TMI Short Notes

Budget 2019-20 + FINANCE (No. 2) BILL, 2019

1. Rates for deduction of income-tax at source from “Salaries”, computation of “advance tax” and charging of income-tax in special cases during the financial year 2019-20.

   ---

2. Rate of Tax for TDS / Advance Tax -  Individual, Hindu undivided family, association of persons, body of individuals, artificial juridical person.

   ---

3. Rate of Tax for TDS / Advance Tax -  Co-operative Societies

   ---

4. Rate of Tax for TDS / Advance Tax -  Firms

   ---

5. Rate of Tax for TDS / Advance Tax -  Local authorities

   ---

6. Rate of Tax for TDS / Advance Tax -  Companies

   ---

7. WIDENING AND DEEPENDING OF TAX BASE - Tax Deduction at Source (TDS) on payment by Individual/HUF to contractors and professionals

   ---

8. TDS at the time of purchase of immovable property

   ---

9. Deemed accrual of gift made to a person outside India

   ---

10. Mandatory furnishing of return of income by certain persons

    ---

11. Inter-changeability of PAN & Aadhaar and mandatory quoting in prescribed transactions.

    ---

12. Consequence of not linking PAN with Aadhaar

    ---

13. Widening the scope of Statement of Financial Transactions (SFT)

    ---

14. MEASURES FOR PROMOTING LESS CASH ECONOMY - Prescription of electronic mode of payments

    ---

15. TDS on cash withdrawal to discourage cash transactions

    ---

16. Mandating acceptance of payments through prescribed electronic modes

    ---

17. TAX INCENTIVES - Incentives to International Financial Services Centre (IFSC):

    ---

18. Incentives to Non-Banking Finance Companies (NBFCs)

    ---

19. Relaxation in conditions of special taxation regime for offshore funds

    ---

20. Tax incentive for electric vehicles

    ---

21. Exemption of interest income of a non-resident arising from borrowings by way of issue of Rupee Denominated Bonds referred to under section 194LC

    ---

22. Tax incentive for affordable housing

    ---

23. Incentives to National Pension System (NPS) subscribers

    ---

24. Incentives for start-ups

    ---

25. Incentives for Category II Alternative Investment Fund (AIF)

    ---

26. FACILITATING RESOLUTION OF DISTRESSED COMPANIES - Measures for resolution of distressed companies

    ---

27. Prescription of exemption from deeming of fair market value of shares for certain transactions

    ---

28. IMPROVING EFFECTIVENESS OF TAX ADMINISTRATION - Online filing of application seeking determination of tax to be deducted at source on payment to non-residents

    ---

29. Electronic filing of statement of transactions on which tax has not been deducted

    ---

30. STRENGTHENING ANTI-ABUSE MEASURES - Tax on income distributed to shareholder in case of listed companies

    ---

31. Cancellation of registration of the Trust or Institution

    ---

32. REMOVING DIFFICULTIES FACED BY TAX PAYERS - Facilitating demerger of Ind-AS compliant companies

    ---

33. Relaxing the provisions of sections 201 and 40 of the Act in case of payments to non-residents

    ---

34. Clarification with regard to power of the Assessing Officer in respect of modified return of income filed in pursuance to signing of the Advance Pricing Agreement (APA)

    ---

35. Clarification with regard to provisions of secondary adjustment and giving an option to assessee to make one-time payment

    ---

36. Concessional rate of Short-term Capital Gains (STCG) tax to certain equity-oriented fund of funds.

    ---

37. Provide for pass through of losses in cases of Category I and Category II Alternative Investment Fund (AIF)
    1 Comment

    ---

38. Provision of credit of relief provided under section 89

    ---

39. TDS on non exempt portion of life insurance pay-out on net basis.

    ---

40. Clarification regarding definition of the “accounting year” in section 286 of the Act

    ---

41. Rationalisations of provisions relating to maintenance, keeping and furnishing of information and documents by certain persons

    ---

42. Compliance with the notification of exemption issued under section 56(2)(viib)

    ---

43. Consequential amendment to section 56

    ---

44. Rationalisation of penalty provisions relating to under-reported income

    ---

45. Rationalisation of the provisions of section 276CC

    ---

46. Rationalisation of provision relating recovery of tax in pursuance of agreements with foreign countries

    ---

47. Rationalisation of provisions relating to claim of refund.

    ---

48. Rationalisation of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015

    ---

49. Rationalisation of the Income Declaration Scheme, 2016

    ---

50. Rationalisation of provisions relating to STT

    ---

51. Rationalizing the provisions of the Prohibition of Benami Property Transactions Act

    ---

52. Extension of tax concession to The Special Undertaking of the Unit Trust of India (SUUTI)

    ---

53. Amendments in Customs - FINANCE (No.2) BILL, 2019

    ---

54. AMENDMENTS IN THE CUSTOMS ACT, 1962 - FINANCE (No.2) BILL, 2019

    ---

55. AMENDMENTS IN THE CUSTOMS TARIFF ACT, 1975 - FINANCE (No.2) BILL, 2019

    ---

56. AMENDMENTS IN THE FIRST SCHEDULE TO THE CUSTOMS TARIFF ACT, 1975  - FINANCE (No.2) BILL, 2019
    1 Comment

    ---

57. PROPOSALS INVOLVING CHANGES IN BASIC CUSTOMS DUTY RATES AND CLARIFICATORY AMENDMENTS IN RESPECTIVE NOTIFICATIONS - FINANCE (No.2) BILL, 2019

    ---

58. PROPOSALS INVOLVING CHANGES IN EXPORT DUTY RATES - FINANCE (No.2) BILL, 2019

    ---

59. AMENDMENT IN THE SIXTH SCHEDULE TO THE FINANCE ACT, 2018 - Customs - FINANCE (No.2) BILL, 2019

    ---

60. Effective change in rate of Road and Infrastructure Cess on Petrol and Diesel - FINANCE (No.2) BILL, 2019

    ---

61. RETROSPECTIVE AMENDMENTS OF RATE NOTIFICATIONS - Customs - FINANCE (No.2) BILL, 2019

    ---

62. Miscellaneous changes in Customs - FINANCE (No.2) BILL, 2019

    ---

63. Amendments in Excise - FINANCE (No.2) BILL, 2019

    ---

64. AMENDMENTS IN THE FOURTH SCHEDULE TO THE CENTRAL EXCISE ACT, 1944 - FINANCE (No.2) BILL, 2019

    ---

65. PROPOSALS INVOLVING CHANGE IN EXCISE DUTY RATES THROUGH NOTIFICATIONS - FINANCE (No.2) BILL, 2019

    ---

66. AMENDMENT IN THE EIGHTH SCHEDULE TO THE FINANCE ACT, 2002 - FINANCE (No.2) BILL, 2019

    ---

67. AMENDMENT IN THE SIXTH SCHEDULE TO THE FINANCE ACT, 2018 - FINANCE (No.2) BILL, 2019

    ---

68. Effective change in rate of Special Additional Excise Duty and Road and Infrastructure Cess on Petrol and Diesel - FINANCE (No.2) BILL, 2019

    ---

69. SERVICE TAX - FINANCE (No.2) BILL, 2019

    ---

70. Sabka Vishwas Legacy Dispute Resolution Scheme - FINANCE (No.2) BILL, 2019

    ---

71. Goods and Services Tax - FINANCE (No.2) BILL, 2019

    ---

72. AMENDMENTS IN THE CGST ACT, 2017 - FINANCE (No.2) BILL, 2019

    ---

73. AMENDMENTS IN THE IGST ACT, 2017 - FINANCE (No.2) BILL, 2019

    ---

74. Retrospective Amendments of GST rate notifications - FINANCE (No.2) BILL, 2019

    ---

1