Section 54 Tax Benefit Extended to Purchase/ Construction of 2 Houses
The restriction of investment in one residential house only for claiming capital gains exemption under Section 54 of the Income Tax Act, 1961 has been partially relieved by the …
Second Self-occupied House Property Exempted from Deemed Rental Income
Taxability of deemed rental income, on account of notional rent of second self-occupied house property, has been exempted from tax liability, under Section 23 of the Income Tax Act, …
TDS on Rent Payment u/s 194I: Threshold Limit Increased to 2,40,000
The threshold limit for deduction of TDS on Rent Payment under Section 194I of the Income Tax Act, 1961 has been increased from Rs. 1,80,000 to Rs. 2,40,000, applicable …
TDS on Interest u/s 194A: Threshold Limit Increased to Rs. 40,000 for Banks, Post Office, etc.
The threshold limit for deduction of TDS under Section 194A of the Income Tax Act, 1961, in respect of interest payments by banks/ post offices on term/ fixed/ recurring …
Standard Deduction increased from Rs. 40,000 to Rs. 50,000
Standard Deduction limit has been increased, by the Finance Act, 2019, from Rs. 40,000 to Rs. 50,000, for benefit of Salaried/ Pensioner Individuals or Taxpayers from FY 2019-20/ AY …
GSTR-3B Due Date (Jan. 2019) Extended from 20/02/2019 to 22/02/2019
CBIC has notified that the due date/ deadline for filing of GSTR-3B for the month of January 2019 has been extended from 20/02/2019 to 22/02/2019 (rest of India) and …
Govt. Imposes 200% Customs Duty on Imports from Pakistan: CBIC Notification
CBIC has notified that Govt. has imposed basic custom duty of 200% on all imports from Pakistan by inserting a new tariff item ‘9806 00 00’ in chapter 98 …
ICAI Withdraws Clarification on Applicability of ‘Rotation Principles’ for a Company u/s 139 of CA 2013
ICAI has withdrawn its Clarification dt. 29 Jan. 2019 on ‘whether Rotation Principles are Applicable for a company which ceases to fall under purview of Section 139 of the …
GST TCS Return (GSTR-8) Due Date Extended from 31 Jan. to 7 Feb. 2019(Oct./ Nov./ Dec. 2018): CBIC
CBIC has notified that due date for filing of GST TCS Return (GSTR-8) for the months of October, November, & December 2018 has been extended from 31/01/2019 to 07/02/2019. …
CBIC Rescinds RCM Exemption on Purchases from Unregistered Dealers upto Rs. 5,000
CBIC has notified that Exemption from tax under ‘Reverse Charge Mechanism (RCM)’ under GST stands rescinded w.e.f. 01/02/2019 in respect of Intra-state Purchases of Goods and Services from Unregistered …