"05 July 2019" Archive

Tax proposals to promote investments in start-ups / sunrise industries

Several tax proposals aim to promote investments in start-ups and sunrise industries in the country​​​​​​​ Lower 25% corporate tax rate is to be applicable to those with annual turnover upto Rs.400 crore  instead of the current limit of Rs.250 crore  Increase in surcharge by 3% for those with taxable income between 2-5 cro...

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Posted Under: Income Tax |

Budget Speech Summary – Part A

Indian economy becoming a 3 trillion dollar economy this year with World’s 3rd  largest economy in terms of Purchasing Power Parity, government’s intention to invest Rs. 100 lakh crore in infrastructure in next 5 years, enhaced target of over one lakh 5,000 crore of disinvestment in 2019-20, proposal to provide Rs.70,000 crore to P...

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Posted Under: Income Tax |

Provisions in Cenvat Credit Rules 2004 regarding reversal of credit

Circular No. 213/3/2019 -Service Tax (05/07/2019)

Is reversal under rule 6(3) of the Cenvat Credit Rules 2004 additionally required for all the services specified in notification 26/2012-Service Tax dated 20-6-2012?...

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Over 90 Percent IGST Refund Claims Disposed by CBIC 

The Union Minster of Finance and Corporate Affairs, Nirmala Sitharaman said that during the second refund fortnight, Rs. 6,087 crore IGST refunds and Rs. 1, 548 crore ITC refunds were sanctioned by CBIC. Presenting the Union Budget 2019-20 in Parliament today, she said that in case of IGST refunds for goods exported out of India, [&hellip...

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Posted Under: Income Tax |

Highlights of Budget 2019- Direct and Indirect Tax

Income Tax Highlights of Budget 2019 1. No change in Income Tax in case of income up to Rs 2 crores. 2. Income Tax return can be filed using either Aadhar Number or PAN No. 3. Surcharge – √ Taxable income from Rs 2 crore to Rs 5 crore- Surcharge has been increased from 15% […]...

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Posted Under: Income Tax |

ICAI Highlights & Analysis of Union Budget: 2019-20

INDIRECT TAXES 1. Benefiting Domestic Industries: Custom duty on imports of many products have been increased such as Automobile parts, Electronic & electrical equipment etc. This will give boost to the domestic industry. 2. Resolving litigation: Sabka Vishwas (Legacy Dispute Resolution) Scheme proposed for quick disposal of pending 3...

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Posted Under: Income Tax |

Key Features of Union Budget 2019-20 

Vision for $5 trillion economy driven by investment Transforming rural lives New Jal Shakti Mantralaya to ensure Har Ghar Jal Enhancing ease of direct and indirect taxation Strengthening connectivity Infrastructure Gandhipedia to sensitize society India’s soft power Harnessing India’s space abilities PUSH TO INVESTMENT: INFRASTRUCTURE...

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Posted Under: Income Tax |

Union Budget 2019-20 Highlights and Boosters

While the global economy is battling with strong headwinds, India’s economy is seeing a robust growth and is on the path to emerge out as one of the fastest growing economies in the world. A day after ‘Unfettered Sky Blue’ Economic Survey, breaking away from tradition, Finance Minister Nirmala Sitharaman today presented Mod...

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Posted Under: Income Tax |

Union Budget stresses need for heavy investment in infrastructure

Union Budget stresses the need for heavy investment in infrastructure, Digital Economy and job creation in small and medium firms  In Transport sector, budget proposes PPP in railways, roadmap to make India a hub of maintenance, repair and overhaul and aircraft financing / leasing activities and  Development of state road network Bluepr...

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Posted Under: Income Tax |

SFURTI to set up more Common Facility Centres for generating sustained employment opportunities 

Scheme of Fund for Upgradation and Regeneration of Traditional Industries (SFURTI) aims to set up more Common Facility Centres for generating sustained employment opportunities  SFURTI envisions 100 new clusters in 2019-20 to help 50,000 artisans economically 10,000 new Farmer Producer Organizations to be formed to ensure economies of sc...

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Posted Under: Income Tax |