over the Revised Estimates of 2018-19 […]
CIT(A) has in his order relied upon circumstantial evidence and human probabilities to uphold the findings of the AO. He also relied on the so called rules of suspicious transaction
