Direct Tax Updates:
- CBDT member Akilesh Ranjan, is arguing for a new tax regime for individuals. It has proposed dramatic changes to the Income Tax Act, which dates back 58 years. People earning between Rs 5 lakh and Rs 10 lakh per year may have to pay 10% income tax.
- CBDT has withdrawn enhanced surcharge on tax payable on the transfer of certain assets. In order to encourage investment in the capital market, it has been decided to withdraw the enhanced surcharge levied by Finance Act, 2019.
- CBDT Clarification on applicability of Tax Deduction at Source on cash withdrawals. 2% TDS on cash withdrawals of more than 1 crore in aggregate from a bank account. Applicable from 1 September 2019. Cash withdrawals done from 1 April 2019 till 31 August 2019 shall be counted for TDS purposes.
NEW SEC-194N OF I.TAX ACT- TDS@2% ON CASH WITHDRAWAL ABOVE RS. 1 CRORE
- Those who have withdrawn ₹one crore or more in cash from banks or post offices upto 31 August will be liable to a 2% tax deducted at source (TDS) on further cash withdrawals from 1 September 2019.
- Central Board of Direct Taxes (CBDT) said in a clarification that as per the TDS provision introduced in Finance (2) Act of 2019, the withdrawals made so far till 31st August will be counted in computing the ₹1 crore threshold for the levy. However cash withdrawal prior to 1st Sep will not be subjected to TDS
- RBI released The macroeconomic environment remains “unsettled and financial markets are experiencing considerable flux” as the financial year 2019-20 progresses. “The key question that confronts the Indian economy as it looks ahead to the rest of 2019-20.
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- FinMin assessing capital needs of PSU banks
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- Sebi likely to rejig mutual fund categorisation norms to curb credit risk
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- RBI joins peers to buy gold insurance as US-China trade war escalates
- Hindustan Copper plans to increase ore production five times by 2025
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- India draws up plan to gain from US-China trade war
- India imposes higher customs duty on 28 US products
- Suspect DeMo cash deposits again come under scanner
- GST Council may give 1-year extension to anti-profiteering authority
- Vedanta lost $200 m on Sterlite plant shutdown: Anil Agarwal
- Noose tightens on Swiss account holders; Details of at least 50 Indians shared
- India has wage problem, not job problem: Mohandas Pai
- Niti asked to follow due process for suggesting CPSE assets for monetisation
- Agrochemicals exporters widen their valuation gap vis-à-vis domestic plays
- ONGC to auction over 60 fields to private operators
- Rainfall deficiency hits 43 per cent; monsoon progress likely in the next 2-3 days: IMD
- FPIs remain net buyers in June, invest Rs 11,132 crore
- India can boost exports of 300 products to US, China amid trade war, says report
- Jaypee Infratech lenders moot fresh plan to complete housing projects
- CREDAI seeks bank funding for developers to buy land for affordable housing projects
- Round-tripping still rampant in gold exports
- Steel industry seeks safeguard duty to counter rise in imports
- Start-ups entering listed space via reverse merger.
Key Due Dates:
- 31 August: INCOME TAX RETURN EXTENDED- Filing income tax for individual and non-corporates [who are not subject to tax audit].
- 31 August: GSTR-9 RETURN FILLING DUE DATE – Annual Return to be filed by Regular Taxpayers filing GSTR 1, GSTR 2, and GSTR 3. It needs to be filed electronically on the GST portal directly or through a facilitation center.
- 31 August: GSTR-9A RETURN FILLING DUE DATE – Taxable Persons paying tax under Section 10 of CGST Act, the composition scheme, are required to submit their annual returns in Form GSTR 9A.
- 31 August: GSTR-9B RETURN FILLING DUE DATE- Annual Return to be filed by e-commerce operators who have filed GSTR 8 during the financial year.
- 31 August: GSTR-9C RETURN FILLING DUE DATE- Taxpayers whose annual turnover exceeds INR 2 crores in a Financial Year are required to get their accounts audited by a practicing Chartered Accountant or Cost Accountant before filing returns in Form GSTR 9C.
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