Significant Direct Tax Proposals In The Finance (No. 2) Bill, 2019 Rates of tax No change in tax rates and basic exemption limit Tax rates for all persons, other than domestic companies, would continue to be the same for A.Y. 2020-21 as applicable for A.Y. 2019-20. Further, there would be no change in the basic […]
Union Budget 2019 Highlights – International Taxation 1. Relaxation in conditions of special taxation regime for offshore funds [Section 9A] In case of the investment fund incorporated or registered outside India, which satisfies certain conditions as provided in subsection 3 of section 9A of the IT Act, the fund management activity carried out through an […]
Last week, the first full time female Finance Minister of India, Nirmala Sitharaman, presented the first budget of Modi Government 2.0, which sets the tone for the Government’s policy for the next five years. This maiden Budget by the Finance Minister primarily focuses on the mission to drive India to become a five trillion-dollar economy […]
Analysis of Finance Bill (02) 2019- Goods and Service Tax The major proposed amendment by Finance bill (02) 2019 under GST are as follows. Few amendments which are not so important are not covered. 1. Amendment in Section 10 (Composition Scheme)- To Extend the Benefit of Composition Scheme to Supplier of Service Also History of […]
Are you an Individual or HUF Taxpayer? Be Ready to Deduct TDS on Contractual and Professional Services from 1st September 2019 In the Budget 2019 a new Section 194M has been inserted to require any individual or HUF (who is not required to deduct tax under Section 194C or 194J) to deduct tax at source […]
Goods and Services Tax (GST) Audit Manual 2019 contains Introduction and Legal Authority for GST Audit, Objectives and Principles of GST audit, Management of GST audit, Selection of registered persons for GST audit, GST Audit – Preparation and Verification, Preparation of GST audit report & follow up, Registered Person’s Master File, GST AD01 – letter […]
Validity of Section 194N (TDS on Cash Withdrawal) as Proposed by Finance Bill 2019(2) 1. A new section 194N (‘said Section’) is proposed to be inserted in the Income-tax Act, 1961 (‘the Act’) Vide Finance bill 2019. Said section provides for withholding of tax by the payer Banks, Co-opt societies and Post offices engaged in […]
Glossary of Terms and their Interpretation as Used in Annual Return i.e. FORM GSTR-9 and 9C 1. FINANCIAL YEAR – The period of twelve months from 1st April to 31st March of every calendar year in which business transactions / supply of goods or services or both are performed is termed as ‘Financial Year’. 2. […]
Union Budget 2019 : Article explains Changes Income tax slab rates for Financial Year 2019-20 (Assessment Year 2020-21), Income tax slab rates for Financial Year 2019-20 (Assessment Year 2020-21), TDS at the time of purchase of immovable property – 194IA, Mandatory furnishing of return of income by certain persons, Inter-changeability of PAN & Aadhaar and […]
The Finance Minister with the view of widening and deepening of tax base proposed to bring in new provision for deduction of tax at source by Individuals and HUFs. Extract of the Memorandum of objects and reasoning reads as follows: B. WIDENING AND DEEPENDING OF TAX BASE Tax Deduction at Source (TDS) on payment by […]
