Amendment proposed in GST Laws by Union Budget 2019-20 Amendments carried out in the Finance Bill, 2019 will come into effect from the date when the same will be notified, concurrently with the corresponding amendments to the Acts passed earlier by the States & Union territories with legislature. …
Key Highlights of Union Budget 2019-20. 10-point Vision for decade & towards 5 Trillion $ Economy 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 …
GST threshold for goods supplier to be enhanced from Rs. 20 lakhs to Rs. 40 lakhs 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. …
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, …
