Income Tax : Explore the significant changes in capital gains taxation proposed in Budget 2024, including revised tax rates, holding periods, a...
Income Tax : Learn about Section 194T introduced in Finance Bill 2024, covering TDS on payments to partners, its implications, and potential c...
Income Tax : Budget 2024 introduces significant amendments in trust-related provisions under the Income Tax Act, including registration timelin...
Income Tax : Explore the latest tax provisions affecting mutual fund income, including recent changes in capital gains taxation and classificat...
Company Law : Tax implications of the Finance Bill 2024 on share buybacks. Key changes, examples, and their impact on shareholders' tax liabilit...
Income Tax : Key amendments to the Finance (No.2) Bill, 2024, include changes in tax rates, capital gains, customs duties, and excise laws, eff...
CA, CS, CMA : ICAI President's August 2024 message highlights India's economic growth, recent exam results, and the Union Budget's role in achie...
Goods and Services Tax : Discover the major amendments in GST, excise, and customs duties introduced in Budget 2024, including changes in CGST, IGST, and C...
Income Tax : Finance Bill 2024 proposes an amendment to Section 55 of the Income Tax Act to clarify the computation of cost of acquisition for ...
Income Tax : Budget 2024 extends the scope for lower deduction/collection certificates under Sections 197 and 206C, effective from October 2024...
Goods and Services Tax : Discover the key amendments in the Finance (No. 2) Bill, 2024, affecting CGST, IGST, UTGST, and Cess Act, including tax exemptions...
Income Tax : A petition has been filed in the Madras High Court challenging the section 271J of the Income Tax Act inserted vide Finance Act 2...
Income Tax : 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 ...
Income Tax : Explore the Finance Bill 2024, detailing income tax rates, surcharges, and provisions for various taxpayers, including individuals...
Goods and Services Tax : Govt. sets October 1, 2024, for Finance Act 2024, Section 13; April 1, 2025, for Sections 11 and 12, under Notification No. 16/202...
Custom Duty : Notification No. 51/2024-Customs (N.T.) introduces New Shippers Review in countervailing duty rules, effective from 24th July 2024...
Custom Duty : Notification No. 39/2024-Customs amends No. 45/2017-Customs to extend re-import period from 3 to 5 years, effective from 24th July...
Custom Duty : Government of India amends 32 Customs notifications and extends the re-export period for certain foreign-origin goods under Notifi...
Benefits of Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019: ♦ Relief from payment of tax dues to the extend of 50% to 70% of the tax dues depending on the amount of tax dues involved. ♦ Relief from payment of interest and penalty. ♦ Person discharged not be liable for prosecution. Details Amount (In Rs) […]
SOME IMPORTANT AMENDMENTS BY FINANCE ACT, 2019 (Act No. 7 of 2019) & FINANCE (NO. 2) BILL, 2019 THE FINANCE ACT, 2019 (Act No.7 of 2019) (Interim Budget 2019.) In February’s interim budget, the then acting finance minister Piyush Goyal had provided several income tax sops to the middle-class. Following changes have been made by […]
The Union Budget 2019 was presented on 5th July in the Lok Sabha by the First Female Finance Minister Mrs. Nirmala Sitharaman. Highlights of the Budget 2019 for Real Estate Sector: 1. Additional tax benefit of Rs 1.5 lakhs to home buyers The government has increased the benefit of tax deduction against interest on home loans for […]
The Finance Bill 2019 has finally been passed with the insertion of section 194N – TDS on cash withdrawals. A finer reading of the provisions emerge the following:
Objective of the Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019- The Scheme is a one time measure for liquidation of past disputes of Central Excise, Service Tax and 26 other indirect tax enactments. The Scheme provides that eligible persons shall declare the unpaid tax dues and pay the same in accordance with the provisions of the Scheme.
Key direct tax amendment to the Finance Bill (No. 2), 2019, as passed by Lok Sabha on 18 July 2019 The Lok Sabha has passed the Finance (No. 2) Bill, 2019 on July 18, 2019, which was presented originally in the Lok Sabha on July 5, 2019. Certain changes have been made to the original […]
The Finance Minister in her maiden budget introduced Sabka Vishwas (Legacy Dispute Resolution) 2019 (LDRS) in order to curb the pending litigations under the erstwhile Indirect Tax Enactments. The scheme provides relief from tax, penalty, interest, immunity from prosecution, etc., on account of pending disputes.
List No. 3′ LOK SABHA ——– FINANCE (NO.2) BILL, 2019 [As introduced in Lok Sabha] Notice of Amendments S.No Name of Member and text of Amendment Clause No. SMT. NIRMALA SITHARAMAN: 7 Page 6, for lines 47 to 49, substitute.- “(viii) income arising outside . India, being any sum of money referred to in sub-clause (xviia) […]
Clause 25 – Proposed section 80EEA – Tax incentive for affordable housing – Certain concerns to be addressed In order to promote affordable housing, the Finance (No. 2) Bill, 2019 proposed to introduce a new section 80EEA so as to provide an additional deduction of up to Rs 1,50,000/- for interest paid on loans borrowed up to 31.03.2020 for purchase of an affordable house valued up to Rs 45 lakh.
SIMPLIFYING THE BUDGET (JULY 2019)[1] The General Elections 2019 have recently given us a mandate which brought the Bhartiya Janata Party led National Democratic Alliance government again in power after it completed the 5 years from 2014-19. The budget which was brought pre-elections before the country like always had the vision and aim of strengthening […]
