"23 July 2019" Archive

TDS under Section 194EE and Section 194F

Section 194EE and Section 194F – TDS from payment in respect of deposit under NSS and TDS from payment on account of Repurchase of units by Mutual Funds or UTI Continuing the TDS article services, the present article tries to cover the two rarely touched topics TDS in respect of deposit under NSS (Section 194EE) and TDS […]...

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Posted Under: Income Tax |

Recent Updates In GST till 22nd July 2019

 The Finance Bill, 2019 stands passed by the Parliament. Within a month of the last meeting, GST Council meets again for 36th time on 25 July, 2019. It is likely to consider the proposals of GST rate reduction in case of electric vehicles, from 12% to 5% besides taking up similar issue for solar systems, wind mills etc. The GST rate on c...

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Posted Under: Income Tax |

ITR-2 & ITR-5 utilities are modified to fix bugs: CBDT

ITR-2 & ITR-5 utilities are modified to fix bugs identified while filling Schedule FA in ITR-2 (Java utility), Partners information is ITR-5 (Java utility) and Part A-General answer to Investment Fund query in ITR-5 (Excel utility). These bug fixes has no impact on XML schema which remains same and for those taxpayers where these sche...

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Posted Under: Income Tax |

Key Income tax amendment to Finance Bill 2019 passed by Lok Sabha

Key direct tax amendment to the Finance Bill (No. 2), 2019, as passed by Lok Sabha on 18 July 2019 The Lok Sabha has passed the Finance (No. 2) Bill, 2019 on July 18, 2019, which was presented originally in the Lok Sabha on July 5, 2019. Certain changes have been made to the original […]...

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Posted Under: Income Tax |

Banks collect 3309 crore as Minimum Balance Penalty in 2018-19

As apprised by eighteen Public Sector Banks (PSBs) and four major private sector banks, the amount collected through the levy of charges for non-maintenance of minimum balance in Savings Bank account, during the last three financial years, are as under:...

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Posted Under: Income Tax |

Penalties under Transfer Pricing Provisions

The Income tax Act 1961, has prescribed penal provisions for default in compliance with the provisions of the a TP regulations, which are summarized below: Nature of default Relevant Section of the Act Nature of penalty Under Reporting of income arising in the cases other than the case referred in sub section (9) 270A(2) read […]...

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Posted Under: Income Tax |

CBDT extends ITR due date to 31st August 2019

F.No. 225/157/2019/ITA.II (23/07/2019)

CBDT extends the ‘due date’ for filing of Income Tax Returns from 31st July, 2019 to 31st August, 2019 in respect of the said categories of taxpayers....

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Post Supply Discount- A Dilemma for Corporates

Post Supply Discounts, generally refers to discounts which are allowed subsequent to the supply of goods/services. Post Supply discounts are invariably offered to incentivize/boost sales and are commonly quantified based on quantity or turnover achieved for prescribed period. Such discounts are a part and parcel of any distribution busine...

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Posted Under: Income Tax |

Pensionary benefits under NPS on Voluntary Retirement

The features and benefits under National Pension System (NPS) and the old pension scheme are independent. Under NPS, there is a provision for voluntary retirement/exit prior to the age of superannuation, without linking it with the minimum number of 20 years of service....

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Posted Under: Income Tax |

Steps to Bring Potential Borrowers under Credit Net

Eligibility for credit is a function of a potential borrower’s repayment capacity and creditworthiness. Repayment capacity is assessed on the basis of both income and expenditure cash flows, as well as assets and liabilities. Further, creditworthiness is reflected in the borrower’s track record in meeting credit and other payment obli...

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Posted Under: Income Tax |