Budget 2019 articles

32 Income Tax Amendments – Assessment Year 2020-21

32 Amendments relating to Assessment Year 2020-21 (Finance Act 2019) alongwith Section 111A, 112, 112A, 115JB, 115JC, 115BAA and 115BAB explained RATES OF TAXES APPLICABLE TO ASSESSMENT YEAR 2020-2021 (FINANCIAL YEAR 2019-2020) A. INDIVIDUAL AND HINDU UNDIVIDED FAMILY a) Individual Below 60 years /HUF Particulars of Taxable income Rate a ...

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Posted Under: Income Tax | ,

Finance Act 2019 amendments (Applicable for AY 2020-21 i.e. FY 2019-20)

FINANCE ACT 2019- AMENDMENTS (Applicable for AY 2020-21 i.e FY 2019-20) Some important amendments made by Finance Act 2019 to be noted while filing returns for AY 2020-21 1. Rebate under Section 87A: The rebate is available to a resident individual if his total income does not exceed Rs. 5,00,000. The amount of rebate shall […]...

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Posted Under: Income Tax |

TDS Section 194M

What is Section 194M, Reason for the introduction of Section 194M, What is the meaning of ‘work’, ‘contract’, and ‘professional services’ in Section 194M, Who has to deduct TDS under section 194M, When can one deduct tax at source under section 194M, Rate of TDS under Section 194M and What is the time limit on […]...

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Posted Under: Income Tax |

FAQs: Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019

Who is eligible to file declaration under SABKA VISHWAS (LEGACY DISPUTE RESOLUTION) SCHEME, 2019? Any person falling under the following categories is eligible, subject to other conditions under the Scheme, to file a declaration:...

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Posted Under: Income Tax |

Relief Measure: Sabka Vishwas (Legacy dispute Resolution) Scheme, 2019

Dispute Resolution scheme came by Finance (No. 2) Act ‘2019 to give major relief to the taxpayers having unpaid outstanding liability as on 30-06-2019  with regards to Service Tax , Excise and under 26 other Indirect Tax enactments and Scheme is named as ‘Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019′. Let summ...

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Posted Under: Income Tax |

Important points of Taxation Laws (Amendment) Ordinance, 2019

Important pointers of The Taxation Laws (Amendment) Ordinance, 2019 1) For existing Companies – (Whether Manufacturing or not) a. Rate of tax – 22% + applicable surcharge and cess b. Conditions – Have not availed any deduction under i. Additional allowance on scientific research, ii. Section 32AD, 32AB, 35CCC, 35CCD iii. Additional ...

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Posted Under: Income Tax |

Applicability, Eligibility, Relief, Procedure of Sabka Vishwas Scheme

Article explains Applicability of Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019, Eligibility for Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019, Relief under the Scheme, Procedure to file forms under Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 and Status of cases/ appeal pending before the authorities. Sabka Vi...

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Posted Under: Income Tax |

Sabka Vishwas Scheme: Effect And Analysis

Any person can avail the benefits of Sabka Vishwas for any issue. The only qualifying criteria is the stage and pendency of case in terms of aforesaid rule. The meaning of ‘case’ under this rule is defined and it says:...

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Posted Under: Income Tax |

Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 (SVLDRS 2019)

In the Union Budget 2019-20, the Finance Minister announced the Sabka Vishwas-Legacy Dispute Resolution Scheme, 2019. The Scheme has now been notified and will be operationalized from 1st September 2019 and it will continue till 31st December 2019....

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Posted Under: Income Tax |

Confusion on Exclusion from SVLDRS 2019

Many of the assessee are worried whether they can avail the scheme specified under SVLDRS or if they are ineligibile pursuant as if provision of Sec 125(1)(e) Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 will be applicable on them. The main point of concerned is the notices they have received wrt verification of Service tax [&he...

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Posted Under: Income Tax |

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