BUDGET 2020: Expectations vs Reality
Here are a few predictions that did rounds before the presentation of the Union Budget 2020. We examine how these predictions have turned into actual facts. Expectations Reality TAX SLABS up to Rs. 5 lakh...
Budget 2020: Section 50C and 45CA Limit extended to 10% from 5%
Nirmala Sitharam, the Finance Minister of India presented the Union Budget for the Financial year 2020-21 wherein the budget proposed the extension from 5% to 10% under Section 50C and 45CA. Section 45CA and 50C...
Budget 2020 proposes availment of ITC through Fake Invoice as a Non-Bailable Offence
The Union Budget for the year 2020-21 has made the availment of benefits of Input Tax Credit (ITC) by the fraudulent means which is by making fake invoices is a non-bailable and cognizable offence. This...
Budget 2020: 10% TDS applicable on Capital Gains in Mutual Funds
The Finance Minister Nirmala Sitharaman while presenting the union budget for 2020 on Saturday has proposed for a 10% TDS on capital gains from mutual funds along with TDS on dividends for resident individuals who...
Budget 2020 proposes Concessional Tax Rate for Co-operatives
In a budget 2020 presented yesterday has announced significant changes into co-operatives. Cooperative societies are currently tax at a rate of 30% with surcharge and cess. As a major concession, and in order to bring...
Budget 2020 proposes MSMEs Turnover Threshold for Audit Increased to Rs 5 Crore from 1Cr
In order to reduce the compliance burden on small retailers, traders, shop keepers who comprise the Medium, Small and Micro Enterprise (MSMEs) sector, the Union Budget proposed to raise by five times the turnover threshold...
Union BUDGET 2020 – Live Updates
Govt. to implement Cash Rewards Scheme for customers who insist on #TaxInvoices for their purchases. #Budget2020 #Taxscan — Tax Scan (@tax_scan) February 1, 2020 Import duty hiked on inputs used by footwear and furniture MSMEs...
Printing process for Budget 2020 commences with Halwa Ceremony
The Halwa ceremony, marking the commencement of the Budget printing process for Union General Budget 2020-21, was held here in North Block today morning in the presence of the Union Finance & Corporate Affairs Minister...
Budget 2018: Govt. proposes Tax Incentives for International Financial Services Centres
In the Union Budget presented today, the Finance Minister Arun Jaitley has proposed Tax Incentives for International Financial Services Centres. Transfer of derivatives and certain securities by non-residents exempted from capital gains tax Non-corporate taxpayers operating...
Budget 2018 – Live Blog
Gain from Equity taxable at 15%: #Budget2018 #BudgetScan — Tax Scan (@tax_scan) February 1, 2018 Pre-Notice Consultation to reduce Tax Litigation: #Budget2018 #BudgetScan — Tax Scan (@tax_scan) February 1, 2018 Health & education Cess...
Arun Jaitley holds Pre-Budget Consultation Meeting with representatives of the different Trade Union Groups
Reiterates the commitment of the present Government to safeguard the interests of the workers especially those working in the MSME and the unorganized sector. The Union Minister of Finance and Corporate Affairs Shri Arun Jaitley...
India’s First Post-GST Union Budget Likely on 1 February
Finance Minister Arun Jaitley is likely to present India’s first post-GST and the current government’s last full Budget on February 1 next year. After the introduction of new tax regime, the people of our nation...
Budget 2017: Election Commission gives nod to present Budget on Feb 1 [Read Order]
No State Specific Schemes shall be announced in the Budget which may have the effect of influencing the electors of the five poll going States. The Election Commission of India gave its nod to the...
Income Tax department rejects declarations of High Value made under the IDS 2016
An Income Declaration Scheme (IDS) was announced in the Union Budget 2016-17 under which declaration of undisclosed income or asset could be made by agreeing to pay forty five percent (45%) of the declared amount...
Finance Minister invites suggestions for Budget 2017-18
The Union Finance Ministry, headed by Finance Minister Arun Jaitley has invited suggestions for the next union budget as part of the Government’s mission to promote and encourage transparency and Jan Bhagidari. The people are...
Govt. won’t withdraw the proposal for Imposing Excise Duty on Gold; Lok Sabha passes Finance Bill 2016
The Finance Minsiter Arun Jaitley today announced that will not roll back the proposal of imposing 1% of excise duty on gold. The decision was announced by the Union Finance Minister Arun Jaitley while addressing the Loksabha...