Nimish Baranwal & CO.

01/02/2019

HIGHLIGHTS OF BUDGET 2019

*Tax*
1. Within 2 years, Tax assessment will be done electronically
2. IT returns processing in just 24 hours
3. Minimum 14% revenue of GST to states by Central Govt.
4. Custom duty has abolished from 36 Capital Goods
5. Recommendations to GST council for reducing GST rates for home buyers
6. *Full Tax rebate upto 5 lakh annual income after all deductions.*
7. Standard deduction has increase from 40000 to 50000
8. Exempt on tax on second self-occupied house
9. Ceiling Limit of TDS u/s 194A has increased from 10000 to 40000
10. Ceiling Limit of TDS u/s 194I has increased from 180000 to 240000
11. Capital tax Benefit u/s 54 has increased from investment in one residential house to two residential houses.
12. Benefit u/s 80IB has increased to one more year i.e. 2020
13. Benefit has given to unsold inventory has increased to one year to two years.
*Other Areas*
14. State share has increased to 42%
15. PCA restriction has abolished from 3 major banks
16. 2 lakhs seats will increase for the reservation of 10%
17. 60000 crores for manrega
18. 1.7 Lakh crore to ensure food for all
19. 22nd AIIMS has to be opened in Haryana
20. Approval has to be given to PM Kisan Yojana
21. Rs. 6000 per annum has to be given to every farmer having upto 2 hectare land. Applicable from Sept 2018. Amount will be transferred in 3 installments
22. National kamdhenu ayog for cows. Rs. 750 crores for National Gokul Mission
23. 2% interest subvention for farmers pursuing animal husbandry and also create separate department for fisheries.
24. 2% interest subvention for farmers affected by natural calamities and additional 3% interest subvention for timely payment.
25. Tax free Gratuity limit increase to 20 Lakhs from 10 Lakhs
26. Bonus will be applicable for workers earning 21000 monthly
27. The scheme, called Pradhan Mantri Shram Yogi Mandhan, will provide assured monthly pension of Rs. 3,000 with contribution of Rs. 100 per month for workers in unorganized sector after 60 years of age.
28. Our government delivered 6 crores free LPG connections under Ujjawala scheme
29. 2% interest relief for MSME GST registered person
30. 26 weeks of Maternity Leaves to empower the women
31. More than 3 Lakhs crores for defence
32. One lakh digital villages in next 5 years
33. Single window for approval of India film makers

22/12/2018

Decision OF GST Council Meeting Today
1. GST Council approves extension of due dates for GSTR-9 & 9C along with major clarification on HSN Code for inward supplies, non-GST supply and additional payment of tax only in cash
2. GST Council decides to reduce tax rates from 28% to 18% on Monitor TV, Power Bank Battery, cranks & gear boxes, video camera & used tyres of rubber
3. GST Council gives nod for Composition Scheme for small service providers with 5% tax rate
4. GST Council grants mega relief to taxpayers - ITC for last FY invoices allowed upto March 31, 2019 + New GST Return to be launched on trial basis from April 1, 2019 + amendment in Sec 50 to allow payment of interest on net cash liability

02/12/2018

15/10/2014

Congrats
CLSS (company law settlement scheme) date extended to 15.11.2014.

26/09/2014

F.No.153/53/2014-TPL (Pt.I)
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
(DEPARTMENT OF REVENUE)
(CENTRAL BOARD OF DIRECT TAXES)
****
North Block, TPL Division
New Delhi, the 26th September, 2014
Press Release
Subject: Extension of due date for filing of Return of Income from 30th Sept,
2014 to 30th Nov, 2014 in specified cases, regarding.
As per the provisions of the Income-tax Act, 1961 (‘the Act’), for an
assessee, who is required to obtain Tax Audit Report (TAR) under section 44AB of
the Act, the due date for furnishing his return of income is 30th September of the
Assessment Year.
2. The Central Board of Direct Taxes (‘the Board’) vide order dated 20th August,
2014 extended the due date for obtaining and furnishing of Tax Audit Report under
section 44AB of the Act for Assessment Year 2014-15 from 30th September, 2014 to
30th November, 2014. Subsequently, a number of representations were received in the
Board requesting for extension of the due date for furnishing of return of income also.
Writ petitions were also filed in various High Courts for directing the Board to extend
the due date for furnishing of return of income from 30th September, 2014 to 30th
November, 2014 in conformity with the extension of the due date for filing of Tax
Audit Report.
3. The Gujarat High Court vide judgement dated 22.09.2014 directed the Board
to extend the due date for furnishing the return of income to 30th November, 2014,
except for the purposes of charging of interest under section 234A of the Act for late
filing of return of income. Other High Courts also directed the Board to look into the
practical difficulties of the petitioners and take a just and proper decision in this
matter.
4. In compliance to the judgments of various High Courts and after considering
the representations received for extension of the due date, the Board, in exercise of its
power conferred by section 119 of the Act, has extended the `due-date’ for furnishing
return of income from 30th September, 2014 to 30th November, 2014 for the
Assessment Year 2014-15 for all purposes of the Act in the case of an assessee, who
is required to file his return of income by 30th September, 2014, and is also required
to get his accounts audited under section 44AB of the Act or is a working partner of a
firm whose accounts are required to be audited under section 44AB of the Act.
5. There shall be no extension of the “due date” for the purposes of charging of
interest under section 234A of the Act for late filing of return of income and the
Page 1
assessees shall remain liable for payment of interest as per the provisions of section
234A of the Act.
6. For removal of doubt, it is clarified that for an assessee (other than working
partner of a firm which is required to obtain and furnish Tax Audit Report), who is
required to file its return of income by 30th September, 2014 but not required to obtain
and furnish Tax Audit Report under section 44AB, the due date for furnishing of
return of income for assessment year 2014-15 remains as 30th September, 2014.
(Rekha Shukla)
Commissioner of Income Tax
(Media & Technical Policy)
Official Spokesperson, CBDT

22/09/2014

Good News:Extension of ITR date by Gujarat High Court
Gujarat High Court has extended ITR filling due date by 2 months.