CAclubindia News

New TDS levy section 194M introduced for payment by individual and HUF for business

05 July 2019 at 17:43

At 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

Posted in Union Budget & Policy | 4671 Views

New tax slabs after Union Budget 2019

05 July 2019 at 17:43

The 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

Posted in Union Budget & Policy | 1 comments | 7812 Views

Tax proposals aim to promote investments in startups

05 July 2019 at 14:44

Several 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

Posted in Union Budget & Policy | 1767 Views

TDS on cash withdrawal above 1 crore to discourage cash transactions

05 July 2019 at 14:44

In 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

Posted in Union Budget & Policy | 4173 Views

Inter-changeability of PAN and Aadhaar for filing returns

05 July 2019 at 14:44

Existing 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

Posted in Union Budget & Policy | 2322 Views

Memorandum Finance Bill 2019

05 July 2019 at 14:42

FINANCE (No.2) BILL, 2019PROVISIONS RELATING TO DIRECT TAXES & RELATED LAWSIntroductionThe provisions of Finance (No. 2) Bill, 2019 relating to direct taxes seek to amend the Income-tax Act, 1961 (hereafter referred to as the Act),

Posted in Union Budget & Policy | 20511 Views

Union Budget 2019: Tax on HNI having inc above 2 crore increase by 3%

05 July 2019 at 14:12

Tax rates for individuals having taxable income from Rs. 2 cr - 5 cr and Rs. 5 cr & above to be increased by around 3 % and 7 % respectivelyDirect Tax revenue increases by over 78 % in FY2018-19 from FY 2013-14; rose to Rs. 11.37 lakh crore from

Posted in Union Budget & Policy | 1485 Views

Start-ups and their investors filing requisite declarations not to be subjected to any scrutiny regarding Angel tax

05 July 2019 at 14:12

Start-ups and their investors filing requisite declarations not to be subjected to any scrutiny regarding valuations of share premiumsE-verification mechanism proposed for establishing identity of the investor and source of his fundsTV programme prop

Posted in Union Budget & Policy | 1329 Views

Government to consider issuing Aadhaar Card for NRIs with Indian Passports

05 July 2019 at 14:09

Government to consider issuing Aadhaar Card for NRIs with Indian PassportsGovernment to open four new Embassies in 2019-2017 iconic Tourism Sites being developed into world class tourist destinationsIndian Development Assistance Scheme (IDEAS) to be

Posted in Union Budget & Policy | 1530 Views

Lower rate of 25 % Corporate Tax extended to companies with Annual Turnover up to Rs. 400 crore

05 July 2019 at 14:09

Lower rate of 25 % Corporate Tax extended to companies with Annual Turnover up to Rs. 400 crore from earlier cap of upto Rs 250 croreInterchangeability of PAN and Aadhaar to file tax return proposed2 % TDS on cash withdrawal exceeding Rs. 1 crore in

Posted in Union Budget & Policy | 1674 Views