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Income-tax rates for FY 2018-19 and For FY 2019-20 for TDS Deduction
I.Rates of income-tax in respect of income liable to tax for the assessment year 2019-20 (Financial Year 2018-19).In respect of income of all categories of assessees liable to tax for the assessment y...
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Retrospective Amendments of GST rate notifications
Clause of the Finance (No. 2) Bill, 20191. Notification No. 2/2017-Central Tax (Rate) dated the 28th June, 2017, issued under sub- section (1) of section 11 of the Central Goods and Services Tax Act,...
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Clause wise details of Amendment in the CGST Act, 2019
vide Finance (No.2) Bill, 20191. The definition of “adjudicating authority” in clause (4) of section 2 of the CGST Act is being amended so as to exclude “the National Appellate Authority for Advance R...
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Sabka Vishwas Legacy Dispute Resolution Scheme
Amendment in the IGST Act, 2017 vide Budget 2019 A new section 17A is being inserted in the IGST Act so as to bring into the Act, provisions for transfer of amount between Centre and States consequent...
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retrospective exemption from service tax on service by way of grant of liquor licence.
Budget 2019- Retrospective exemptions from service tax Extract of Clause 116, 117 & 118 of Finance Bill 2019116. Special provision for retrospective exemption from service tax on service by way of gra...
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Section 206A: e-filing of statement of transactions with no tax deduction
Section 206A: Electronic filing of statement of transactions on which tax has not been deductedSection 206A of the Act relates to furnishing of statement in respect of payment of certain income by way...
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Online application to determine TDS on payment to non-residents
Online filing of application seeking determination of tax to be deducted at source on payment to non-residentsUnder sub-section (2) of section 195 of the Act, if a person who is responsible for paying...
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Exemption from deeming of fair market value of shares for certain transactions
The existing provisions of the section 56(2)(x) of the Income-tax Act, inter alia, provide for chargeability of income in case of receipt of money or specified property for no or inadequate considerat...
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Measures for resolution of distressed companies (Section 79)
Measures for resolution of distressed companies 1. Proposed amendmentsSection 79 is not applicable to a company where any change in shareholding takes place in a previous year pursuant to a resolution...
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Exemption to Category II AIF under Budget 2019
Section 56: Exemption to Category II AIF under Budget 2019 The existing provisions of the said section 56 of the Income-tax Act, inter alia, provide that where a company, not being a company in which...
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Incentives for start-ups under section 54GB & Section 79
Budget 2019 (1) Section 79 of the Income Tax Act provides conditions for carry forward and set off of losses in case of a company not being a company in which the public are substantially interested....
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Section 80CCD Deduction to National Pension System subscribers
(i) Under the existing provisions of section 10 of the Act, any payment from the NPS Trust to an assessee on closure of his account or on his opting out of the pension scheme, to the extent it does no...
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Section 80EEA & 80IBA 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...
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Exemption of interest income of non-resident on Section 194LC Bonds
Budget 2019- Exemption of interest income of a non-resident arising from borrowings by way of issue of Rupee Denominated Bonds referred to under section 194LCThe existing provisions of section 194LC o...
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Tax incentive for electric vehicles
With a view to improve environment and to reduce vehicular pollution, it is proposed to insert a new section 80EEB in the Act so as to provide for a deduction in respect of interest on loan taken for...
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IBBI Clarifications reg. Application for Empanelment of Providers of Platform for Distressed Assets
Insolvency and Bankruptcy Board of India7th Floor, Mayur Bhawan, Shankar Market, Connaught Circus, New Delhi -110001Clarifications regarding Application for Empanelment of Providersof Platform for Dis...
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Amendment of GST Registration through GST Practitioner
Amendment of Registration in Core and Non-Core fields through a GST PractitionerTDS/TCS/NRTP/OIDAR/UN Body/Embassy/ONP Taxpayers can now select a GST Practitioner for filing of Amendment of Registrati...
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CBDT notifies Chhattisgarh Building and Other Construction Workers Welfare Board for exemption U/s. 10(46)
CBDT notifies ChhattisgarhBuilding and Other Construction Workers Welfare Board for exemption U/s. 10(46) Notification No. 52/2019- Central Government notifies‘Chhattisgarh Building and Other Construc...
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CBDT notifies National Skill Development Corporation for exemption U/s. 10(46)
Notification No. 51/2019- Central Government notifies ‘National Skill Development Corporation’, a body constituted by the Central Government, in respect of the following specified income arising to th...
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Notification No. 48/2019-Income Tax Dated: 26.06.2019
MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES)Notification No. 48/2019New Delhi, the 26th of June, 2019S.O. 2195(E).—It is hereby notified for general information that the o...