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Category: Union Budget

Reducing TDS on 194J for technical services to 2%

Reducing TDS on 194J for technical services to 2%

Reducing the rate of TDS on fees for technical services (other than professional services) Section 194J of the Act provides that any person, not being an individual or a HUF, who is responsible for paying to a resident any sum by way of fees for professional services, or fees for technical services, or any remuneration or fees or commission by whatever name called (other than those on which tax is deductible under section 192 of the Act, to a director),…

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Major Reforms Proposed in Administration of GST Regime

Major Reforms Proposed in Administration of GST Regime

Simplified GST Return to be Implemented from 1st April, 2020 To weed out Dummy or Non-Existent Units Aadhaar Based Verification of Taxpayers to be introduced Dynamic QR-Code proposed for Consumer Invoices A simplified GST return will be implemented from the 1st April, 2020. While presenting the Union Budget 2020-21 in Parliament today, the Union Minister for Finance & Corporate Affairs, Smt Nirmala Sitharaman said that this is under pilot run. It will make return filing simple with features like SMS based filing…

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MSMEs turnover threshold for Audit increased 5 times to Rs 5 Crore

MSMEs turnover threshold for Audit increased 5 times to Rs 5 Crore

Increased limit to apply only to Businesses carrying out less than 5% of their business transactions in cash  In order to reduce the compliance burden on small retailers, traders, shop keepers who comprise the Medium, Small and Micro Enterprise (MSME) sector, the Union Budget proposed to raise by five times the turnover threshold for audit from the existing Rs. 1 crore to Rs. 5 crore. While presenting the Union Budget 2020-21 in Parliament today, the Union Minister for Finance & Corporate…

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Vivad Se Vishwas scheme proposed to reduce litigations in Direct taxes

Vivad Se Vishwas scheme proposed to reduce litigations in Direct taxes

Finance Minister proposes wide-ranging facilitation measures in Direct Tax Regime ‘Vivad Se Vishwas’ scheme proposed to reduce litigations in direct taxes; scheme to remain open till 30th June, 2020 Faceless appeals proposed to eliminate human interface for imparting greater transparency in dispute settlement CBDT to adopt a taxpayers’ charter; details to be notified soon Pan to be allotted online on the basis of Aadhaar without any requirement of detailed application The Union Budget has proposed ‘Vivad Se Vishwas’ Scheme (No dispute but…

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Direct Tax proposals in the Finance Bill 2020

Direct Tax proposals in the Finance Bill 2020

FINANCE BILL, 2020 PROVISIONS RELATING TO DIRECT TAXES Introduction The provisions of Finance Bill, 2020 (hereafter referred to as “the Bill”), relating to direct taxes seek to amend the Income-tax Act, 1961 (hereafter referred to as ‘the Act’), Prohibition of Benami Property Transactions Act, 1988 (hereafter referred to as “PBPT Act”), and Finance Act, 2013, to continue to provide momentum to the buoyancy in direct taxes through tax-incentives, reducing tax rates for co-operative society, individual and Hindu undivided family (HUF),…

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Key Features of Union Budget 2020

Key Features of Union Budget 2020

Presenting the first Union Budget of the third decade of 21st century, Finance Minister Smt. Nirmala Sitharaman, today unveiled a series of far-reaching reforms, aimed at energizing the Indian economy through a combination of short-term, medium-term, and long-term measures. The Key Highlights of Union Budget 2020-21 are as follows: Three prominent themes of the Budget • Aspirational India – better standards of living with access to health, education and better jobs for all sections of the society • Economic Development…

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Key Indirect Tax Highlights, Union Budget 2020

Key Indirect Tax Highlights, Union Budget 2020

Indirect Tax •    GST: o    Cash reward system envisaged to incentivise customers to seek invoice. o    Simplified return with features like SMS based filing for nil return and improved input tax credit flow to be implemented from 1st April, 2020 as a pilot run. o    Dynamic QR-code capturing GST parameters proposed for consumer invoices. o    Electronic invoice to capture critical information in a centralized system to be implemented in a phased manner. o    Aadhaar based verification of taxpayers being introduced…

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Download Finance Bill 2020 / Union Budget 2020-21

Download Finance Bill 2020 / Union Budget 2020-21

Presenting the first Union Budget of the third decade of 21st century, Finance Minister Smt. Nirmala Sitharaman, today unveiled a series of far-reaching reforms, aimed at energizing the Indian economy through a combination of short-term, medium-term, and long-term measures. Download Finance Bill 2020 / Union Budget 2020-21 File: 459474_17984_finance_bill Source link

Summary of Union Budget 2020-21

Summary of Union Budget 2020-21

PART-A Presenting the first Union Budget of the third decade of the 21st century, Finance Minister Smt. Nirmala Sitharaman, today unveiled a series of far-reaching reforms, aimed at energizing the Indian economy through a combination of short-term, medium-term, and long term measures. The Union Budget has been structured on the overall theme of “Ease of Living.” This has been achieved by farmer friendly initiatives such as Agriculture credit target of Rs 15 lakh crore for 2020-21; schemes of “Kisan Rail”…

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Budget Speech 2020-2021

Budget Speech 2020-2021

  Budget 2020-2021 Speech of Nirmala Sitharaman Minister of Finance February 1, 2020 Hon’ble Speaker, I rise to present the Budget for the year 2020-2021. Introduction In May 2019, Prime Minister Modi received a massive mandate to form the government again. With renewed vigour, under his leadership, we commit ourselves to serve the people of India, with all humility and dedication. 2. People of India have unequivocally given their jan-aadesh for not just political stability and also reposed faith in…

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