PROPOSED AMENDMENTS BY FINANCE ACT 2019



BUDGET HIGHLIGHT

INCOME TAX

Applicable for F.Y. 2019-20 (A.Y. 2020-21)

A. General Amendments

1. Furnishing of return of income shall be mandatory under section 139 if a person (other than company or firm) has deposited Rs. 1 crore or more in one or more current accounts or he has incurred expenditure of Rs. 2 Iakh or more on foreign travel or he has incurred expenditure of Rs. 1 lakh or more on electricity consumption.

2. Income-tax return can be filed using Aadhaar Number, if person hasn't been allotted PAN.

3. PAN allotted to a person shall be deemed to be invalid if he failed to intimate the Aadhaar to the Department (applicable from 01.09.2019)

4. That a transaction through bank account specified in income Tax Act shall extended and includes to a transaction with other electronic modes.

5. Filing of ITR is mandatory even if income is below taxable limit after taking the benefit of deduction u/s 54 etc. of capital gain.

6. In order to claim refund it is sufficient to file ROI.

B. Salary Income

7. Standard Deduction u/s 16 has been increased from Rs. 40,000/- to Rs. 50,000/-.

C. House property

8. The benefit of self occupied house has been extended to two house.

9. In case assessee owns land building as stock in trade, charging of deeming income on unsold stock in trade shall be applicable after two years from the end of the financial year in which certificate of completion of construction is obtained from competent authority.

D. Business Income

10. Scope of section 43B has been extended to include any sum payable by assessee as interest or any loan and advance from a NBFC, deduction shall be allowed only if amount actually paid on or before due date of furnishing of return of relevant year. Further consequential amendments are also made u/s 43D .

E. Capital Gains

11. The sunset date for transfer of residential house property, for claiming exemption under section 54GB in respect of investment made in eligible start-ups, has been extended from March 31, 2019 to March 31, 2021.

12. Section 54 has been amended to claim deduction while selling the house property NOW assessee can purchase / construct upto two house property. However, in such case the amount of capital gain should not exceed Rs. 2 Crore.

13. Section 111A is proposed to be amended and to provide concessional rate of tax for STCG in respect of transfer of units of Central public sector enterprises(CPSE).

F. Other Sources

14. The benefit of exemption in section 56 (2)(x) has been extended category – 1 AIF company to Category-2 AIF also.

15. Special provision for transfer of shares other than quoted – relaxation in section 50CA has been provided in similar footing of section 56(2)(x) of Income Tax Act.

16. It is proposed to amend section 56 in reference to section 145B(1) in place of 145A(b), as regard to enhanced compensation on interest received on compensation.

G. Deduction Under Chapter VIA/Other incentives

17. Deduction of up to 10% of salary is allowed under section 80CCD in respect of contribution made by an employer to NPS. The limit has been increased to 14% of salary in case of Central Government's employees.

18. Interest on housing loan for purchase of affordable house will be deducted up to Rs. 1.5 lakh under new section 80EEA (in addition to existing deduction of Rs. 2 lakh).Loan should be sanctioned during the period between 01.04.2019 to 31.03.2020 .The stamp duty of house property does not exceed Rs.45 lacs and assessee does not own any residential house property on the date of sanction of loan.

19. That new section 80EEB has been inserted to provide for a deduction of Rs. 1.5 Lac in respect of loan taken for the purpose of an electric vehicle from any financial institution. Loan should be sanctioned between 01.04.2019 to 31.03.2023 &assessee should not have any other electric vehicle.

20. Section 80IBA, cut off date of approval of housing projects from competent authorities has been extended from 31st Mar, 2019 to 31st Mar, 2020.

21. A taxpayer has been allowed to withdraw 60% of total amount from NPS as tax free. Currently, the exemption is allowed only up to 40% of the total corpus amount.

22. It is proposed to amend section 2 as regard to recording of properties/ liabilities by at book values by resulting company shall not be applicable in compliance to Indian Accounting Standard.

23. Section 89- While computing interest u/s 234A, B & C benefit of relief provided u/s 89 (payment of salary etc. in advance or arrear) shall be taken into account before calculating such interest.(w.r.e.f. AY 2007-08)

24. Further, section 79 shall also not apply to those companies and then subsidiary companies where change in share holding pattern occurred after petition filed in NCLT , C.G.

25. It is also proposed that u/s 115JB for calculating the book profit the aggregate amount of unabsorbed depreciation and loss ( excluding dep.) brought forward shall be allowed to be reduced in case of above said company.

H. TDS

26. Section 194A TDS on interest income, the amount on which TDS is not required to be deducted has been increased from Rs. 10,000/- to Rs. 40,000/-.

27. Section 194I TDS on rent income, the amount on which TDS is not required to be deducted has been increased from Rs. 1,80,000/- to Rs. 2,40,000/-.

28. A new section 194M has been inserted to require any individual/HUF (who is not required to deduct tax under section 194C/194J) to deduct tax @ 5% from sum paid to a contractor or professional if aggregate payment during the year exceeds Rs. 50 Iakh and even nature of these transactions are personal nature. Deductor shall not be required to obtain TAN.

29. Threshold limit of Rs. 50 lakh for the purpose of section 194-IA shall be calculated by including all charges paid towards club membership fee, car parking fee, electricity and water facility fees, maintenance fee, or any other charges of similar nature, which are incidental to transfer of the immovable property.

30. Tax shall be deductible under section 194DA @ 5% only on the income component of life insurance payout (as against existing rate of 1% of gross amount).

31. A new section 194N has been inserted to require TDS @ 2% by a bank/co-operative bank/post office if aggregate of cash withdrawn by a person during the financial year exceeds Rs. 1 crore.

32. Application u/s 195(2) and 195(7) as regard to transaction with Non Residents or by Non Residents, lower deduction certificates can be filed electronically.

33. The benefit of first proviso of section 201(1) has been extended in case of failure to deduct tax while payment to non resident. The deductor shall not be deemed to an assessee in default if such non resident furnishing the return of income including such income and provide a certificate from CA.

34. Section 194LC read with section 10 – That amendment provides exemption to income payable by way of interest to a non-resident by the specified company in respect of monies borrowed from a source outside India by way of issue of rupee denominated bond, as referred to in section 194LC, during the period beginning from the 17th day of September, 2018 and ending on the 31st day of March, 2019.

35. Filing of Statement of transaction on which tax has not been deducted – It is also proposed to provide for correction of such statements for rectification of any mistake or to add ,delete or update the information furnished.

I. Benefits to Start Up Business.

36. Section 79 carry forward of loss by closely held company – To further facilitate ease of doing business in the case of an eligible start-up, it is proposed to amend section 79 so as to provide that loss incurred in any year prior to the previous year, in the case of closely held eligible start-up, shall be allowed to be carried forward and set off against the income of the previous year on satisfaction of either of the two conditions stipulated currently at clause (a) or clause (b). For other closely held companies, there would be no change, and loss incurred in any year prior to the previous year shall be carried forward and set off only on satisfaction of condition currently provided at clause (a).

J. Charitable Institution

37. Section 12A has been amended to provide that at the time of granting of registration to a Institution, Income Tax Authority shall also satisfy himself applicant trust or institution also satisfied requirement of any other law which is material for purpose of achieving of its object.

38. That after granting registration u/s 12AA, if it has been noticed that institution has violated requirements of any other law which is material for the purpose of achieving of its objects, has been empowered to cancel registration of Institution.

K.NRI & International Taxation and Transfer Pricing

39. Incentive to International Financial Services Centre (IFSC). In order to promote world class financial infrastructure in India, in addition to existing tax concession some additional benefits are also proposed.

➢ Transfer of capital asset being specified in alternative investment Fund (AIF) by non resident unit holder shall not be regarded on transfer.

➢ To facilitate external borrowing by units located in IFSC interest payable to non resident on such units shall be exempt from tax.

➢ Section 115D has been extended to cover no tax on distributed profit even paid out of accumulated profit.

➢ In order to incentivized relocation of mutual fund in IFSC, no additional income tax on income distributed by mutual fund in which all unit holders are non resident.

➢ Section 80LA – provides profit linked deduction to units of IFSC and offshore banking units in SEZ. Now 100% deduction in 10 consequent assessment years out 15 yrs beginning with the year in which permission was obtained.

➢ Section 115A is proposed to be amended that condition informed in 115A(4) (deduction under chapter VA) shall not apply to units of IFSC, eligible for deduction u/s 80LA.

40. It is proposed to amend sub-section (3) of section 92CD to clarify that in cases where assessment or reassessment as already been completed and modified return of income has been filed by the taxpayer under sub section (1) of the said section, the assessing officers shall pass an order modifying the total income of the relevant assessment year determined in such assessment or reassessment, having regard to and in accordance with the APA.

41. W.e.f. 5th July,2019 any sum of money paid or any property situated in India transferred by a person resident in India to a person outside India shall be deemed to accrue or arise in India. However existing provision of section 56(2)(x) shall continue to apply, the relevant of the applicable DTAA shall continue to apply for such gifts.

42. Relation in conditions of special taxation to give an impetus to fund management activities in India, certain constraints are proposed to be removed by suitably amending section 9A of the Act, so as to provide that-

➢ The corpus of the fund shall not be less than one hundred crore rupees at the end of a period of six months from the end of the month of its establishment or incorporation or at the end of such previous year, whichever is later; and

➢ The remuneration paid by the fund to an eligible fund manager in respect of fund management activity undertaken by him on its behalf is not less than the amount calculated in such manner as may be prescribed.

43. Constituent entity of an international group shall now be required to keep and maintain information and document under section 92D and file required form even when there is no international transaction is undertaken by such constituent entity.

44. As per the existing provisions of section 92CE, it provides secondary adjustments where primary adjustment has been made suomoto or made by AO and accepted by him.

In order to resolve several concerns and to make secondary adjustments more effective certain amendments are made w.r.e.f AY 2018-19.

45. Provide pass through of losses in cases category – land category – II AIF, in hands of unit holders other than business losses.

46. Proposed to amend Sec 286, as to provide that the accounting year in case of ARE(Alternate Reporting Entity) of an international group, the parent entity which is not resident in India, the reporting accounting year shall be the one applicable to such company.

47. It is proposed to amend tax recovery proceedings as per treaty obligation with other country, when said person is resident of India/Foreign country.

L. Penalty and Prosecution/ Recovery of Tax.

48. The new section 269SU has been inserted w.e.f. 01.11.2019 for every person carrying business, shall also accept payment through prescribed electronic mode if his total sales/turnover exceeds 50cr. in immediately preceding year. Violation of this section will attract penalty u/s 271DB of Rs.5,000 per day till default continues.

49. In case of failure in filing of return the prosecution proceedings u/s 276CC if tax payable by the assessee is Rs. 3000/- and more. Now such limit is extended to Rs. 10000/-.

50. In order to incorporate computation of penalty u/s 270A in case where ROI is filed first in response to notice u/s 148, and underreported the income.

51. In order to protect the interest of revenue, period of sale of attached property has been extended from 3 to 7 years from the end of FY in which order is in consequence of any tax, penalty etc. become final. Further Board may extend such period.

M. Others

52. Correction in SFT form may be made within specified time otherwise such statement shall be considered as inaccurate information furnished by assessee.

N. Company

53. The scope of section 115QA as regard to buy back of shares, has been extended from closely held company to listed companies.

GOODS & SERVICE TAX

1. Amendment for composition scheme:

a. Many composition dealers were unable to opt for composition scheme as their turnover was exceeding the prescribed limit on inclusion of interest or discount earned from extending deposits, loans or advances. The government has now given relief to all composition dealers to exclude such income while calculating their aggregate turnover.

b. Till now composition scheme was applicable only to the

manufacturers and traders of goods, with a marginal relief to traders, in a sense that they could have service income not exceeding 10% of turnover or five lakhs whichever is higher.The newly proposed Section 10(2A) of the CSGT Act provides to include service providers or mixed supplies having turnover in the preceding financial year up to Rs. 50,00,000. The rate of tax shall be prescribed not exceeding 6% (CGST+SGST/IGST). Though the same was introduced through Notification no. 2/2019-Central Tax (rate) dated 7.3.19 without finding its place in the Act, but now the same has been correctly put in the GST Act by proposing to insert a new sub-section (2A) to Section 10.

c. Earlier, there was no specific provision in the Act for restricting casual taxable person and non-resident taxable person to opt for composition scheme. However, Rule 5 of CGST Rule provided for the same. Now Sub-section (2) to Section 10 is proposed to be amended in order to restrict casual taxable person and non-resident taxable person to opt for composition scheme (Thus provision has been now proposed to be inserted in the Act itself).

2. Higher Threshold Exemption for Registration:

a. A proviso and an explanation are proposed to be inserted in Section 22 of the CGST Act so as to provide powers to the Central Government at the request of the State and on the recommendations of the Council to increase the threshold exemption limit from INR 20 lakhs to such amount not exceeding INR 40 lakhs in case of a supplier who is engaged in exclusive supply of goods.

b. Moreover, a person shall be considered to be engaged exclusively in the supply of goods even if he is engaged in exempt supply of services provided by way of extending deposits, loans or advances in so far as the consideration is represented by way of interest or discount.

3. Aadhaar Verification made mandatory:

a. New sub-sections are proposed to be inserted in Section 25 of the CGST Act to make Aadhaar authentication mandatory for specified class of new taxpayers and to prescribe the manner in which certain class of registered taxpayers are required to undergo Aadhaar authentication. However,for persons other than individuals authentication of Aadhar will be of Karta/Managing Director/WTD/ partners or such class of persons as may be specified in notification Alert: Failure to comply with the above authorisation will render the

allotted registration invalid.

4. Invoice to disclose the mode of payment:

a. A new Section 31A is proposed to be inserted in the CGST Act which will require specified class of registered persons to provide prescribed modes of electronic payment to the recipient of supply of goods or services or both made by such prescribed class and give option to such recipient to make payment accordingly.

5. Return filing provisions:

a. Section 39 of the CGST Act is proposed to be amended so as to allow the composition taxpayers to furnish annual return along with quarterly payment of taxes and other specified taxpayers may be given the option for quarterly or monthly furnishing of returns and payment of taxes under the proposed new return system.

6. Power to Commissioner to extend the time limits:

a. New Provisos are proposed to be inserted to Section 44(1) and 52(4) & (5) in order to empower the commissioner to extend the due date for furnishing GSTR-9/9A, 9C, 8, 9B & 9C.

7. Transfer of cash balance from one head to another:

a. New sub-sections (10) and (11) are proposed to be inserted to Section 49 of the CGST Act to allow a registered person to transfer any amount of tax, interest, penalty, fee or any other amount available in the electronic cash ledger under the CGST Act to the electronic cash ledger for IGST, CGST, SGST, UTGST or cess, subject to prescribed conditions.

b. A new Section 53A is being inserted in the CGST Act so as to provide for transfer of amount between Centre and State Government consequential to amendment in Section 49 of the CGST Act allowing transfer of an amount from one head to another head in the electronic cash ledger of the registered person.

c. A new Section 17A is proposed to be inserted under the IGST Act, which will prescribe the manner and the time limit as per which the Government will transfer an amount, equal to the amount transferred to the electronic cash ledger of the State or Union territory, to the State tax account or Union territory tax account. This amendment is being made consequential to the amendment in Section 49 of the CGST Act allowing transfer of an amount from one head to another head in the electronic cash ledger of the registered person. Such facility had been provided under Notification 31/2019 dated 28th June 2019 which has been inserted in the law itself.

8. Interest on delayed payment of taxes on net cash tax

liability:

a. New proviso in sub-sections (1) is being inserted in section 50 of the CGST Act so as to provide for charging interest for delayed payment of tax on only the net cash tax liability, except in those cases where returns are filed subsequent to initiation of any proceedings under section 73 or 74 of the CGST Act.

b. However, where returns are filed subsequent to initiation of any proceedings as per Section 73 or 74 under GST regime, the interest shall be levied on the gross tax liability.

9. Other Amendments:

a. Sections 101A, 101B and 101C are proposed to be inserted so as to provide for constitution, qualification, appointment, tenure,conditions of services of the National Appellate Authority for advance ruling.

b. Sub-section (3A) is proposed to be introduced to Section 171 of CGST Act in terms of which any person who is held to be guilty, shall be liable to a penalty equivalent to 10 % of the amount so profiteered if such amount is not deposited within thirty days of the date of passing of the order by the National Anti-Profiteering Authority.

c. Section 54(8A) is proposed to be added to the CGST Act to specify that the Central Government may disburse the refund to the taxpayer in respect of the SGST as well.

CUSTOM DUTY

With an emphasis on “Make in India”, Custom Duties have been increased across a wide spectrum.

• Custom Duty on Gold and other precious metals have been increased from 10% to 12.5%.

• 5% basic Custom Duty imposed on imported books.

• The basic Custom Duty has been increased on cashew kernels, PVC, metal fittings, mountings for furniture and marble slabs.

• Auto parts, certain kinds of synthetic rubber, optical fibre cable, CCTV camera and network cameras will also attract higher Basic Custom Duty from now on.

• Moreover, exemptions from Custom Duty on certain electronic items which are now being manufactured in India will be withdrawn.

Custom Duty reductions have been proposed on certain raw materials and capital goods to promote domestic manufacturing.

SERVICE TAX

Retrospective Amendments

a. Finance Act, 2019 has proposed to provide retrospective exemption from the levy of service tax on the licence fee or application fee collected by the state government for granting liquor licence. The present exemption is given retrospectively with effect from 01.04.16. Moreover, specific provision is proposed for enabling refund in cases where the service tax on

this account has been collected by the Government, within 6 months from the date of president assent to the Finance Bill 2019.

b. Finance Act, 2019 has proposed to provide retrospective exemption to two year’s full time PG programme admissions for which are made based on CAT, fellow programme and Five year integrated programme in management provided by IIM to students as per the guidelines of central government as an educational programme from the levy of service tax with effect from 01.07.03 and ending with 31.03.16 (both days inclusive).

Moreover, specific provision is proposed for enabling refund in cases where the service tax on this account has been collected by the Government, within 6 months from the date of president assent to the Finance Bill 2019.

c. Finance Act, 2019 has proposed to provide retrospective exemption from the levy of service tax on the upfront amount charged towards premium, salami, cost, price, development charges or by any other name, payable in respect of service by way of granting long term lease of thirty years or more of plots for development of infrastructure for financial business provided by State Government Industrial Development Corporations or Undertakings or by any other entity having 50% or more of the ownership of the CG or SG or the Union territory, either directly or through an entity which is wholly owned by the CG or SG or the Union territory, to the developers in any industrial or financial business area for period “01.10.03 to 30.06.17.

Moreover, specific provision is proposed for enabling refund in cases where the service tax on this account has been collected by the Government, within 6 months from the date of president assent to the Finance Bill 2019.

SABKA VISHWAS (LEGACY DISPUTE RESOLUTION) SCHEME, 2019

A voluntary dispute resolution scheme called as Sabka Vishwas (Legacy Dispute Resolution) Scheme 2019 has been introduced by the Government for resolution of the Legacy disputes under Central Excise & Service Tax. This Scheme is a onetime measure for liquidation of past disputes of Central Excise and Service Tax as well as to ensure disclosure of unpaid taxes by a person eligible to make a declaration and it shall be enforced by the Central Government from a date to be notified. It provides that eligible persons shall declare the tax dues and pay the same in accordance with the provisions of the Scheme. It further provides for certain immunities including penalty, interest or any other proceedings under the Central Excise Act, 1944 or Chapter V of the Finance Act, 1944 to those persons who pay the declared tax dues.

INCOME TAX SLAB RATES FOR FY 2019-20 (AY 2020-2021)

A. Income Tax Slabs for Individual Tax Payers & HUF (Less Than 60 Years Old)

|INCOME TAX SLABS |TAX RATE |CESS |

|Income up to Rs 2,50,000 |No tax | |

|Income from Rs 2,50,000 – Rs 5,00,000 |5% |4% of Income Tax |

|Income from Rs 5,00,000 – Rs 10,00,000 |20% |4% of Income Tax |

|Income more than Rs 10,00,000 |30% |4% of Income Tax |

B. Income Tax Slabs for Senior Citizens (60 Years Old Or More but Less than 80 Years Old)

|INCOME TAX SLABS |TAX RATE |CESS |

|Income up to Rs 3,00,000 |No tax | |

|Income from Rs 3,00,000 – Rs 5,00,000 |5% |4% of Income Tax |

|Income from Rs 5,00,000 – Rs 10,00,000 |20% |4% of Income Tax |

|Income more than Rs 10,00,000 |30% |4% of Income Tax |

C. Income Tax Slabs for Senior Citizens (80Years Old Or More)

|INCOME TAX SLABS |TAX RATE |CESS |

|Income up to Rs 5,00,000 |No tax | |

|Income from Rs 5,00,000 – Rs 10,00,000 |20% |4% of Income Tax |

|Income more than Rs 10,00,000 |30% |4% of Income Tax |

In addition Surcharge is levied as follows:

|Total Income exceeds Rs. 50 lakh up to Rs. 1 Cr.. |10% of income tax |

|Total income exceeds Rs. 1 Cr. up to Rs. 2Cr.. |15% of income tax |

|Total income exceeds Rs. 2 Cr. up to Rs. 5 Cr. |25% of income tax |

|Total income exceeds Rs. 5 Cr. |37% of income tax |

Note- In case where total income of an assessee is upto Rs. 5 Lacs, shall be eligible for rebate u/s 87A of the Income Tax Act, 1961 to the extent of tax liability and no tax shall be payable by such assessee. In other words where total income of an assessee is Rs. 5 Lacs or below, there will be no tax liability. However, assessee shall be liable to file return if total income exceeds Rs. 2,50,000/-. Total income means - income after claiming all deductions / exemptions.

D. Income Tax Slabs for Domestic Companies

|Turnover Particulars |TAX RATE |

|Gross Receipts up to 400 Cr. In the PY 2017-18 |25% |

|Other cases |30% |

In addition to tax cess and Surcharge shall be levied as follows:

Surcharge: Taxable Income is more than 1 Cr. But upto 10 Cr.: 7%

Taxable Income is more than 10 Cr.: 12%

Cess: 4% of Income Tax and Surcharge

E. Income Tax Slab for Firms

On the whole of Total Income: 30%

In addition to tax, cess and Surcharge shall be levied as follows:

Surcharge: Taxable Income is more than 1 Cr.: 12%

Cess:4% of Income Tax and Surcharge

IMPORTANT DUE DATES

1. Due Date of Filing Income Tax Return for A.Y. 2019-20 for different categories:

Below is the due date of filing return of Income for different categories:

|Category |Due Date of filing for A.Y 2019-2020 |

|Individual, whose accounts are required to be audited |31th September 2019 |

|Individual, who is required to furnish a report referred to in |30th November 2019 |

|Section 92E | |

|In all other cases |31st July 2019 |

Fee for delayed filing of Income Tax return:

Section 234F is introduced in order to ensure that returns are filed within the prescribed due date.

|Date of Filing |Fees Leviable |

|If the return is furnished after the due date of filing but on or before the 31st day|Five thousand rupees |

|of December. | |

|In any other case |Ten thousand rupees |

Note: If the total income of the person does not exceed five lakh rupees, the fee payable under this section shall not exceed one thousand rupees.

2. Advance Tax Payment

A. Advance Tax Liability for all Assessee (other than covered under section 44AD/44ADA of the I.T. Act 1961)

|Due Date |Installment Payable |

|On or before 15th June |Not less than 15% of advance tax |

|On or before 15th Sept |Not less than 45% of advance tax as reduced by the amount paid in the earlier |

| |installment. |

|On or before 15th Dec |Not less than 75% of advance tax as reduced by the amount paid in the earlier |

| |installments. |

|On or before 15th March |The whole amount (100%) of advance tax as reduced by the amount paid in the earlier|

| |installments. |

B. Advance Tax Liability for all Assessee covered under section 44AD/44ADA of the I.T. Act 1961

|Due Date |Installment Payable |

|On or before 15th March |The whole amount (100%) of advance tax as reduced by the amount paid |

| |in the earlier installments. |

Note:

1. Resident individuals who are over 60years of age and do not have income chargeable under the head ‘Profits and Gains of Business or Profession’ are not required to pay advance tax.

2. Any amount paid by way of advance tax on or before 31st March shall also be treated as advance tax paid during financial year ending on that day.

3. TDS/TCS Return Filing Last Dates of FY 2019-20

|Quarter |Quarter Period |TDS Return Due Date |TCS Return Due Date |

|1st Quarter |1st April to 30th June |31st July, 2019 |15th July, 2019 |

|2nd Quarter |1st July to 30th September |31st Oct, 2019 |15th Oct, 2019 |

|3rd Quarter |1st October to 31st December |31st Jan, 2020 |15th Jan, 2020 |

|4th Quarter |1st January to 31st March |31st May, 2020 |15th May, 2020 |

4. Time-Limits to Deposit Payment TDS for FY 2019-20

|S. No. |Particulars |Due Date |

|1. |Tax Deposited without Challan |Same Day |

|2. |Tax Deposited with Challan |7th of next month |

|3. |Tax on perquisites opted to be deposited by the employer. |7th of next month |

|4. |Tax Deductible in March |30th April of next year |

|5. |Other Months and Tax opted to be deposited by the employer |7th of next month |

Disclaimer: This publication contains information for general guidance only. It is not intended to address the circumstances of any particular individual or entity. Although the best of endeavour has been made to provide the provisions in a simpler and accurate form, there is no substitute to detailed research with regard to the specific situation of a particular individual or entity Mahendra K. Satya & Co. or any of its officials do not accept any responsibility for loss incurred by any person for acting or refraining to act as a result of any matter in this publication

-----------------------

vaio

mahendra k. staya & Company  

PROPOSED AMENDMENTS BY FINANCE ACT 2019

................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download