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 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 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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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, […]
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 […]
