The Lok Sabha has passed the Finance Bill (No. 2), 2019 on 18 July 2019 with certain amendments. The key direct tax amendments are summarized as under:
Amendments as introduced by Finance Bill (No. 2), 2019 on 5 July 2019
Amendments as pa..
The Union Budget 2019 was presented on 5th July in the Lok Sabha by the First Female Finance Minister Mrs. Nirmala Sitharaman.
Highlights of the Budget 2019 for Real Estate Sector:
1. Additional tax benefit of Rs 1.5 lakhs to home buyers
The government has i..
Customs Duty Increased/Imposed
- Increase in custom duty on Gold and other precious metals - from 10% to12.5%.
- Basic Customs Duty increased on -
Optical fibre cable
CCTV camera etc.
It is a common understanding that an obligation file the return of income under the income-tax Act arises only if the income exceeds the maximum amount not chargeable to tax or when a person desires a loss sustained by him to be carried forward in future. For example, an individual tax payer is not ..
GDP - Gross Domestic Product
Gross Domestic Product (GDP) is the final value of all Goods and Services produced by a country in a particular period. GDP is widely used to measure any Country's economic growth.
A GDP always measures the value of all goods and services at their Market Price..
Non-Banking Financial Companies (NBFCs), often referred to as the “shadow banking system” are playing an increasingly important role in our country’s financial systems and their growing influence on our nation’s economy is clearly visible in the Union Budget 2019-20 also as a..
There is not any change in slabs
of tax rates, but there are following changes in surcharge rates for
Individual, Hindu undivided family, association of persons, body of
individuals, artificial juridical person w.e.f AY 2020-21.
Arjuna (Fictional Character): Krishna, Union Finance Minister has presented Union Budget for the year 2019-20, so what are the major changes made in GST in Union Budget?
Krishna (Fictional Character): Arjuna, Union Finance Minister Nirmala Sitaraman has presented Union Budget for the year 2019-20..
Applicability and Process:
Before the introduction of GST India was a curious mix of taxation laws, some aligned to global standards, and some not. Traditionally having had a reputation of a difficult tax regime, efforts are being taken to showcase India’s progress in improved ranking in Ea..
Section 139(1)(b) mandates that every person being a person other than a company or a firm, if his total income or the total income of any other person in respect of which he is assessable under this Act during the previous year exceeded the maximum amount which is not chargeable to income-tax shall..