Income Tax : Budget 2026 has extended the due dates for ITR-3, ITR-4, and revised returns, offering taxpayers greater flexibility. Understandin...
Income Tax : The article explains how the Finance Act, 2026 replaced the deemed dividend framework with capital gains taxation. The change allo...
Income Tax : Taxpayers now get three extra months to correct mistakes in originally filed income tax returns. The revised return mechanism rema...
Finance : Secondary SGB buyers must now pay 12.5% LTCG tax, unlike primary holders. The change reshapes returns and investment strategies in...
Income Tax : Establishes that higher tax burdens on promoters under the new regime require companies to reassess payout strategies. The takeawa...
Income Tax : The amendments focus on reassessment timelines, electronic communication, and procedural clarity. The changes aim to reduce litiga...
Income Tax : The Government introduced reforms to simplify tax dispute resolution, including broader immunity provisions and expanded scope for...
Income Tax : A focused session breaks down recent Budget amendments affecting NRI taxation. It highlights how changes impact income, investment...
CA, CS, CMA : Budget 2026 prioritises easing compliance, reducing penalties, and cutting litigation rather than raising tax rates. The reforms a...
Custom Duty : New baggage rules and processing regulations are notified, replacing earlier frameworks and aligning customs procedures for passen...
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 : CBDT updated DIN rules to align with new provisions introduced under the Finance Act, 2026. The circular mandates DIN for most tax...
Income Tax : The Finance Act, 2026 prescribes income-tax rates, surcharge, and cess for the assessment year 2026–27. It establishes the legal...
Excise Duty : The government has withdrawn an earlier central excise exemption notification with effect from 2 February 2026. The rescission is ...
Excise Duty : The government has extended key excise provisions and introduced a specific duty structure for CNG blended with biogas. The key ta...
Excise Duty : The government has reduced the effective National Calamity Contingent Duty on specified tobacco products. The key takeaway is a ca...
Advocate Sameer Bhatia Introduction The Union Budget, 2019 catering to both direct and indirect tax avenues will be tabled before the Parliament by the Hon’ble Finance Minister Smt.Nirmala Sitharaman as on 05th July, 2019. Since, with the passage of time, the parent legislation under the direct taxes i.e. the Income Tax Act has acquired a […]
EXPECTATIONS FROM FINAL UNION BUDGET 2019 TO SMALL INDUSTRY & COMMON MAN The Union Budget for 2019-20 will be presented in the Lok Sabha on Friday (5th July, 2019) at 11.00 am by newly-appointed Finance Minister Nirmala Sitharman. Expectations from Union Budget 2019 are as below:- A. Goods & Service Tax (Goods & Simple tax) […]
It is understood that the Union Budget, 2019 is likely to be tabled in the Parliament on 5th July, 2019 by your goodself, the prestigious Income Tax Bar, Jalandhar would like to give few recommendations/suggestions by way of Memorandum as called for by your office for considering them while framing and tabling the budget in the Lok Sabha.
I want The Hon. Finance Minister to consider my suggestion on the above subject. Surcharge @10% of Income tax is levied when taxable income exceeds Rs. 50 lacs and upto 1 crore. Income tax for Rs.50 lacs works out to Rs. 1312500/-.
It is admirable that the erstwhile Finance Minister has brought down corporate taxes to 25% plus 4% cess in the First innings of the Government as promised. However, there are many taxes apart like the Dividend Distribution Taxes 20.56% effectively, Taxes on Dividend above 10 lakhs in Individual hands @ 10%. In effect its cumulative effect demotivates the earning for private limited companies.
The Union Budget for 2019-20 will be presented in the Lok Sabha on Friday, the 5th July, 2019 at 11.00 am and after presentation/laying of the Budget, the respective Houses will be adjourned for the day.
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 justification for the same.
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 […]
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 […]
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 […]
