CBDT EXTENDS THE DUE DATE FOR FILING INCOME TAX RETURNS IN RESPECT OF CERTAIN CATEGORIES OF TAX PAYERS WHO WERE LIABLE TO FILE THEIR RETURNS BY 31.7.2019 TO 31.8.2019.
The official Twitter handle of Income Tax department tweeted.
Month: July 2019
Budget Updates-Petrol and Diesel to be more costly
Additional duty of Petrol and Diesel which have an effect of increase of Rs.2/litre
Gold and Precious Metals – Customs Duty Increased to 12.5% from 10%
A legacy dispute resolution Scheme for Central Exise and Service tax litigation
Budget Updates: Tax Proposals
Finance Minister thank the honest tax payers
Corporate Taxation: 25% Tax for Companies having annual turnover up-to Rs.400 crore
Mega Manufacture Plants related to Solar, Computer hardware etc. for Global Companies – Sec 35D
Purchase of Electric Vehicle – Additional Income Tax deduction on interest on loan taken
Start-ups: Angel Tax Issue – No scrutiny from Income tax on Angel funds = Valuation of shares beyond the scope of IT Scrutiny
Additional interest deduction of 1.5 lakhs on home loan of affordable housing loan taken on or before 31-03-2020
International Financial Service Centre – 100% profit deduction U/s.80LA for 10years
PAN and Aadhar made Interchangeable: Now those not having PAN can file return quoting aadhar no.
E-assessment to be implemeted in a phased manner
TDS @ 2% on cash withdrawal in case of cash withdrawal of more than Rs.1 crore from one bank account
Surcharge to Individuals with higher income (Rs.2 crore to Rs.5 Crore and Rs.5 Crore and more) the rates will be increased by 3% and 7% respectively
Budget Updates: Multiple Labor Laws to Labor Code
Govt. to Streamline Multiple Labour laws to four labour codes
Proposed to start a TV channel exclusively for start-up
Railway Station Modernization will be launched this year
Interest Sub-vention scheme to extend to all districts in India
Overdraft of Rs.5000/- for Jandhan Account Holders for Women
A committee to evaluate and suggest measure to improve women’s welfare
Aadhar Card for NRI to be launched without having to wait for the necessary 180 days
17 tourist site to be made as world class tourist destinations
Rs.70,000 crores to be provided to public sector banks to boost credit
One-time six month partial credit guarantee to buy pooled assets of sound NBFCs
Invest Rs.100 Lakh crore in Infrastructure in 5 years
Budget Estimate if Rs.105 Lakhs crore from disinvestment.
India Foreign Debt to GDP among the lowest @ 5%
Budget 2019: Updates – Youth
New National Educational Policy. New policy proposes changes in School & College Education.
A national research foundation to be constituted.
To upgrade quality of teaching, the GYAN was started aimed to bring in the global pool of scientists and researchers, she says, adding such initiatives have paid off.
Rs.400 Crores for FY 2019-20 for world class institutions.
Study In India programme to be launched to bring Foreign Students to India
Khelo India Scheme: A national sports education Board to set-up
Budget 2019: Urban India
Nearly 95% of all cities have declared themselves open-defecation free. More than 45,000 public toilets have been uploaded on google maps and nearly 1 crore citizens have downloaded the Swachhta app.
A ‘Gandhipedia’ is being developed by National Council for Science Museums to sensitise people of positive Gandhian values
Budget 2019 : Rural India
All rural houses will have electricity and clean cooking.
All rural family to have houses by 2022. 1.9 crores houses will be provided by 2022.
Rs.80250 crores for rural roads development
For traditional insdustries (Bamboo, Honey and Khadi Clusters),
To set up 10000 farmers organisations
Water to all Rural Houses by 2024
Swach Bharath: To extend to Solid waste management in all villages
Budget 2019 Updates..
Pension benefits will be offered to 3 crore shopowners with annual turnover of less than Rs 1.5 crore under new scheme called Pradhan Mantri Man dhan Scheme, she says.
The government will examine options of opening up FDI in media, animation and some other sectors to improve these flows further, she says.
100% FDI in Insurance Intermediaries
Contemplating Conduction Global Investors Meet
Commercial arm, a public limited company incorporated to capitalise India’s Space Technology
Budget 2019: Updates
Connectivity : Dedicated Trade Corridors
Upfront incentive for purchase of Electric vehicle — Rs.10,000 crore allocated for 3 years
States will be helped to develop State roads
Inland Transport: Jal Marg Vikas Project — Using rivers to improve cargo transport
Railways: Public-Private Partnership
One Nation One Grid for Electricity to reduce cost of electricity for state
Model Tenancy Law to be circulated to State
Loans for GST Registered Persons — 2% interest subvention — Rs.350 crores allocated
Holding of Shares in Listed Cos – Proposed to increase the limit to 35% for 25%
BUDGET 2019: UPDATES
Finance Minister Mrs.Nirmala Sitaraman started her first budget speech…
Karthik & Sunil 