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Archive: 01 February 2019

Posts in 01 February 2019

Tax Exemption on notional rent on second self-occupied house (Budget 2019)

February 1, 2019 5319 Views 0 comment Print

While presenting interim Budget 2019-20 FM proposed to exempt the levy of income tax on notional rent on a second self-occupied house subject to It has been proposed to exempt the levy of income tax on notional rent on a second self-occupied house.  Currently, income tax on notional rent is payable if one has more […]

Section 54 Capital Gain Exemption on investment in two residential houses proposed

February 1, 2019 5499 Views 4 comments Print

While presenting interim Budget 2019-20 Finance Minister proposed to increase the benefit of rollover of capital gains under Section 54 of the Income Tax Act from investment in one residential house to two residential houses for a taxpayer having capital gains up to Rs. 2 crore. This benefit can be availed once in a life […]

Budget Speech by FM on Interim Budget 2019-2020

February 1, 2019 1971 Views 0 comment Print

Interim Budget 2019-2020- Speech of Piyush Goyal, Minister of Finance on February 1, 2019 Madam Speaker, I rise to present the Interim Budget for the year 2019-20. PART A 2. I am deeply conscious of the absence of Shri Arun Jaitley today. I am sure the House joins me in wishing Shri Jaitley speedy recovery, […]

Background Material on GST Law for Commerce Students

February 1, 2019 1788 Views 0 comment Print

GST is a biggest transformation reform in the Indirect Taxation system in India, the likes of which has not been seen in India post-independence. New system has improved the collection of taxes as well as boosted the development of Indian economy by removing the indirect tax barriers between States and integrating the county through a […]

Income upto Rs 5 Lakh to get full tax rebate; higher standard deduction proposed 

February 1, 2019 1614 Views 0 comment Print

Income upto Rs 5 Lakh to get full tax rebate; higher standard deduction proposed  Relief of over Rs 23,000 crore to estimated 3 Crore small and middle class tax-payers TDS threshhold on interests on small savings raised Boost to housing and real estate sector FM announces a slew of tax reliefs for middle class and […]

1.06 Crore people filed ITR for 1st time mainly due to demonetization

February 1, 2019 555 Views 0 comment Print

Anti-black money measures brought undisclosed income of about Rs 1.3 Lakh Crore to tax  Rs 6,900 Crore worth Benami assets and Rs 1600 Crore worth foreign assets attached 18% growth in direct tax collection in Fy 2017-18 Tax base increased by 1.06 Crore people filing ITR for 1st time mainly on account of demonetization  The […]

Highlights of Union Interim Budget 2019-20

February 1, 2019 35622 Views 5 comments Print

Income upto Rs. 5 lakh exempted from Income Tax. More than Rs. 23,000 crore tax relief to 3 crore middle class taxpayers Standard Deduction to be raised to Rs. 50,000 from Rs. 40,000. TDS threshold to be raised from Rs. 10,000 to Rs. 40,000 on interest earned on bank/post office deposits. Existing rates of income tax to continue

ROC Filings- Changes in Timelines and Penalty

February 1, 2019 11493 Views 0 comment Print

Companies (Amendments) Ordinance  2019 has made significant changes to timeline and penalties for filing of forms related to  Annual Return, Creation of charge forms, Resolutions and Agreements, Report on Annual General Meeting, Annual Accounts, Resignation of Auditor, Director Identification Number  with ROC. Article discusses such changes in Tabular format comparing the changes with provisions before the […]

Recent MCA Initiative for the well being of MSMEs

February 1, 2019 10251 Views 0 comment Print

Integration of companies having turnover more than Rs. 500 crores and all Central Public Sector Enterprises (CPSE) with the Trade Receivables Discounting System Platform (TReDS) setup by Reserve Bank of India.

Meaning of Specified Companies for filing FORM MSME-1

February 1, 2019 41322 Views 8 comments Print

specified companies are all companies, who get supplies of goods or services from micro and small enterprises and whose payments to micro and small enterprise suppliers exceed forty five days from the date of acceptance or the date of deemed acceptance of the goods or services as per the provisions of section 9 of the Micro, Small and Medium Enterprises Development Act, 2006.

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