Direct Tax Updates:
- CBDT wants religious and charitable trusts that enjoy tax exemption on their income to be more open about their affairs. The apex direct tax policy making body has sought public comments on a set of draft rules that modifies an over four decade old audit report format for these entities.
- Senior citizens with a taxable income of up to Rs 5 lakh can now submit in banks and post offices Form 15H to claim exemption from TDS on interest income on deposits, according to a CBDT notification. Earlier, the limit for seeking Tax Deducted at Source (TDS) exemption was Rs 2.5 lakh. The Central Board of Direct Taxes (CBDT) has issued a notification amending Form 15H to give effect to the Budget announcement. The Union Budget 2019-20 has given full tax rebate to individuals having a taxable annual income of up to Rs 5 lakh, benefitting around 3 crore middle class taxpayers.
- The amendments by the CBDT states that banks and financial institutions would accept Form 15H from assessees whose tax liability is ‘nil’ after considering rebate available under Section 87A of the Income Tax Act, 1961. Senior citizens, above 60 years of age, have to submit Form 15H to banks at the beginning of a financial year to ensure that no tax is deducted at source on interest income. To provide tax relief to the taxpayers earning income up to Rs 5 lakh a year, the Budget increased the rebate under Section 87A from Rs 2,500 to Rs 12,500, thereby ensuring that those earning income up to Rs 5 lakh do not have to pay any taxes.
Indirect Tax Updates:
- GST Authority has come out with a draft of a new and simplified return form. The new form is expected to be formally rolled out in July. Through this exercise, made public on Wednesday, the authority aims to obtain feedback on the user interface and its functionalities.
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Key Due Dates:
- Deposit of TDS /TCS for the month of April for purchase of property is 30th May 2019.
- TDS return for March Quarter By all Deductors is 31st May 2019.
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