Union Budget News



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 |   253 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 |   5496 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 |   126 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 |   47 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 |   35 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 |   63 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 |   405 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 |   246 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 |   989 Views




Key Highlights of Direct and Indirect Tax Proposals  Direct Tax 1.The threshold of Turnover for companies to be taxed at 25% to be increased to 400 Crores: 2. Deduction on Interest on Housing Loan increased to Rs 3.5 lakhs 3. TDS OF 2% on cash withdrawal exceeding 1 cr in a yea..

Posted in Union Budget |   5610 Views





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