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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 aggregate made during the year, by a banking company or..

Posted in Union Budget |   863 Views




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 entering into high value transactions, such as pu..

Posted in Union Budget |   276 Views



Memorandum Finance Bill 2019

 05 July 2019 at 14:42

FINANCE (No.2) BILL, 2019 PROVISIONS RELATING TO DIRECT TAXES & RELATED LAWS Introduction The 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), to continue to provide momentum to the buoyancy in dir..

Posted in Union Budget |   5723 Views




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 % respectively Direct Tax revenue increases by over 78 % in FY2018-19 from FY 2013-14; rose to  Rs. 11.37 lakh crore from Rs. 6.38 lakh crore Relief proposed i..

Posted in Union Budget |   159 Views




Start-ups and their investors filing requisite declarations not to be subjected to any scrutiny regarding valuations of share premiums E-verification mechanism proposed for establishing identity of the investor and source of his funds TV programme proposed exclusively for Start-ups within the ..

Posted in Union Budget |   61 Views




Government to consider issuing Aadhaar Card for NRIs with Indian Passports Government to open four new Embassies in 2019-20 17 iconic Tourism Sites being developed into world class tourist destinations Indian Development Assistance Scheme (IDEAS) to be revamped The Union Finance Minister..

Posted in Union Budget |   45 Views




Lower rate of 25 % Corporate Tax extended to companies with Annual Turnover up to  Rs. 400 crore from earlier cap of upto Rs 250 crore Interchangeability of PAN and Aadhaar to file tax return proposed 2 % TDS on cash withdrawal exceeding Rs. 1 crore in a year from a bank account to encour..

Posted in Union Budget |   109 Views




GST 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 lakhs Sabka Vishwas Legacy Dispute Resolution Scheme to resolve litigations involving more than Rs. 3.75 L..

Posted in Union Budget |   451 Views




SEVERAL TAX PROPOSALS AIM TO PROMOTE INVESTMENTS IN START-UPS AND SUNRISE INDUSTRIES IN THE COUNTRY LOWER 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 IN SURCHARGE BY 3% FOR THOSE WITH TAXABLE I..

Posted in Union Budget |   294 Views




The Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman made her maiden Budget Speech today and presented the Union Budget 2019-20 before the Parliament. The key highlights of Union Budget 2019 are as follows: 10-point Vision for the decade Building Team India with Jan ..

Posted in Union Budget |   1049 Views





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