Budget news

Representation for Amendments made in Section 254 of Income Tax Act, 1961

Finance Bill, 2020 has proposed certain amendments in section 254 of the Income Tax Act, 1961. These amendments need your separate attention; therefore, we are sending a representation describing the hardships to you for your kind consideration....

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Posted Under: Income Tax |

DGFT portal to enable States/ UTs to develop all districts as Export Hub

DGFT portal to enable States/ UTs to develop all districts as Export Hub ​​​​​Eleven States/ UTs have notified constitution of SLEPC Budget 2020-21 announcement to fulfil vision of PM to convert each District into an Export Hub In order to implement the vision of the Prime Minister of India, Narendra Modi to convert each distric...

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Posted Under: Income Tax |

Budget 2020 accords highest priority to development of North East

Hallmark of Union Budget 2020-21 is the highest priority it accorded to the overall development of North Eastern Region: Dr Jitendra Singh...

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Posted Under: Income Tax |

ICAI analysis on Union Budget 2020-21

A handful of the direct tax proposals are directed towards the second theme, namely, Economic Development. The budget has given a fillip to start-ups by raising the threshold turnover limit for qualifying for deduction under section 80-IAC from Rs.25 crores to Rs.100 crores....

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Posted Under: Income Tax |

Union Budget 2020 Impact On Agriculture Sector

The agricultural sector has been in a slow down for a past couple of years now. To overcome this, Finance Minister N. Sitharaman through this budget tried to change this situation. The finance minister proposed a 16 point action plan in her speech while presenting the budget so as to improve the condition of the agricultural […]...

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Posted Under: Income Tax |

2020-21 Union Budget: Fiscal Slippage But Little Stimulus

♦ The budget delivered credible numbers in terms of its fiscal deficit estimates, raising the deficit by 50bps this year and the next. The fiscal deficit was raised to 3.8% for 2019-20 and to 3.5% for 2020-21. The budget used up the 0.5% GDP leeway provided by the FRBM instead of sticking to the fiscal […]...

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Posted Under: Income Tax |

Govt clarifies on Tax on Income of Indian citizens working Overseas

It is clarified that in case of an Indian citizen who becomes deemed resident of India under this proposed provision, income earned outside India by him shall not be taxed in India unless it is derived from an Indian business or profession....

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Posted Under: Income Tax |

Budget 2020: Explanatory Memoranda to Custom Duty notifications

Article contains Explanatory Memoranda to Notification Nos. 01/2020-Customs to 12/2020-Customs, dated 2nd February, 2020, Explanatory Memoranda to Notification Nos. 09/2020-Customs (N.T.) to 10/2020 and Explanatory Memorandum to Notification No. 01/2020-Customs (SG), dated 2nd February, 2020. Explanatory Memoranda to Notification Nos. 01/...

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Posted Under: Income Tax |

Budget 2020-2021 Speech of Finance Minister Nirmala Sitharaman

Budget 2020-2021 Speech of Nirmala Sitharaman, Minister of Finance February 1, 2020 Hon’ble Speaker, I rise to present the Budget for the year 2020-2021. Introduction In May 2019, Prime Minister Modi received a massive mandate to form the government again. With renewed vigour, under his leadership, we commit ourselves to serve the peopl...

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Posted Under: Income Tax |

100 more Airports to be developed by 2024 to support UDAAN Scheme

100 more Airports to be developed by 2024 to support UDAAN Scheme. Union budget proposes Rs. 22000 Crore for Power and Renewable Energy sector in Current FY National Gas Grid to be expanded from the present 16200 km to 27000 km. Government to consider corporatizing at least one major port and its listing on stock exchanges...

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Posted Under: Income Tax |

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