The due date for filing Kerala Flood Cess Return for the month of August, 2019 is extended to 30th September, 2019.
Kerala Flood Cess: Due date Extended
Author: karthikandsunil
Taxation Law (Amendment) Ordinance, 2019
Please see the link below for the entire text of Taxation Law (Amendment) Ordinance, 2019 dated 20th September, 2019.
https://drive.google.com/open?id=12zE_N7rXelLGnzHu8iz3r2qSubryFFVU
Reduction in Income Tax Rate to Domestic Companies
The Government has bought Taxation Laws (Amendment) Ordinance, 2019 and bought following major changes:
- Existing Domestic Companies will have an option to pay tax at the rate of 22% subject to a condition that, they will not avail any exemption/incentive from Financial year 2019-20. The effective rate will be 25.17% inclusive of surcharge and cess. Such Companies are not required to pay Minimum Alternate Tax.
- Domestic Company incorporated after 01st October, 2019, making fresh investment in manufacturing, have an option to pay tax at 15% without any benefit of exemption/incentive. The effective rate with Surcharge and cess will be 17.01%. Such Companies are not required to pay Minimum Alternate Tax.
- The Companies which do not opt for the concessional rate can avail the exemption/Incentive and after the expiry of the period of exemption/incentive can opt for 22% tax. The rate on Minimum Alternate Tax for Companies availing Exemption/Incentives is reduced to 15% from 18%.
- Enhanced sucharge introduced by FInance (No.2) Act, 2019 on capital gains on equity shares or unit of equity oriented fund in the hands of Individual, HUF, AOP, BOI and AJ shall not apply.
- Tax waiver on buy back of shares by listed companies extended to companies which have already made public announcement of buy back before 5th July, 2019.
- Scope of CSR funds spending extended. Now the same can be spend on Incubators funded by Central/State Goverment/Governement Bodies and to public funded Universities, IIT, etc
GST Annual Return extended
CBIC vide Removal of Difficulties Order 7/2019 dated 26th August, 2019 extended the due date for furnishing annual returns for the Financial Year 2017-18 from 31-8-2019 to 30-11-2019.
To see the order click the see below:
Income tax Returns: Due date extended
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.
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
Karthik & Sunil 