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Union Finance Minister Nirmala Sitaraman has presented Union Budget for the year 2019-20. This budget is the modest budget with more of sense than sensation. Let’s study the major proposals of GST and Amnesty Schemes under old indirect taxes.
1. DIRECT TAX No change in income tax slab rates for this year. Deduction exceeded from ₹2,00,000/- to ₹3,50,000/- for the home loan upto ₹45,00,000/-. Surcharge in case of individual: – Assessee Surcharge rate when income is >=₹2Cr but <₹5Cr. Surcharge rate when income is >=₹5Cr. Individual 3% 7% Tax rates in case of companies […]
1. Purpose of the filling form- For declaration of holding Company- In case there is a holding company of the company which is filing this form and such holding company is also required to file the form BEN-2, then the radio button ‘Declaration of holding reporting company’ needs to be selected and the CIN of […]
The existing provisions of the section 56(2)(x) of the Income-tax Act, inter alia, provide for chargeability of income in case of receipt of money or specified property for no or inadequate consideration. For determining the amount of income for receipt of certain shares, the fair market value of the shares is taken into account. Similarly, […]
The existing provisions of section 79 are not applicable to a company where any change in shareholding takes place in a previous year pursuant to a resolution plan approved under the Insolvency and Bankruptcy Code, 2016 (IBC) subject to the condition that jurisdictional Principal Commissioner or Commissioner is provided a reasonable opportunity of being heard. […]
The existing provisions of the said section 56 of the Income-tax Act, inter alia, provide that where a company, not being a company in which the public are substantially interested, receives, in any previous year, from any person being a resident, any consideration for issue of shares that exceeds the face value of such shares, […]
(1) Section 79 of the Income Tax Act provides conditions for carry forward and set off of losses in case of a company not being a company in which the public are substantially interested. Clause (a) of this section applies to all such companies, except an eligible start-up as referred to in section 80-IAC, while […]
In order to provide an impetus to the ‘Housing for all’ objective of the Government and to enable the home buyer to have low-cost funds at his disposal, it is proposed to insert a new section 80EEA in the Act so as to provide a deduction in respect of interest up to one lakh fifty […]
Budget 2019- Exemption of interest income of a non-resident arising from borrowings by way of issue of Rupee Denominated Bonds referred to under section 194LC The existing provisions of section 194LC of the Act provide that the interest income payable to a non-resident by a specified company on borrowings made by it in foreign currency […]
Tata Communications Ltd. Vs DCIT (Bombay High Court) Conclusion: Once a notice under subsection (2) of Section 143 was issued, the suspension of the refund arising out of the return filed by assessee would not be automatic till the passing of the order of assessment under sub-section (3) of Section 143. Instead AO to take […]
