Budget 2019 news

Amendments proposed in Finance (No. 2) Bill, 2019

List No. 3′ LOK SABHA ——– FINANCE (NO.2) BILL, 2019 [As introduced in Lok Sabha] Notice of Amendments S.No Name of Member and text of Amendment Clause No. SMT. NIRMALA SITHARAMAN: 7 Page 6, for lines 47 to 49, substitute.- “(viii) income arising outside . India, being any sum of money referred to in sub-clau...

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Posted Under: Income Tax |

Tax Deducted at Source under Section 194M of Income Tax Act, 1961

As the Announcement under UNION BUDGET 2019 had proposed a new section 194 M of the Income Tax Act,1961, which requires an Individual or an HUF, to deduct TDS @5%, where they make payment which exceeds Rs. 50 lakh in a year to a contractor or to a professional. Any Person Other than Those who […]...

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Posted Under: Income Tax |

Pollution Free Environment announced in Union Budget 2019

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...

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Posted Under: Income Tax |

Budget Speech Summary – Part A

Indian economy becoming a 3 trillion dollar economy this year with World’s 3rd  largest economy in terms of Purchasing Power Parity, government’s intention to invest Rs. 100 lakh crore in infrastructure in next 5 years, enhaced target of over one lakh 5,000 crore of disinvestment in 2019-20, proposal to provide Rs.70,000 crore to P...

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Posted Under: Income Tax |

Over 90 Percent IGST Refund Claims Disposed by CBIC 

The Union Minster of Finance and Corporate Affairs, Nirmala Sitharaman said that during the second refund fortnight, Rs. 6,087 crore IGST refunds and Rs. 1, 548 crore ITC refunds were sanctioned by CBIC. Presenting the Union Budget 2019-20 in Parliament today, she said that in case of IGST refunds for goods exported out of India, [&hellip...

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Posted Under: Income Tax |

Union Budget stresses need for heavy investment in infrastructure

Union Budget stresses the need for heavy investment in infrastructure, Digital Economy and job creation in small and medium firms  In Transport sector, budget proposes PPP in railways, roadmap to make India a hub of maintenance, repair and overhaul and aircraft financing / leasing activities and  Development of state road network Bluepr...

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Posted Under: Income Tax |

SFURTI to set up more Common Facility Centres for generating sustained employment opportunities 

Scheme of Fund for Upgradation and Regeneration of Traditional Industries (SFURTI) aims to set up more Common Facility Centres for generating sustained employment opportunities  SFURTI envisions 100 new clusters in 2019-20 to help 50,000 artisans economically 10,000 new Farmer Producer Organizations to be formed to ensure economies of sc...

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Posted Under: Income Tax |

Govt to consider issuing Aadhaar Card for NRIs with Indian Passports 

Government to consider issuing Aadhaar Card for NRIs with Indian Passports  Government to open four new Embassies in 2019-20 17 iconic Tourism Sites being developed into world class tourist destinations Indian Development Assistance Scheme (IDEAS) to be revamped  The Union Finance Minister proposed to consider issuing Aadhaar Card for N...

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Posted Under: Income Tax |

Interchangeability of PAN and Aadhaar to file tax return proposed

Lower rate of 25 % Corporate Tax extended to companies with Annual Turnover up to  Rs. 400 crore from earlier cap of upto Rs 250 crore  Interchangeability of PAN and Aadhaar to file tax return proposed 2 % TDS on cash withdrawal exceeding Rs. 1 crore in a year from a bank account to encourage […]...

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Posted Under: Income Tax |

Rs. 400 Cr allocated for creating world class educational institutions 

Rs. 400 Cr allocated for creating world class educational institutions  New education policy for reforms in school and higher education National research foundation (NRF) announced to step up research in thrust areas National sports education board for development of sports persons to be set up under Khelo India An amount of Rs. 400 cro...

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Posted Under: Income Tax |

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