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...
First full-time woman Finance Minister Nirmala Sitharaman presented her maiden Union Budget of Modi 2.0 Government on Friday 05/07/2019. Following are the taxation related key takeaways from Union Budget 2019- Part A: Indirect Tax A simplified single monthly return for taxpayers with an annual turnover of less than Rs 5 crore to file only quarterly returns; […]
The Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman made her maiden Budget Speech today and presented the Union Budget 2019-20 before the Parliament. The Thirteen practical Important highlights of Union Budget 2019 are as follows: 1. TDS on payment by Individual/HUF to contractors and professionals Section 194M levy of Tax Deduction at […]
Top 10 updates of GST from the Finance bill, 2019 includes Interest for delay in payment to be made only on the tax to be paid in Cash, Cash ledger optimisation – Enabling transfer of the balances among the CGST, SGST & IGST, Enabling the single window refund mechanism, Moving from PAN based reg,n to […]
The proposed amendments by Union Budget 2019 can broadly be classified into two categories: (i) Tax Incentives Measures aimed at Encouraging Voluntary Compliance by Taxpayers; (ii) Measures aimed at widening and deepening of tax base, by further tightening of provisions/ loose ends.
Notes on clauses Income-tax Clause 2, read with the First Schedule to the Bill, specifies the rates at which income-tax is to be levied on income chargeable to tax for the assessment year 2018-2019. Further, it lays down the rates at which tax is to be deducted at source during the financial year 2019-2020 from […]
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 PSBs to boost credit, […]
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, […]
Income Tax Highlights of Budget 2019 1. No change in Income Tax in case of income up to Rs 2 crores. 2. Income Tax return can be filed using either Aadhar Number or PAN No. 3. Surcharge – √ Taxable income from Rs 2 crore to Rs 5 crore- Surcharge has been increased from 15% […]
INDIRECT TAXES 1. Benefiting Domestic Industries: Custom duty on imports of many products have been increased such as Automobile parts, Electronic & electrical equipment etc. This will give boost to the domestic industry. 2. Resolving litigation: Sabka Vishwas (Legacy Dispute Resolution) Scheme proposed for quick disposal of pending 3.65 Lacs Crore -central excise and service […]
Vision for $5 trillion economy driven by investment Transforming rural lives New Jal Shakti Mantralaya to ensure Har Ghar Jal Enhancing ease of direct and indirect taxation Strengthening connectivity Infrastructure Gandhipedia to sensitize society India’s soft power Harnessing India’s space abilities PUSH TO INVESTMENT: INFRASTRUCTURE DEVELOPMENT – – GROWTH & MACRO-ECONOMIC STABILITY: VISION FOR $5 […]
