Month: July 2019
Tax Incentives given to start-ups in Union Budget 2019-20. carried forward and set off of losses, relaxation of conditions of section 54GB 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 …
Payment from NPS Trust on closure of account to be exempt up to 60% of total amount payable at the time of closure or his optingout of the scheme.-Incentives to National Pension System (NPS) subscribers (i) Under the existing provisions of section 10 of the Act, any payment …
Deduction u/s 80EEB for interest on loan taken for purchase of electric vehicle With a view to improve environment and to reduce vehicular pollution, the Union Budget 2019-20 has proposed to insert a new section 80EEB in the Income Tax Act so as to provide for a deduction …
Deduction u/s 80EEA for interest up to 150000 on loan taken for affordable house property The Union Budget 2019-20 has proposed to insert a new section 80EEA in the Income Tax Act so as to provide a deduction in respect of interest up to one lakh fifty thousand …
Mandating acceptance of payments through prescribed electronic modes In order to move towards a less cash economy to reduce generation and circulation of black money and to promote digital economy, the Union Budget 2019-20 has proposed to insert a new section 269SU in the Income Tax Act. The …
2% TDS on cash withdrawals from banks/post offices with effect from 01.09.2019-New Section 194N In order to further discourage cash transactions and move towards less cash economy, the Union Budget 2019-20 has proposed to insert a new section 194N. Section 194N – Payment of certain amounts in cash …
Consequence of not linking PAN with Aadhaar-Validity of transactions previously carried out through such PAN The existing proviso to the sub-section (2) of section 139AA, provides that the PAN allotted to a person shall be deemed to be invalid, in case the person fails to intimate the Aadhaar …
Inter-changeability of PAN & Aadhaar and mandatory quoting in prescribed transactions. 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 …
Return of 1/6 Scheme for compulsory filing of returns on entering high value transactions Finance Act, 2005, had introduced one by six scheme requiring compulsory filing of return on meeting any of the six criterion. However, the Presently, a person (ither than a company/firm) entering into certain high …
For TDS u/s 194IA consideration to include charges for all amenities 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 …