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 ...
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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...
Lob Sabha has passed Union Budget 2019 i.e. The Finance (No. 2) Bill, 2019 on 18th July 2019 with Various amendment in some of the sections and also inserted few new provisions. Full text of the same is as follows:- AS PASSED BY LOK SABHA ON 18.7.2019 Bill No. 55-C of 2019 THE FINANCE (NO. […]
A. Preface 1. Our Finance Minister, Shrimati Nirmala Sitharaman, in her budget speech mentioned that more than Rs. 3.75 lakh croreis blocked in pending litigations from the Pre-GST Regime i.e., in Service Tax And Excise. In view of such huge funds being blocked, she proposed a “Legacy Dispute Resolution Scheme” (The Scheme) that would allow […]
Section 80EEA Deduction for additional Interest of Rs.1.50 Lakh on Loan on Affordable House Property (not on Commercial). New section 80EEA is inserted by Budget 2019-20 presented by Finance Minister in Parliament on 5th July 2019. Condition for availing Section 80EEA deduction Loan Sanctioned between 1.4.2019 to 31.3.2020 from financial institution /HFC Stamp Duty Value […]
Tax on Income distributed to shareholder (Buy Back Tax) As we are aware of the amendment brought by Finance Bill No. 02, 2019 that now Tax is to be levied on Buy Back of shares of Listed Company too. Before start, please be clear that any payment made by a company on purchase of its […]
On 5th July 2019 Finance minister Nirmala Sitharaman in her maiden budget speech of Union Budget 2019 has proposed to extend income-tax benefit of Rs.1.5 Lakh towards interest paid on loans for buying Electric Vehicle. A new section 80EEB is been proposed to be inserted in Income Tax Act via Finance Bill 2019 to extend […]
Article contains Union Budget 2019 Highlights with Budget at a Glance compiled by the Institute of Cost Accountants of Indian on Changes in Law and taxation related to Indirect Tax, Direct Tax, MSME Sector, Start Ups, Bank/NBFC, Social Stock Exchange, FDI and Foreign Portfolio Investments. INDIRECT TAX A. Customs Customs Duty Increased/Imposed Increase in custom […]
Extension of tax concession to Special Undertaking of the Unit Trust of India (SUUTI) The Special Undertaking of the Unit Trust of India (SUUTI) was created vide the Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002. SUUTI is the successor of UTI. The mandate of SUUTI is to liquidate Government liabilities on […]
The existing provisions of section 23 of the Prohibition of Benami Property Transactions Act (‘the PBPT Act’) provide that the Initiating Officer, with the prior approval of the Approving Authority, shall conduct any inquiry or investigation. This power is exercised by the Initiating Officer where no case is pending before him. However, it is not […]
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
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 […]
