Budget

Demerger: Alignment of tax neutrality with Ind-AS requirements

Income Tax - Currently, the provisions of section 2(19AA) of the Income-tax Act, 1961 (Act) define demerger in relation to companies, as a means of transfer undertaken pursuant to a Scheme of Arrangement under sections 230 to 232 of the Companies Act, 2013...

Read More

What is Sabka Vishwas (Legacy Dispute Resolution) Scheme?

Income Tax - A very unique and substantial relief scheme named as SABKA VISHWAS LEGACY DISPUTE RESOLUTION SCHEME has been proposed. The focus of the government will be to reduce the pending litigations of 28 plus pre-GST laws, the government has proposed a Dispute Settlement Scheme for speedy settlement of pending litigations and to remove the funds b...

Read More

NBFCs: Impact Assessment of Carrot & Stick Approach of Proposed Amendments in Union Budget 2019-20!!

Income Tax - The Union Budget 2019-20 has proposed several amendments/rationalisation measures aimed at encouraging and incentivizing NBFCs and these are discussed as under:...

Read More

Compulsory Filing of ITR if You Pay Electricity Bills of over Rs. 1 Lac

Income Tax - 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 [&helli...

Read More

STT on option in securities on difference between strike & settlement price

Income Tax - 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 […]...

Read More

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

Income Tax - 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 […]...

Read More

Pollution Free Environment announced in Union Budget 2019

Income Tax - 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...

Read More

Budget Speech Summary – Part A

Income Tax - 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...

Read More

Over 90 Percent IGST Refund Claims Disposed by CBIC 

Income Tax - 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...

Read More

Union Budget stresses need for heavy investment in infrastructure

Income Tax - 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...

Read More

Plea in Madras HC on Penalty on CAs for Filing Wrong Information- Section 271J

V. Venkata Siva Kumar Vs The Union of India (Madras High Court) - A petition has been filed in the Madras High Court challenging the section 271J of the Income Tax Act inserted vide Finance Act 2017. Madras High Court has admitted the plea and issued notice to Finance Ministry.Section 271J of Income Tax imposed a penalty of Rs. 10,000 on Chartered Accountants fo...

Read More

In all cases where additional evidence is admitted, the CIT (A) should be considered to have exercised his powers u/s 250(4) is not acceptable

ACIT Vs. M/s Vimlesh Industries Pvt. Ltd. (ITAT Delhi) - U/s 250(4), the CIT (A) has the power to direct enquiry and call for evidence from the assessee. Under Rule 46A, the assessee has the right to ask for the admission of additional evidence. If the CIT (A) exercises his powers u/s 250(4) to call for additional evidence, the AO need not be given an opp...

Read More

CBIC reduces export duty on EI tanned leather & Hides, skins & leathers, tanned & untanned

Notification No. 27/2019-Customs [G.S.R.484 (E).] - (06/07/2019) - Seeks to further amend notification No 27/2011- Customs dated 1st March 2011 to reduce the export duty on EI tanned leather and Hides, skins and leathers, tanned and untanned, all sorts vide Notification No. 27/2019-Customs Dated: 6th July, 2019. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT O...

Read More

CBIC changes classification of other dyed fabrics of nylon

Notification No. 26/2019–Customs [G.S.R. 483 (E).] - (06/07/2019) - Seeks to further amend notification No 14/2006- Customs dated 1st March 2006 in order to change the classification of other dyed fabrics of nylon from 5407 42 00 to 5407 42 vide Notification No. 26/2019-Customs Dated: 6th July, 2019. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) No...

Read More

CBIC prescribes effective rate of BCD on various goods

Notification No. 25/2019–Customs [G.S.R. 482(E).] - (06/07/2019) - Seeks to further amend notification No 50/2017- Customs dated 30th June, 2017 so as to prescribe effective rate of Basic Customs Duty (BCD) vide Notification No. 25/2019-Customs Dated: 6th July, 2019. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 25/2019 –Customs...

Read More

CBIC excludes specified electronic items from scope of entry at S.No. 6A of notification No. 57/2017- Customs

Notification No. 24/2019 – Customs [G.S.R. 481(E).] - (06/07/2019) - Seeks to further amend notification No 57/2017- Customs dated 30th June, 2017 to explicitly exclude the specified electronic items from scope of entry at S.No. 6A of the notification and to provide the effective rates on other goods vide Notification No. 24/2019-Customs Dated: 6th July, 2019. GOVERN...

Read More

BCD exemption on specified parts of line telephone handset

Notification No. 23/2019 – Customs - (06/07/2019) - Seeks to further amend notification No 25/2005-Customs dated 1st March, 2005 to explicitly provide BCD exemption on the specified parts of line telephone handset vide Notification No. 23/2019-Customs Dated: 6th July, 2019. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification ...

Read More

Recent Posts in "Budget"

Demerger: Alignment of tax neutrality with Ind-AS requirements

Currently, the provisions of section 2(19AA) of the Income-tax Act, 1961 (Act) define demerger in relation to companies, as a means of transfer undertaken pursuant to a Scheme of Arrangement under sections 230 to 232 of the Companies Act, 2013...

Read More
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 […]...

Read More
Posted Under: Income Tax |

What is Sabka Vishwas (Legacy Dispute Resolution) Scheme?

A very unique and substantial relief scheme named as SABKA VISHWAS LEGACY DISPUTE RESOLUTION SCHEME has been proposed. The focus of the government will be to reduce the pending litigations of 28 plus pre-GST laws, the government has proposed a Dispute Settlement Scheme for speedy settlement of pending litigations and to remove the funds b...

Read More
Posted Under: Income Tax |

NBFCs: Impact Assessment of Carrot & Stick Approach of Proposed Amendments in Union Budget 2019-20!!

The Union Budget 2019-20 has proposed several amendments/rationalisation measures aimed at encouraging and incentivizing NBFCs and these are discussed as under:...

Read More
Posted Under: Income Tax |

Compulsory Filing of ITR if You Pay Electricity Bills of over Rs. 1 Lac

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 [&helli...

Read More
Posted Under: Income Tax | ,

Summary of Amendments made by Finance Bill, 2019

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....

Read More
Posted Under: Income Tax |

STT on option in securities on difference between strike & settlement price

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 […]...

Read More
Posted Under: Income Tax |

Refund of Tax & Penalty paid under Income Declaration Scheme, 2016

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 […]...

Read More
Posted Under: Income Tax |

Rationalisation of Provisions of Black Money Act

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 [&...

Read More
Posted Under: Income Tax |

Budget 2019: Provision of credit of relief provided under section 89

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...

Read More
Posted Under: Income Tax |

Browse All Categories

CA, CS, CMA (4,173)
Company Law (4,831)
Custom Duty (7,321)
DGFT (3,952)
Excise Duty (4,221)
Fema / RBI (3,776)
Finance (3,954)
Income Tax (30,219)
SEBI (3,143)
Service Tax (3,460)