Category: Income Tax
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 …
TDS to be deducted by Individual/HUF u/s 194M on payment exceeding 50 lakhs to contractors and professionals even for personal work w.e.f. 01.09.2019 At present, under Income Tax Act, there is no provision placing a liability on an individual or Hindu undivided family (HUF) to deduct tax at …
Key Highlights of Income tax/GST proposals of Union Budget 2019-20 Union Finance Minister Nirmala Sitharaman shall present Union Budget-2019 at Parliament on 5th July 2019. Watch Union Budget 2019-20 live Key highlights of income tax proposals of Union Budget 2019-20 Income Tax Proposals 1. Finmin thanks to the …
Value of goods lying at port but not exported can be at cost or market price at the option and regular practice of the assessee. SC dismisses SLP of the Revenue ABCAUS Case Law Citation:ABCAUS 3047 (2019) (07) SC The Revenue had challenged the order of the Tribunal …
Income earned by non-resident investor from off-shore investments routed through an Alternate Investment Fund not taxable being deemed direct investment Government of India Ministry of Finance Department of RevenueCentral Board of Direct Taxes Circular No. 14/2019 North-Block, New Delhi, dated the 3rd of July, 2019 Subject: Clarification regarding …