Union Budget News
Few important takeaways from the Memorandum Finance Bill 2019
06 July 2019 at 13:40Facilitating demerger of Ind-AS compliant companiesOne of the existing conditions for tax-neutral demergers is that the resulting company should record the property and the liabilities of the undertaking at the value appearing in the books of account
Rs 1.5 lac tax incentive for affordable housing
05 July 2019 at 18:07Tax incentive for affordable housing In order to provide an impetus to the �Housing for all� objective of the Government and to enable the home buyer to havelow-cost funds at his disposal, it is proposed to insert a new section 80EEA in t
Compulsory electronic payments for business with turnover above 50 crore
05 July 2019 at 18:04Mandating acceptance of payments through prescribed electronic modes In order to achieve the mission of the Government to move towards a less cash economy to reduce generation and circulationof black money and to promote digital economy, it is propos
1% immovable property TDS to be applied on amenities also
05 July 2019 at 17:43TDS at the time of purchase of immovable property Section 194-IA of the Act relates to payment on transfer of certain immovable property other than agricultural land and providesfor levy of TDS at the rate of one per cent. on the amount of considerat
Mandatory furnishing of return if high value transaction made
05 July 2019 at 17:43Currently, a person other than a company or a firm is required to furnish the return of income only if his total income exceedsthe maximum amount not chargeable to tax, subject to certain exceptions. Therefore, a person entering into certain high val
New TDS levy section 194M introduced for payment by individual and HUF for business
05 July 2019 at 17:43At present there is no liability on an individual or Hindu undivided family (HUF) to deduct tax at source on any payment madeto a resident contractor or professional when it is for personal use. Further, if the individual or HUF is carrying on busine
New tax slabs after Union Budget 2019
05 July 2019 at 17:43The salient features of the rates specified in the said Part III are indicated in the following paragraphs Individual, Hindu undivided family, association of persons, body of individuals, artificial juridical person.Paragraph A of Part-III of First S
Tax proposals aim to promote investments in startups
05 July 2019 at 14:44Several tax proposals aim to promote investments in start-ups and sunrise industries in the countryLower 25% corporate tax rate is to be applicable to those with annual turnover upto Rs.400 crore instead of the current limit of Rs.250 crore Increase
TDS on cash withdrawal above 1 crore to discourage cash transactions
05 July 2019 at 14:44In order to further discourage cash transactions and move towards less cash economy, it is proposed to insert a new section 194N in the Act to provide for levy of TDS at the rate of two per cent on cash payments in excess of one crore rupees in aggre
Inter-changeability of PAN and Aadhaar for filing returns
05 July 2019 at 14:44Existing sub-section (1) of section 139A of the Act, inter alia, provides that every person specified therein, who has not been allotted a PAN, shall apply to the Assessing Officer for allotment of PAN. It has been observed that in many cases persons
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