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Archive: 01 February 2019

Posts in 01 February 2019

Sec. 68 addition of share application money cannot be made if assessee explains nature & source of credit

February 1, 2019 7608 Views 0 comment Print

Since all the three conditions as required u/s. 68 i.e. the identity, creditworthiness and genuineness of the transaction was satisfied by assessee and the onus shifted to AO to disprove the materials placed before him, therefore, without doing so, the addition made by AO based on conjectures and surmises could not be justified.

CBIC rescinds Circular No. 03/01/2019-IGST dated 25th May, 2018

February 1, 2019 3294 Views 0 comment Print

Circular No. 03/01/2019-IGST dated 25th May, 2018 is hereby rescinded. It is requested that suitable trade notices may be issued to publicize the contents of this circular.

CBIC amends 5 GST Circular due to amendment in CGST Act wef 01.02.2019

February 1, 2019 25845 Views 0 comment Print

Consequent to the GST Amendment Acts, the following circulars issued earlier under the CGST Act, 2017 are hereby amended with effect from 01.02.2019, to the extent detailed in the succeeding paragraphs.

UTGST (Removal of Difficulties) Order, 2019 on composition Scheme

February 1, 2019 909 Views 0 comment Print

This Order may be called the Union Territory Goods and Services Tax (Removal of Difficulties) Order, 2019. For the removal of difficulties, it is hereby clarified that the value of supply of exempt services by way of extending deposits, loans or advances in so far as the consideration is represented by way of interest or discount, shall not be taken into account –

FCRA: AIIB, NDB & EBRD not to be treated as international organisations

February 1, 2019 564 Views 0 comment Print

Foreign Contribution (Regulation) Act, 2010 – Central Government hereby specifies that the following international organisations shall not be treated as ‘foreign source’ (i) Asian Infrastructure Investment Bank (AIIB) (ii) New Development Bank (NDB) (iii) European Bank for Reconstruction and Development (EBRD)

TDS threshold on interest on bank/post office deposits increased

February 1, 2019 1983 Views 0 comment Print

TDS THRESHHOLD INCREASED While presenting interim Budget 2019-20 FM has raised TDS threshold on interest earned on bank/post office deposits. In Tax Deduction at Source (TDS) threshold on interest earned on bank/post office deposits has been proposed to be raised from Rs.10,000 to Rs.40,000. Shri Goyal said, “This will benefit small depositors and non-working spouses”. […]

Standard deduction limit raised to Rs. 50000 For salaried persons

February 1, 2019 3036 Views 0 comment Print

STANDARD DEDUCTIONS RAISED While presenting interim Budget 2019-20 FM has raised Standard deduction for salaried persons. For salaried persons, Standard Deduction is being raised from the current  Rs.40,000 to Rs.50,000. “This will provide additional tax benefit of  Rs.4,700 crore to more than 3 crore salary earners and pensioners”, the Finance Minister informed. Proposed Amendment in […]

No Tax Benefit to those having Taxable Income Exceeding 5 Lakh

February 1, 2019 20616 Views 8 comments Print

Individual taxpayers having taxable annual income up to Rs.5 lakhs will not be required to pay any income tax. The Finance Minister said that persons having gross income up to Rs. 6.50 lakhs are not required to pay any income tax if they make investments in provident funds, specified savings and insurance etc. Additional deductions […]

TDS threshold on Rent proposed to be increased to Rs. 2.4 Lakh

February 1, 2019 1812 Views 0 comment Print

While presenting interim Budget 2019-20 TDS threshold for deduction of tax on rent has also been proposed to be increased from Rs.1,80,000 to Rs.2,40,000 for providing relief to small taxpayers by Finance Minister Piyush Goyal. Proposed Amendment in section 194-I of Income Tax Act, 1961 Amendment of section 194-I. In section 194-I of the Income-tax […]

Section 80-IBA deduction extended for one more year (Budget 2019)

February 1, 2019 10872 Views 0 comment Print

While presenting interim Budget 2019-20  For making more homes available under affordable housing, the benefits under Section 80-IBA of the Income Tax Act is being extended for one more year, i.e., to the housing projects approved till 31st March, 2020. Also, for giving impetus to the real estate sector, the Finance Minister proposed to extend […]

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