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Finance Budget

Amendment under Income Tax
Finance Budget
CA. Kavit Vijay

Amendment under Income Tax | Finance Bill, 2021-Union Budget

Following are the amendments proposals  in the Finance Bill 2021 1. TDS in case of specified senior citizen and exempt for filing ITR For the ease of compliance , the senior citizens of the country (aged 75 years or above) are proposed to exclude from filing of Income Tax Return subject to fulfilment of following condition: senior citizens must have only Interest Income apart from pension Income. Tax has been deducted under section 194P on such interest Income by the bank. The bank where interest income credited should be the same where pension is credited into the senior citizen’s Account.

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25/02/2021
TDS by E-Commerce
Finance Budget
CA. Kapil Mittal

Union Budget 2020| TDS by E-commerce Operator

In Union Budget 2020 speech, Hon’ble Finance Minister Nirmala Sitharaman has proposed a new Tax deducted at source (“TDS”) provisions for e-commerce transactions. The newly proposed TDS provisions have been introduced with the goal of ‘widening and deepening’ the tax base across the country. With the introduction of this provision the e-commerce companies like Flipkart, Amazon will have to deduct an extra 1% of tax as TDS while paying the seller registered under them. While under the Goods and Services Act, the e-commerce companies were already deducting 1% TDS from the seller registered with them. 1. What is TDS? TDS

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01/04/2020
Changes in Tax Audit Provisions
Income Tax
CA. Kavit Vijay

Union Budget 2020 | Increase in Threshold Limit of Tax Audit From INR 1 Crores to INR 5 Crores

Hon’ble Union Finance Minister Nirmala Sitaraman has proposed various changes in her Budget Speech 2020. Amendments in section 44AD is another significant part of the budget 2020 that requires a discussion. As the Budget 2020 releases, there is an increase in threshold limit of Tax Audit. Here in this article, we are going to talk about all the significant changes the finance minister has proposed in provisions of the tax audit. 1. Increase in threshold limit of tax audit from INR 1 crores to INR 5 crores Through Finance Act, 2020 Government has increased the threshold limit of tax audit

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01/04/2020
union budget 2020
Finance Budget
CA. Shilpi Goyal

UNION BUDGET 2020: KEY CHANGES | INCOME TAX ACT

Hon’ble Finance Minister Nirmala Sitharaman presented union budget 2020 – 21 in parliament on 1st February 2020 around 3 prominent themes – Aspirational India, Economic Development and Caring society. Apart from allocation of funds for different sectors such as education, railway, etc. she proposed various major amendments in Income Tax Act, 1961 and few amendments in Goods and Service tax law. In this article, we will go through around all major amendments in Income Tax Act, 1961. AMENDMENTS IN INCOME TAX ACT, 1961 proposes in Budget 2020 Amendments in Income Tax Act, 1961 proposed with objective of stimulate growth, simplified

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18/02/2020
Income Tax amendments
Finance Budget
CA. Kavit Vijay

Union Budget 2019 – Income Tax amendments applicable from 1 September 2019

The Indian Parliament has passed the Finance Act (No. 2), 2019 (‘2019 Finance Act’) during July 2019 as income tax amendments and has received the assent of the President of India on 1 August 2019. Various provisions part of the 2019 Finance Act is applicable retrospectively from 1 April 2019. However, certain provisions pertaining to procedural aspects and compliances like Tax Deducted at Source (‘TDS’) were proposed to be made effective from 1 September 2019. Let us now look at some of the amendments effective from 1 September 2019. List of Income tax amendments There are many income tax amendments

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14/09/2019
Measures to Boost Economy
Information
CA. Kavit Vijay

Measures to Boost Economy – Part 1 | Announcements by Finance Ministry

Announcements made by the Hon’ble Finance Minister during the Press Conference held on 23 August 2019 The Indian Parliament had passed the Finance Act (No. 2), 2019 during July 2019. Being the first Budget presented by the Government after a sweeping majority in the recent elections to the Lower House of the Parliament, the focus was on stabilising the economy and undertaking structural macro-economic reforms to inter alia derive benefits from the demonetisation exercise conducted in November 2016 and the introduction of Goods and Services Tax in July 2017.  The budget was also focussed on tax optimisation, increasing the tax

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14/09/2019
Income Tax amendments
Finance Budget
CA. Kavit Vijay

Key highlights on UNION BUDGET 2019

After interim budget in February, 2019, Hon’ble Finance minister Nirmala Sitharaman presented her first union budget, 2019 on 5th July, 2019. While presenting budget, Hon’ble FM focused around promoting investment in infrastructure, higher surcharge for super riches, reduction in corporate tax rate, reduction in taxes of electric vehicles etc. Budget also focused on promotion of digital transactions by way of reduction in charges for digital payments, TDS on cash withdrawal etc. Finance Bill, 2019 proposed various amendments in Income Tax Act, 1961, Central Goods and Service Tax Act, 2017 etc. Gamut of various changes proposed is as follows: 1. Central

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10/07/2019
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