Additional funds will be provided as needed, Shri Goyal added.

It is proposed to provide that at the time of registration it shall also be examined whether there has been any such violation by the trust or institution seeking registration. 10,000 to Rs.40,000. The Government e-Marketplace (GeM) is being extended to all Central Public Sector Enterprises (CPSEs), providing more opportunities for MSMEs to sell their products. Provisions of sections 201 relaxed in case of payments to non-residents. Share. Government external debt to GDP is among the lowest in the world. Enhanced interest deduction up to Rs 350,000 (US$ 5,250) for purchase of an affordable house. Note: Figures for 2018-19 are revised estimates and for 2019-20 are budget estimates. i.e. This is owing to an increase in expenditure on petroleum, fertiliser, food, and other interest subsidies. Modern tenancy laws will be shared with states to promote house renting. 4.4 (17) India’s first women Union Finance Minister in almost five decades, Nirmala Sitharaman has presented her maiden union budget, under BJP government for financial year 2019-20. (through amend in section 79), 8. Under the Act, processes relating to registration, including consideration, grant, and cancellation of applications are to be carried out by the National Housing Board. 1 Crore, No section 68 Addition in Absence of Primary & Independent Enquiry by AO, Submission of Income Tax Return & Procedure for Assessment, Treatment of Interest on Fixed Deposit – ITAT remanded case Back to AO, ITAT condones delay of 2625 days in Appeal Filing, You will receive notice from GST department if there is mismatch in your returns, Guidelines for issue of Units by an Unlisted Infrastructure Investment Trust (InvIT), Place of supply of services | Section 13(1) to 13(13) | IGST Act, 2017, Procedure for Registration of Partnership firm in Andhra Pradesh. Metro rail network of 657 km has become operational in the country. During the period 2014-18, a total number of 1.53 crore houses have been built under the Pradhan Mantri Awas Yojana, he announced. Sources:  Budget at a Glance, Union Budget Documents 2019-20; PRS. The budget session of Lok sabha has started on June 17, 2019 and will last till July 26, 2019. The exemption is allowed if the amount of capital gains is invested in equity shares of an ‘eligible company’. To provide a level playing field, it is proposed that interest on bad or doubtful debts in the case of deposit-taking NBFC and systemically important non deposit-taking NBFC shall be charged to tax on receipt basis. You may choose to reproduce or redistribute this report for non-commercial purposes in part or in full to any other person with due acknowledgement of PRS Legislative Research (“PRS”). Donate some money and get 50% deduction to bring down the Taxable income to below 5.00L and save the tax outflow of 12500/-. (i) The provision which allows exemption of capital gains from sale of residential property on investment of net consideration in equity shares of eligible start-up shall be extended by 2 years.

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India has emerged as a major space power. Stress on zero-budget farming, which is a form of gardening as a self-sustainable practice, with minimum external intervention. Gaon, Garib and Kisan are the focus of our government. Further, as per Economic Survey 2018-19, although the general education of youth has improved, 94.3% of those aged 15 or over in urban areas do not have technical education. Share on Email . Minimum Government Maximum Governance. Under the Act, the Board of Directors of the bank will include four whole time directors, appointed by the central government in consultation with the RBI. 30 Indian cities will face ‘water risk’ by 2050: report, Crossword blog #169 | Figure out what you want before placing your bet, Traffic cops of space: This Canadian company is addressing the issue of space debris, Will be impossible for Dhoni to perform if he decides on playing only IPL: Kapil Dev. Presently, interest income on bad or doubtful debts made by NBFCs is charged to tax on accrual basis. 4. Allocate Rs 400 crore for world-class higher education institutions in FY 20. This budget didn’t consider common people.The prices are going like planes….

Watch | How is the U.S. President elected? So it is proposed to provide that gift of any sum of money, or property situated in India, by a person resident in India to a person outside India (not being a gift otherwise exempt i.e.

As per revised estimates, fiscal deficit has slightly exceeded the 2018-19 budget target. Interchangeability of PAN and Aadhaar: It is proposed to provide interchangeability of PAN and Aadhaar to enable a person who does not have PAN but has Aadhaar to use Aadhaar in place of PAN under the Act.

It has been proposed that a new section 194N will be inserted in the act that provides for levy of TDS at the rate of 2% on aggregate cash payments in excess of Rs 1 cores made during a FY by (i) banking company or (ii) cooperative bank or (iii) post office, to any person (recipient) in respect of account maintained by such person. While presenting the Interim Budget 2019-20, the Union Minister for Finance, Corporate Affairs, Railways & Coal, Shri Piyush Goyal said that “our Government is launching a historic programme PM-KISAN with an outlay of Rs.75,000 crore for the FY 2019-20 and Rs.20,000 crore in the Revised Estimates of FY 2018-19”. It is also proposed that a person deducting tax under this section shall be able to deposit TDS on the basis of the Permanent Account Number (PAN) only. From 2009-10 to 2019-20, capital expenditure had an annual average growth of 11.6%, while revenue expenditure had an annual average growth of 4%. In 2017, the Rail budget was merged with the Union Budget. 1 Crore, No section 68 Addition in Absence of Primary & Independent Enquiry by AO, Submission of Income Tax Return & Procedure for Assessment, Treatment of Interest on Fixed Deposit – ITAT remanded case Back to AO, ITAT condones delay of 2625 days in Appeal Filing, You will receive notice from GST department if there is mismatch in your returns, Guidelines for issue of Units by an Unlisted Infrastructure Investment Trust (InvIT), Place of supply of services | Section 13(1) to 13(13) | IGST Act, 2017, Procedure for Registration of Partnership firm in Andhra Pradesh. This is a decrease of Rs 1,084 crore (1.8%) from the revised estimate of 2018-19.

The budget session of Lok sabha has started on June 17, 2019 and will last till July 26, 2019. In 2019-20, the total expenditure on subsidies is estimated to increase to Rs 3,38,949 crore (13.3%) over the revised estimate of 2018-19. Individual taxpayers with annual income up to Rs 500,000 (US$ 7,500) will get full tax rebate and hence will not be required to pay any tax. The ministries with the 13 highest allocations account for 55% of the estimated total expenditure in 2019-20. 9. “We contained the fiscal deficit notwithstanding the Finance Commission’s recommendations increasing the share of the States from 32% to 42% in central taxes, which we accepted in the true spirit of cooperative federalism, thereby transferring significantly higher amounts to the States”, Shri Goyal said.

Budget for upliftment of poor and middle class.very good budget. The exemption is allowed subject to fulfilment of certain conditions. Expenditure on Subsidies. Primary adjustment invariably results in increase in the total income or reduction in loss of the assessee.

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