Budget

Countrywise Withholding tax rates / Chart as per DTAA

Income Tax - Country wise Withholding tax rate on Dividend (not being covered under Section 115-O), Interest, Royalty and Fee for Technical Services as updated with amendment carried out by Finance Act, 2018...

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4 New Income Tax Tax exemption in Financial Year 2019-20

Income Tax - Let’s take a quick look at the key changes in the Interim Budget 2019 from a personal tax perspective, which will be effective from 1 April 2019. 1. Standard Deduction from Salary: Standard deduction has been increased from Rs 40,000 to Rs 50,000 for salaried individuals (which was introduced in the Budget 2018 in lieu […]...

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Important amendment in Direct Tax for AY 2020-21 / FY 2019-20

Income Tax - CA Raja Saha Article explains Budget 2019 changes related to No tax on taxable income up to Rs 5 lakh,  Standard Deduction u/s 16(ia),  Income Tax Slab Rate for AY 2020-21 for Individuals, Tax Slab Rate for Domestic Company, Tax Rates for Foreign Company, Income Tax Slab for Co-operative Society,  Notional Rent on second self […...

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Income Tax Amendments vide Finance Act, 2019

Income Tax - Income tax rate for company as well as for individual is same as of financial year of 2018-19. a) Corporate tax rate is 30%, surcharge is 12%, Health and Education cess @ 4%. Effective tax rate comes to 34.944%. Company whose turnover / gross receipt does not exceed 250 crore in financial year 2016-17, corporate […]...

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Why does the government not enhance the exemption limit

Income Tax - The government has by a stroke made the taxable income upto Rs. 5 lakhs fully tax free in the hands of small taxpayers without raising the exemption limit. Most of the people have been wondering why the government is not raising the exemption limit instead of playing with Section 87A. I feel the government has […]...

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Budget 2019: A progressive budget from a Chartered Accountant FM: ICAI

Income Tax - The Interim Finance Minister detailed the tax reforms on the direct taxes and GST front, and the benefits of the same to the citizens of India. He highlighted that tax collections as well as the tax base have shown significant increase and India has made considerable progress towards achieving a moderate taxation-high compliance regime. ...

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ICSI President Welcomes Interim Budget 2019

Income Tax - ICSI applauds the Interim Budget 2019 presented by the Finance Minister Piyush Goyal focusing on state of economy, tax reforms and GST, unorganized sectors, assured income to farmers, developing infrastructure, real estate, rural health and sanitation and such many other areas....

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The Budget for New India will energise the nation, says PM

Income Tax - Budget will empower the poor, give a boost to the farmer and an impetus to economic growth: PM 12 crore farmers and their families, 3 crores middle class taxpayers will be directly benefitted: PM Farmers having land under 5 acres will be greatly helped by the PM Kisan Nidhi Unorganised sector’s interests to be safeguarded more by the ...

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Interim Budget 2019-20 is a Progressive Budget: FICCI 

Income Tax - Budget addresses both the current challenges faced by the economy and outlines the vision for the future: Sandip Somany, President, FICCI NEW DELHI, 1 FEBRUARY 2019: Reacting to the Interim Budget 2019-20 presented in Parliament today, Mr. Sandip Somany, President, FICCI said, “It is a progressive budget that addresses both the...

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Key Highlights Interim Budget 2019-20

Income Tax - Taxes changes 1. No income tax for income up to Rs 6.5 lakh 2. Full tax rebate for income up to Rs 5 lakh per annum 3. No tax on notional rent on second self-occupied house 4. Capital Gains exemption under Section 54 to be available on two house properties 5. Tax benefit of Rs 18,500 crore given to three crore middle-class...

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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...

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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...

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Suggestions for Budget 2019-20 for changes in direct & indirect taxes

F.No.334/1/2019-TRU - (22/04/2019) - In the context of formulating the proposals for the Union Budget of 2019-20, the Ministry of Finance would like to be benefited by the suggestions and views of your Association. You may like to send your suggestions for changes in the duty structure, rates and broadening of tax base on both direct a...

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President Assents Finance Act, 2019 (Budget 2019)

NO. 7 OF 2019 - (21/02/2019) - MINISTRY OF LAW AND JUSTICE (Legislative Department) New Delhi, the 21st February, 2019/ Phalguna 2, 1940 (Saka) The following Act of Parliament received the assent of the President on the 21st February, 2019, and is hereby published for general information:— THE FINANCE ACT, 2019 NO. 7 OF 2019 [2...

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Finance Bill 2019 as presented in Lok Sabha by FM

Bill No. 5 of 2019 - (01/02/2019) - THE FINANCE BILL, 2019 AS INTRODUCED IN LOK SABHA ON 1ST FEBRUARY, 2019 VIDE BILL No. 5 OF 2019 1. The object of this Bill is to continue the existing rates of income-tax for the financial year 2019-2020 and to provide certain relief to taxpayers and to make amendments in certain enactments. 2. Clau...

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Explanatory Notes to Provisions of Finance Act, 2018

Circular No. 8/2018-Income Tax - (26/12/2018) - CBDT releases Explanatory Notes to Provisions of Finance Act, 2018 vide Circular No. 8/2018 dated 26th of December, 2018 and explained changes made vide union budget 2018. Text of the Circular is as follows:-...

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CBDT withdraws Transport allowance of Rs. 1,600 pm

Notification No. 17/2018-Income Tax [S.O. 1517(E)] - (06/04/2018) - CBDT has omitted provision related to exemption of transport allowance of Rs. 1,600 per month granted to an employee other than an employee, who is blind or deaf and dumb or orthopaedically handicapped with disability of lower extremities, to meet his expenditure for the purpose of commuting between...

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Recent Posts in "Budget"

Countrywise Withholding tax rates / Chart as per DTAA

Country wise Withholding tax rate on Dividend (not being covered under Section 115-O), Interest, Royalty and Fee for Technical Services as updated with amendment carried out by Finance Act, 2018...

Read More
Posted Under: Income Tax |

Suggestions for Budget 2019-20 for changes in direct & indirect taxes

F.No.334/1/2019-TRU (22/04/2019)

In the context of formulating the proposals for the Union Budget of 2019-20, the Ministry of Finance would like to be benefited by the suggestions and views of your Association. You may like to send your suggestions for changes in the duty structure, rates and broadening of tax base on both direct and indirect taxes giving economic justif...

Read More

4 New Income Tax Tax exemption in Financial Year 2019-20

Let’s take a quick look at the key changes in the Interim Budget 2019 from a personal tax perspective, which will be effective from 1 April 2019. 1. Standard Deduction from Salary: Standard deduction has been increased from Rs 40,000 to Rs 50,000 for salaried individuals (which was introduced in the Budget 2018 in lieu […]...

Read More
Posted Under: Income Tax |

Important amendment in Direct Tax for AY 2020-21 / FY 2019-20

CA Raja Saha Article explains Budget 2019 changes related to No tax on taxable income up to Rs 5 lakh,  Standard Deduction u/s 16(ia),  Income Tax Slab Rate for AY 2020-21 for Individuals, Tax Slab Rate for Domestic Company, Tax Rates for Foreign Company, Income Tax Slab for Co-operative Society,  Notional Rent on second self […...

Read More
Posted Under: Income Tax | ,

Income Tax Amendments vide Finance Act, 2019

Income tax rate for company as well as for individual is same as of financial year of 2018-19. a) Corporate tax rate is 30%, surcharge is 12%, Health and Education cess @ 4%. Effective tax rate comes to 34.944%. Company whose turnover / gross receipt does not exceed 250 crore in financial year 2016-17, corporate […]...

Read More
Posted Under: Income Tax |

Why does the government not enhance the exemption limit

The government has by a stroke made the taxable income upto Rs. 5 lakhs fully tax free in the hands of small taxpayers without raising the exemption limit. Most of the people have been wondering why the government is not raising the exemption limit instead of playing with Section 87A. I feel the government has […]...

Read More

Benefits of Budget 2019 Empowering India

The 2019 Budget by the Modi Government is referred to as his second surgical strike!! The interim Budget 2019 announced by Finance Minister Piyush Goyal was a pleasant surprise for the middle class families and farmers. This budget announced in the close proximity of the coming up elections is a promise given by the government […]...

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Posted Under: Income Tax |

President Assents Finance Act, 2019 (Budget 2019)

NO. 7 OF 2019 (21/02/2019)

MINISTRY OF LAW AND JUSTICE (Legislative Department) New Delhi, the 21st February, 2019/ Phalguna 2, 1940 (Saka) The following Act of Parliament received the assent of the President on the 21st February, 2019, and is hereby published for general information:— THE FINANCE ACT, 2019 NO. 7 OF 2019 [21st February, 2019.] An Act to continue ...

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Budget 2019 – 5 Major Changes

Budget 2019 can be said as a boon to middle class tax payers if they plan their tax well in advance. The budget has brought some major changes to small tax payers , salaried tax payers and also a has some favourable impact on real estate sector in view of changes in house property income […]...

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Posted Under: Income Tax |

Budget 2019 Summary / Highlight

Article provide Summary / Highlight of Interim Union Budget 2019.  RATES OF INCOME-TAX Income – Tax The provisions of section 2 of, and the First Schedule to, the Finance Act, 2018 (13 of 2018. ), shall apply in relation to income-tax for the assessment year (2020-2021) or, as the case may be, the financial year […]...

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Posted Under: Income Tax |

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