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Budget, Latest News

With the days of Budget 2019 announcement coming closer the expectations are being talked about loud!! In our second series of blog, let’s talk about the slab rates. We previously focused on drawing pictures of predicted slab limits but in today’s blog, we will focus upon the decrease in slab tax rates as foreseen form the Interim Budget to be soon presented by the NDA government this February. The existing slab tax rates as specified under the Income Tax Act 1961 for the Financial Year 2018-19 are likely to beSEE DETAILS

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Income Tax Updates

31st March 2019 marks the end of Financial Year 2018-19. But, it also brings with itself a series of very important and crucial financial deadlines. Every taxpayer shall take care of these deadlines and prepare well in advance to avoid penalties and notices from the Income Tax Department. Last date to File ITR for the Financial year 2017-18 For the Financial Year, 2018-19 or Assessment Year 2018-19 the due date to file ITR was 31st July 2018. It was further extended to 31st August 2018. But, the belated return canSEE DETAILS

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TDS/TCS

Person deducting tax under GST is required to get compulsory Registration? Yes, the person deducting tax needs to take compulsory registration under section 24 of CGST or SGST Act, 2017. In this case, registration has to be taken without any threshold limits. Also, the same can be taken only with TAN and having PAN (Permanent Account Number) is not mandatory. Whether the status of Registration application be tracked online? Yes, it is possible to track the status of a registration application by the process mentioned below Click on GST websiteSEE DETAILS

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Income Tax Learning

In our first part, we already discussed TDS on sale of property by resident u/s 194IA @1%. through this blog we will enhance our understanding on the tax to be deducted by Non-Resident seller. When a NRI makes a sale of property in India the buyer is required to deduct TDS under section 195 of the Income Tax Act 1961. The rate of the tax deduction is not fixed at 1% unlike section 194IA in this case. Rather, it would depend upon the nature of capital gains arising out ofSEE DETAILS

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Income Tax Learning

From 1st June 2013 through section 194IA of Income Tax Act a provision was rolled out by Mr. P Chidambaram to deduct 1% TDS on sale of the property to a resident Indian. The property here includes every immovable property like House Property Commercial Property Plot or unconstructed land And all such other properties except agricultural land. To the relief of citizens, TDS needs to be done only on the transactions where sale proceeds are of ₹ 50,00,000 (Fifty Lakhs) or more.   When and how much shall be theSEE DETAILS

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