The budget focusses on reducing red tape, making best use of technology, building social infrastructure, digital India, pollution free India, make in India, job creation in Micro, Small and Medium Enterprises (MSMEs) and investing heavily in infrastructure. 1.50 lakhs which shall be allowed to an individual for the interest paid on loan taken for purchase of an electric vehicle, subject to the condition that the loan should be sanctioned during the period April 1, 2019 to March 31, 2023. To hike statutory limit for foreign investment in some companies. It is proposed that sections 195(2) and 195(7) of the Act will be amended, to allow online filing of application by a person making a payment to a non-resident seeking determination of tax to be deducted at source. Finance bill proposes a deduction of up to Rs. Allocation to the Swachh Bharat Mission has decreased by 25.5% over the revised estimate of 2018-19. Guest on 17 July 2019. 18,500 crore is proposed to be provided to an estimated 3 crore middle class and small taxpayers comprising self employed, small business, small traders, salary earners, pensioners and senior citizens. It is also proposed that the penalty provisions contained in section 271FAA will be amended so as to ensure correct furnishing of information in SFT and widen the scope of penalty to cover all the reporting entities under section 285BA of the act. (ii) Loan should be sanctioned by the financial institution during the period April 01, 2019 to March 31, 2020 (iii) The assessee should not own any residential house property on the date of sanction of loan. For the Scheduled Tribes also, proposed allocation in 2019-20 BE is Rs.50,086 crore as against Rs.39,135 crore in BE 2018-19, an increase of 28%. Sources: Medium Term Fiscal Policy Statement, Union Budget 2019-20; PRS. Metro rail network has reached to 657 Km. There are various provisions in the Act which prohibit cash transactions and allow or encourage payment or receipt only through account payee cheque, account payee draft or electronic clearing system through a bank account. Major Legislative changes proposed in the Finance Bill. Tweet. India target to become US$ 5 trillion economy in the next five years and might become a US$ 10 trillion economy in the next eight years thereafter. WhatsApp. 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. Besides having a major Scheme for the farmers, it provides tax sops and sets the Developmental Agenda for the years to come. He also announced setting up of a new – the 22nd AIIMS in Haryana.

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