Union Budget News

Model Tenancy Act to regulate renting of Premises announced in Budget

13 July 2019 at 11:32

Model Tenancy Act(MTA) to Promote Growth of Rental Housing Segment by Regulating Renting of Premises To Balance Interests of Owner & Tenant by Establishing Adjudicating Mechanism for Speedy Dispute Redressal Draft Model Tenancy Act(MTA), 2019 Iss

Posted in Union Budget | 1 comments | 4794 Views

Few important takeaways from the Memorandum Finance Bill 2019

06 July 2019 at 13:40

Facilitating demerger of Ind-AS compliant companiesOne of the existing conditions for tax-neutral demergers is that the resulting company should record the property and the liabilities of the undertaking at the value appearing in the books of account

Posted in Union Budget | 1 comments | 4770 Views

Rs 1.5 lac tax incentive for affordable housing

05 July 2019 at 18:07

Tax incentive for affordable housing In order to provide an impetus to the �Housing for all� objective of the Government and to enable the home buyer to havelow-cost funds at his disposal, it is proposed to insert a new section 80EEA in t

Posted in Union Budget | 3 comments | 6093 Views

Compulsory electronic payments for business with turnover above 50 crore

05 July 2019 at 18:04

Mandating acceptance of payments through prescribed electronic modes In order to achieve the mission of the Government to move towards a less cash economy to reduce generation and circulationof black money and to promote digital economy, it is propos

Posted in Union Budget | 6063 Views

1% immovable property TDS to be applied on amenities also

05 July 2019 at 17:43

TDS at the time of purchase of immovable property Section 194-IA of the Act relates to payment on transfer of certain immovable property other than agricultural land and providesfor levy of TDS at the rate of one per cent. on the amount of considerat

Posted in Union Budget | 3915 Views

Mandatory furnishing of return if high value transaction made

05 July 2019 at 17:43

Currently, a person other than a company or a firm is required to furnish the return of income only if his total income exceedsthe maximum amount not chargeable to tax, subject to certain exceptions. Therefore, a person entering into certain high val

Posted in Union Budget | 2607 Views

New TDS levy section 194M introduced for payment by individual and HUF for business

05 July 2019 at 17:43

At present there is no liability on an individual or Hindu undivided family (HUF) to deduct tax at source on any payment madeto a resident contractor or professional when it is for personal use. Further, if the individual or HUF is carrying on busine

Posted in Union Budget | 4659 Views

New tax slabs after Union Budget 2019

05 July 2019 at 17:43

The salient features of the rates specified in the said Part III are indicated in the following paragraphs Individual, Hindu undivided family, association of persons, body of individuals, artificial juridical person.Paragraph A of Part-III of First S

Posted in Union Budget | 1 comments | 7770 Views

Tax proposals aim to promote investments in startups

05 July 2019 at 14:44

Several tax proposals aim to promote investments in start-ups and sunrise industries in the countryLower 25% corporate tax rate is to be applicable to those with annual turnover upto Rs.400 crore instead of the current limit of Rs.250 crore Increase

Posted in Union Budget | 1749 Views

TDS on cash withdrawal above 1 crore to discourage cash transactions

05 July 2019 at 14:44

In order to further discourage cash transactions and move towards less cash economy, it is proposed to insert a new section 194N in the Act to provide for levy of TDS at the rate of two per cent on cash payments in excess of one crore rupees in aggre

Posted in Union Budget | 4149 Views