Press Release Extension of last date for availing the benefit of alternate composition scheme 04 July 2019 Vide notification No. 02/2019-Central Tax (Rate) dated 07.03.2019, as amended by notification No. 09/2019-Central Tax (Rate) dated 29.03.2019, an alternate composition scheme has been made available to those suppliers of services or mixed suppliers, who were not eligible… Read More »
Widening the scope of Statement of Financial Transactions (SFT) Existing provisions of section 285BA of the Act, inter alia, provide for furnishing of statement of financial transaction (SFT) or reportable account by person specified therein. In order to enable pre-filling of return of income, it is proposed to obtain information by widening the scope of… Read More »
Budget 2019-20 Key Decisions Here is the Summary of Budget 2019-20 decisions Finance Bill 2019 : Download ( 5th July 2019) Income Tax Return Mandatory AY 2020-21 : Changes by Budget 2019-20 Changes in GST by Budget 2019-20 Consequence of not linking PAN with Aadhaar Filing ITR with Aadhaar & Penalty for not quoting PAN/Aadhaar… Read More »
Consequence of not linking PAN with Aadhaar 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 number, on or before the notified date. In order to protect validity of transactions previously… Read More »
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 observed that in many cases persons entering… Read More »
Changes in GST by Budget 2019-20
Mandatory furnishing of return of income by certain persons Budget 2019-20 Budget Speech on 05.07.2019 Compulsory filing of return: It is proposed to make return filing compulsory for persons, who have deposited more than Rs. 1 crore in a current account in a year, or who have expended more than Rs. 2 lakh on foreign… Read More »
Deemed accrual of gift made to a person outside India Section 9 of the Act relates to Income deemed to accrue or arise in India. Under the Act, non –residents are taxable in India in respect of income that accrues or arises in India or is received in India or is deemed to accrue or… Read More »
Changes in TDS on Sale of immovable property in Budget 2019 Finance Bill 2019 Proposed to change Section 194IA of Income Tax Act with effect from the 1st day of September, 2019: Read Section 194IA Income Tax : Payment on transfer of certain immovable property other than agricultural land Section 194IA Income Tax Changes in Budget… Read More »
Section 194IA of Income Tax Act Section 194IA of Income Tax Act Inserted by the Finance Act, 2013, w.e.f. 1-6-2013 Commentary on Section 194IA of Income Tax Act Watch Video on How to Pay TDS on Property Purchase I TDS on Property Sale I Section 194IA I CA Satbir Singh Section 194IA : Effect from… Read More »