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 due to increase in surcharge.   Direct Tax revenue increases by over 78 % in FY2018-19 from …

Rationalizing the provisions of the Prohibition of Benami Property Transactions Act Prior approval of Approving Authority The existing provisions of section 23 of the Prohibition of Benami Property Transactions Act (‘the PBPT Act’) provide that the Initiating Officer, with the prior approval of the Approving Authority, shall conduct …

Prosecution u/s 276CC-increase in threshold of tax payable, TDS to be considered in determining tax liability payable The existing provisions of section 276CC of the Income Tax Act, inter alia, provide that prosecution proceedings for failure to furnish returns of income against a person shall not proceeded against, …

Cancellation of registration u/s 12AA of Trust/Institution on violating any other law which was material for the purpose of achieving its objects Section 12AA of the Act prescribes for manner of grating registration in case of trust or institution for the purpose of availing exemption in respect of …

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 …