Union Budget News

The Halwa ceremony, marking the commencement of the Budget printing process for Union General Budget 2020-21, was held here in North Block on the 20th of January 2020 in the presence of the Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman. Union General Budget 2020-21 is..

Posted in Union Budget |   445 Views

Prime Minister Shri Narendra Modi invited ideas and suggestions for the Union Budget 2020 on MyGov. He said, "The Union Budget represents the aspirations of 130 crore Indians and lays out the path towards India’s development. I invite you all to share your ideas and suggestions fo..

Posted in Union Budget  2 comments |   631 Views

FM holds first pre-budget consultations

 17 December 2019 at 11:35

The Union Minister of Finance & Corporate Affairs, Smt. Nirmala Sitharaman started her Pre-Budget Consultations with different stakeholder Groups in connection with the forthcoming General Budget 2020-21 here on the 16th of December. Her first meeting was with the stakeholder Groups from&nb..

Posted in Union Budget |   441 Views

ICAI submits Pre-Budget Memoranda-2020

 07 December 2019 at 10:18

PRE-BUDGET MEMORANDUM - 2020 DIRECT TAXES AND INTERNATIONAL TAX 1.1 The Council of the Institute of Chartered Accountants of India considers it a privilege to submit this Pre-Budget Memorandum - 2020 on Direct Taxes and International Tax to the Government. The memorandum contains suggestion..

Posted in Union Budget  1 comments |   846 Views

Model Tenancy Act(MTA) to Promote Growth of Rental Housing Segment by Regulating Renting of Premises  To Balance Interests of Owner & Tenant by Establishing Adjudicating Mechanism for Speedy Dispute Redressal Draft Model Tenancy Act(MTA), 2019 Issued for Seeking Comments from Public/Stak..

Posted in Union Budget  1 comments |   1004 Views

Facilitating demerger of Ind-AS compliant companies One 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 accounts of the demerged company. It has been represe..

Posted in Union Budget  1 comments |   1043 Views

Tax 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 have low-cost funds at his disposal, it is proposed to insert a new section 80EEA in the Act so as to provide a deduction ..

Posted in Union Budget  3 comments |   1289 Views

Mandating 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 circulation of black money and to promote digital economy, it is proposed to insert a new section 269SU in ..

Posted in Union Budget |   1222 Views

TDS 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 provides for levy of TDS at the rate of one per cent. on the amount of consideration paid or credited for transfer o..

Posted in Union Budget |   654 Views

Currently, a person other than a company or a firm is required to furnish the return of income only if his total income exceeds the maximum amount not chargeable to tax, subject to certain exceptions. Therefore, a person entering into certain high value transactions is not necessarily required to ..

Posted in Union Budget |   451 Views

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