"07 July 2019" Archive

Section 271D Penalty read with Section 269SS- Interesting aspects

SOME INTERESTING ASPECTS OF PENALTY U/S 271D r.w.s 269SS OF THE INCOME-TAX ACT, 1961 Penalty under section 271D the Income-tax Act, 1961  is imposed upon contraventions of provisions of section 269SS of the Act. In this article, an attempt has been made to touch upon certain aspects not usually discussed but at the same time […]...

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Posted Under: Income Tax |

Budget 2019: Transfer Pricing, Personal Taxation & Tax Rate Changes

Article covers the following union Budget 2019 Changes related to Transfer Pricing, Taxation of Individuals and Changes in Income Tax Rates which includes changes in Section 92D: Clarification to keep, maintain and furnishing of information and documents by Constituent Entity, Section 92CE: Clarification regarding provisions of Secondary ...

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Posted Under: Income Tax |

Budget 2019 – Critical Issues to be sorted out

1. Marginal Relief is required for those whose income marginally exceeds Rs. 5 Lakhs, wherein the tax payable exceeds the income that exceeds Rs. 5 Lakhs. Upto income of Rs. 5,15,630/- the tax is to be restricted to the income that exceeds the limit of Rs. 5,00,000/-. 2. Proposed increase in levy of surcharge of […]...

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Posted Under: Income Tax |

Finance Bill, 2019 -Proposed Key Changes

Finance Bill, 2019 – Analyses of Key Changes Proposed -As per the Income Tax Return Statistics available from the CBDT portal for the AY 2017-18, around 4.99 crore Income tax returns were filed out of the total population of 130 crores (approx.), which is roughly 3.84% only. -Further, if we analyse the income tax returns […]...

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Posted Under: Income Tax |

Aarthik Saksharta-Foreign Direct Investment

Finance minister Nirmala Sitharaman announced in the Budget yesterday that the government will look at relaxing FDI norms for sectors like Aviation, Media and Single-brand retail....

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Posted Under: Income Tax |

Arun Jaitley on Budget 2019-20

The Budget for each year is essentially a statement of income and expenditure of the Government. However, with the expansion of the Indian economy, it has acquired the role of a policy document. The Budget presented by the Finance Minister, Smt. Nirmala Sitharaman, is a policy document for the medium term....

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Posted Under: Income Tax |

Union Budget 2019-20 – Key Highlights

Union Budget of 2019 -20was  presented by Finance Minister Smt. Nirmala Sitharaman on July 05, 2019 before the Parliament. Here are summary of key amendments related to Corporate and Personal Taxation, Custom Duty, Service Tax, Excise and GST for your reference: Corporate and Personal Taxation: S. No. Proposed Amendments Summary 1 Domest...

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Posted Under: Income Tax |

Income-tax rates for FY 2018-19 and For FY 2019-20 for TDS Deduction

I.Rates of income-tax in respect of income liable to tax for the assessment year 2019-20 (Financial Year 2018-19). In respect of income of all categories of assessees liable to tax for the assessment year 2019-20, the rates of income-tax have been specified in Part I of the First Schedule to the Bill. These are the […]...

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Budget 2019 amends 3 GST rate notifications Retrospectively

Retrospective Amendments of GST rate notifications – Clause of the Finance (No. 2) Bill, 2019 1. Notification No. 2/2017-Central Tax (Rate) dated the 28th June, 2017, issued under sub- section (1) of section 11 of the Central Goods and Services Tax Act, 2017, is being amended retrospectively so as to exempt ‘Uranium Ore Concen...

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21 Amendments in CGST Act, 2017 – Budget 2019

Clause wise details of Amendment in the CGST Act, 2019 vide Finance (No.2) Bill, 2019 i.e. union Budget 2019  1. The definition of “adjudicating authority” in clause (4) of section 2 of the CGST Act is being amended so as to exclude “the National Appellate Authority for Advance Ruling” (which is being created by various […...

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Posted Under: Income Tax |