Budget 2019 - Page 2

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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Posted Under: Income Tax |

President Assents Finance (No. 2) Act, 2019

THE FINANCE (NO. 2) ACT, 2019 NO. 23 OF 2019 (01/08/2019)

THE FINANCE (NO. 2) ACT, 2019 - NO. 23 OF 2019 received the assent of the President on the 1st August, 2019, and is hereby published for general information:—...

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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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Posted Under: Income Tax | ,

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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Posted Under: Income Tax |

Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019- Benefit & Eligibility

Benefits of Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019: ♦ Relief from payment of tax dues to the extend of 50% to 70% of the tax dues depending on the amount of tax dues involved. ♦ Relief from payment of interest and penalty. ♦ Person discharged not be liable for prosecution. Details Amount (In Rs) […]...

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Posted Under: Income Tax |

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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Impact of Budget 2019 On Real Estate Sector

The Union Budget 2019 was presented on 5th July in the Lok Sabha  by the First Female Finance Minister Mrs. Nirmala Sitharaman. Highlights of the Budget 2019 for Real Estate Sector: 1. Additional tax benefit of Rs 1.5 lakhs to home buyers The government has increased the benefit of tax deduction against interest on home loans for [&hel...

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Posted Under: Income Tax |

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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Posted Under: Income Tax |

PPT-Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019

Objective of the Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019- The Scheme is a one time measure for liquidation of past disputes of Central Excise, Service Tax and 26 other indirect tax enactments. The Scheme provides that eligible persons shall declare the unpaid tax dues and pay the same in accordance with the provisions of...

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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 |

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