Income Tax : 32 Amendments relating to Assessment Year 2020-21 (Finance Act 2019) alongwith Section 111A, 112, 112A, 115JB, 115JC, 115BAA and 1...
Income Tax : FINANCE ACT 2019- AMENDMENTS (Applicable for AY 2020-21 i.e FY 2019-20) Some important amendments made by Finance Act 2019 to be n...
Income Tax : What is Section 194M, Reason for the introduction of Section 194M, What is the meaning of ‘work’, ‘contract’, and ‘profe...
Excise Duty : Who is eligible to file declaration under SABKA VISHWAS (LEGACY DISPUTE RESOLUTION) SCHEME, 2019? Any person falling under the fol...
Excise Duty : Dispute Resolution scheme came by Finance (No. 2) Act ‘2019 to give major relief to the taxpayers having unpaid outstanding ...
Excise Duty : Free Updated E-Book on Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 as on October 09, 2019 by Mr. Bimal Jain In the Unio...
Excise Duty : Sabka Vishwas – Legacy Dispute Resolution Scheme notified ; to be operationalized from 1st September 2019 Government expects...
Income Tax : DIRECT TAXES THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA NEW DELHI POST-BUDGET MEMORANDUM – 2019 A. INTRODUCTION 1.0 The Cou...
Income Tax : List No. 3′ LOK SABHA ——– FINANCE (NO.2) BILL, 2019 [As introduced in Lok Sabha] Notice of Amendments S.No...
CA, CS, CMA : As the Announcement under UNION BUDGET 2019 had proposed a new section 194 M of the Income Tax Act,1961, which requires an Individ...
Excise Duty : Only the persons who are eligible in terms of Section 125 can file a declaration under the Scheme. The eligibility conditions are ...
Income Tax : Taxation Laws (Amendment) Ordinance, 2019 amends Section 92BA, section 115BA Section 115JB, Section 115QA and Finance (No.2) Act, ...
Excise Duty : As you may be aware. the `Sabka Vishwas Legacy Dispute Resolution Scheme’ will come into effect on 1st September 2019. There...
Excise Duty : Circular No. 1071/4/2019-Central Excise.8 F. No. 267/78/2019/CX-8-Pt.III Government of India Ministry of Finance Department of Rev...
Income Tax : Government hereby appoints the 9th day of August, 2019, as the date on which the provisions of Part I, IV, VI & VII of Chapter...
Currently, certain category of person e.g. Individual, HUF are required to file a tax return only if his total income exceeds maximum amount not chargeable to tax. With the objective of ensuring governance in Budget 2019 Proviso to Section 139 (1) has been inserted and the scope of tax-return filing requirement has been widened by […]
This Budget Bulletin is divided into three parts: Part I – Provides Rates of Taxes applicable for A.Y. 2019-20 and A.Y. 2020-21 (given as a comparison). Part II – Provides the summary of amendments made by Interim Finance Bill, 2019. Part III – Provides the summary of amendments made by Finance (No. 2) Bill, 2019.
As per the existing provisions section 99 of the Finance (No.2) Act, 2004, the value of taxable securities transaction in respect of sale of an option in securities, where option is exercised, shall be, the settlement price. In order to rationalise the levy of STT where the option is exercised, it is proposed to amend […]
The existing provisions of section 187 of the Finance Act, 2016 provide, inter alia, that the tax, surcharge and penalty in respect of the undisclosed income, declared under the Income Declaration Scheme, 2016 (the Scheme) shall be paid on or before a notified due date. In order to address genuine concern of the declarants, it […]
Rationalisation of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 The existing provisions of section 2 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (the BM Act) provide inter alia that the “assessee” means a person who is resident in India within […]
Section 89 of the Income-tax Act contains provisions for providing tax relief where salary, etc. is paid in arrears or in advance. The existing provisions of section 140A, section 143, section 234A, section 234B and section 234C contain provisions relating to computation of tax liability after allowing credit for prepaid taxes and certain admissible reliefs, […]
Enhancing time limitation for sale of attached property under rule 68B of Second Schedule of the Income Tax Act, 1961 The existing provisions of rule 68B of the Second Schedule of the Act provide that no sale of immovable property attached towards the recovery of tax, penalty etc. shall be made after the expiry of […]
Clarification regarding definition of the “accounting year” in section 286 of the Income Tax Act, 1961 vide Union Budget 2019 Section 286 of the Act contains provisions relating to specific reporting regime in the form of Country-by-Country Report (CbCR) in respect of an international group. It provides that every parent entity or the alternate reporting […]
Under section 194DA of the Act, a person is obliged to deduct tax at source, if it pays any sum to a resident under a life insurance policy, which is not exempt under sub-section (10D) of section 10. The present requirement is to deduct tax at the rate of one per cent. of such sum […]
A. DIRECT TAX PROPOSALS-GENERAL 1. Tax Rate Corporate Tax rate Corporate tax rate reduced to 25% (plus applicable surcharge and cess) for a domestic company having total turnover/ gross receipts not exceeding Rs 400 Crores in FY 2017-18 as against the current limit of 250 crores. In other cases, the tax rate remains unchanged at […]
