Union Budget & Policy News
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
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
Popular News
- Income from Other Sources Under Income Tax Act 2025: Key Rules, Taxable Incomes and Deductions
- AIMTPA Seeks Tax Audit & ITR Due Date Extension for AY 2026-27
- CBDT Notifies SFT Rules for Depository Transactions Under Income Tax Act 2025
- CBDT Notifies SFT Reporting Rules for Mutual Fund Transactions by RTAs Under IT Act 2025
- MTPA Seeks Tax Audit Deadline Extension: TAR by 31st Oct, ITR by 30th Nov 2026
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
