A dispute resolution cum amnesty scheme called the Sabka Vishwas Legacy Dispute Resolution Scheme is being introduced for resolution and settlement of legacy cases of Central Excise and Service Tax – Clause 119-134 of Finance (No.2) Bill, 2019 Extract of Clause 119-134 of Finance Bill 2019 SABKA VISHWAS (LEGACY DISPUTE RESOLUTION) SCHEME, 2019 119. Short […]
Budget 2019- Retrospective exemption from service tax on service by way of grant of liquor licence, in certain cases relating to services provided by Indian Institutes of Management to students, and in certain cases relating to long term lease of plots for development of infrastructure for financial business. Note: (a) ‘Service Tax’ means the service […]
Section 206A: Electronic filing of statement of transactions on which tax has not been deducted Section 206A of the Act relates to furnishing of statement in respect of payment of certain income by way of interest to residents where no tax has been deducted at source. At present, the section provides for filing of such […]
Online filing of application seeking a determination of tax to be deducted at source on payment to non-residents Under sub-section (2) of section 195 of the Act, if a person who is responsible for paying any sum to a non-resident which is chargeable to tax under the Act (other than salary) considers that the whole […]
(i) Under the existing provisions of section 10 of the Act, any payment from the NPS Trust to an assessee on closure of his account or on his opting out of the pension scheme, to the extent it does not exceed forty per cent of the total amount payable to him at the time of […]
With a view to improve environment and to reduce vehicular pollution, it is proposed to insert a new section 80EEB in the Act so as to provide for a deduction in respect of interest on loan taken for purchase of an electric vehicle from any financial institution up to one lakh fifty thousand rupees subject […]
In Union Budget 2019, finance minister, Nirmala Sitharaman announced the major solution to our environment is to making our country more economy efficient as well as environmental efficient too, “Aiming to becoming a global hub for electric vehicle manufacturing, the government has already moved GST council to lower the GST rate on electric vehicles(EV) from 12% […]
Amendment of Registration in Core and Non-Core fields through a GST Practitioner TDS/TCS/NRTP/OIDAR/UN Body/Embassy/ONP Taxpayers can now select a GST Practitioner for filing of Amendment of Registration of Core and Non-Core fields. The GSTP can amend details and save the draft. The taxpayer would be able to work on the saved drafts of the application […]
Form BEN-2 has been notified vide the Companies (Significant Beneficial Owners) second Amendment Rules, 2019 dated 1st July 2019, therefore the time limit for filing the BEN-2 form would be 30 days from the date of deployment of BEN-2 e-form on the MCA-21 portal i.e. 31st July, 2019, failing which, the form shall be filed with additional fee
Finance Minister declared a scheme namely ‘Sabka Vishwas (Legacy Dispute Resolution) Scheme 2019’. It aimed to settle unresolved issues pertaining to pre-GST regime.
