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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
Memorandum Finance Bill 2019
05 July 2019 at 14:42FINANCE (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),
Union Budget 2019: Tax on HNI having inc above 2 crore increase by 3%
05 July 2019 at 14:12Tax 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
Start-ups and their investors filing requisite declarations not to be subjected to any scrutiny regarding Angel tax
05 July 2019 at 14:12Start-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
Government to consider issuing Aadhaar Card for NRIs with Indian Passports
05 July 2019 at 14:09Government 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
Lower rate of 25 % Corporate Tax extended to companies with Annual Turnover up to Rs. 400 crore
05 July 2019 at 14:09Lower 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
Businesses with less than 5 crore annual turnover to file quarterly GST returns
05 July 2019 at 14:06GST processes further simplified; businesses with less than Rs. 5 crore annual turnover to file quarterly GST returns; threshold for goods supplier to be enhanced from Rs. 20 lakhs to Rs. 40 lakhsSabka Vishwas Legacy Dispute Resolution Scheme to reso
Complete official summary of Union Budget 2019-20
05 July 2019 at 14:05SEVERAL 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 CROREINCREASE I
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