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Taxation changes in Budget 2019

In Budget 2019  there are Numerous  of changes related to  Income tax , related to compliance part , additional burden of Tax by imposing super rich surcharges and ,  step taken by giving  enhancing limit of exemption to boom and revive housing sector , Imposing TDS on Cash withdrawn  to curb  cash transaction, and encouraging [&he...

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Section 194N – Whether emulates the Spirit of TDS Provision?

Now A VALID DEBATE can be started whether it can be said that cash withdrawal from bank account by the account holder bears any income element of the recipient so that a valid TDS Provision can be brought in statute?...

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Rates of Income tax as per Finance act, 2019

Rate of income tax – Surcharge and Tax rate for company I. Rates of income-tax in respect of income liable to tax for the assessment year 2019-20 There is no change in this part. It is same as provided earlier. In respect of income of all categories of assessees liable to tax for the assessment […]...

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Sec 194M: TDS on payment exceeding Rs 50 lakhs to Contractor or Professional by Individual/HUF

A new section 194M is proposed to be inserted in the Income Tax Act by the Budget 2019 that provides levy of TDS @ 5% on the sum or aggregate of sums, paid or credited in a year on account of contractual work or professional fees by an Individual or Hindu undivided family, not required […]...

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Section 194M: TDS on Payment of certain sum by certain Individual / HUF

The Budget introduced new section 194M covering TDS applicability on payment done to resident contractors, commission / brokerage and professionals. Let us analyze what the newly introduced section 194M has to say, in the present article....

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Section 194N – TDS on Cash Withdrawals

While introducing the new applicability of TDS levy on cash withdrawals under newly inserted Section 194N, the Finance Minister Shri Nirmala Sitharam in her budget speech elaborated that the Government has taken a number of initiatives for promotion of the digital payments and less cash economy. She stated that to promote the digital paym...

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Changes in TDS provision vide Interim and Final Budget 2019

Changes in TDS provision via Finance bill,2019 as passed by Lok Sabha and Interim Budget, 2019 1. Sec 194M (new section): TDS on payment exceeding Rs 50 lakhs to Contractor or Professional by Individual/HUF (Applicable w.e.f. 01/09/2019) Insertion of New Section after Sec 194LD: (1) Any person, being an individual or a Hindu undivided fam...

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Concept of Secondary Adjustment & changes proposed in Finance bill 2019

♣ Secondary Adjustment has been inserted vide section 92CE by the Finance Act, 2017, in order to align TP provisions with OECD TP Guidelines and “international best practices”. ♣ Secondary adjustment means an adjustment in the books of accounts of the taxpayer and its associated enterprise (‘AE’) to reflect that the actual all...

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Important amendments by Interim & Final Budget 2019

SOME IMPORTANT AMENDMENTS BY FINANCE ACT, 2019 (Act No. 7 of 2019) & FINANCE (NO. 2) BILL, 2019 THE FINANCE ACT, 2019 (Act No.7 of 2019) (Interim Budget 2019.) In February’s interim budget, the then acting finance minister Piyush Goyal had provided several income tax sops to the middle-class. Following changes have been made by ...

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Crucial Issues on provisions of Section 194N – Cash withdrawals

The Finance Bill 2019 has finally been passed with the insertion of section 194N – TDS on cash withdrawals.  A finer reading of the provisions emerge the following:...

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