Budget 2019 - Page 4

Sabka Vishwas (Legacy Dispute Resolution) Scheme- Analysis

The Sabka Vishwas (Legacy Dispute Resolution) Scheme is a one time measure for liquidation of past disputes of Central  Excise and Service Tax as well as to ensure disclosure of unpaid taxes by a person eligible to make a declaration. The Scheme shall be enforced by the Central Government from a date to be notified....

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Posted Under: Excise Duty |

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and ,  step taken by giving  enhancing limit of exemption to boom and revive housing sector , Imposing TDS on Cash withdrawn  to curb  cash transaction, and encouraging [&he...

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Posted Under: Excise Duty |

Amendments to CGST Act 2017 and IGST Act 2017

Article explains Amendments to CGST Act, 2017 and IGST Act, 2017 (Section 91 to 111 of Finance Bill, 2019), Customs Exemptions ( IGST) and Retrospective Exemption of Uranium Ore Concentrate. Finance Act, 2019 (GST Provisions) •Finance Act, 2019 received the assent of the President of India on 1st August, 2019. •However, sections 92 to...

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Study of Sabka Vishwas (Legacy Dispute Resolution) Scheme 2019

Sabka Vishwas (Legacy Dispute Resolution) Scheme 2019 It shall come into force w.e.f a date to be notified Sabka Vishwas (Legacy Dispute Resolution) Scheme 2019 is a Dispute Resolution cum Amnesty Scheme for legacy cases of Central Excise, Service Tax and Cess. It covers past disputes of taxes which have got subsumed in GST namely [&helli...

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Posted Under: Excise Duty |

7 Post Budget 2019 Suggestions by ICAI

DIRECT TAXES THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA NEW DELHI POST-BUDGET MEMORANDUM – 2019 A. INTRODUCTION 1.0 The Council of the Institute of Chartered Accountants of India considers it a privilege to submit this Post-Budget Memorandum to the Government. 1.1 In this memorandum, we have suggested certain amendments to the prop...

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Posted Under: Excise Duty |

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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Posted Under: Excise Duty |

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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Posted Under: Excise Duty |

Glimpses of Union Budget of India (2019-20)

Union Budget of India (2019-20) Ms. Nirmala Sitharaman, Minister for Finance and Corporate Affairs, Government of India announced the Union Budget for 2019-20, in Parliament on July 05, 2019. The budget aimed at boosting infrastructure and foreign investment, the first since the Bharatiya Janata Party led by Prime Minister Narendra Modi r...

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Posted Under: Excise Duty |

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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Posted Under: Excise Duty |

Budget 2018 – Proposed Changes in Customs Law

Changes in Budget ♠ Changes in Customs tariff ( Rates) -Make in India theme -Reduction in duty on raw materials -Increase in duty on finished goods ♠ Significant Changes in Legislative Changes in Customs Act, 1962 ♠ Changes in Customs tariff Act, 1975 Budgetary Changes Customs Duty Rates Customs Tariff: Notification No. 6/2018-Custo...

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Posted Under: Excise Duty |

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