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Tax amendments in 2019 this digest of tax changes prepared by kpmg traditionally summarises tax related alterations of 2019 and dwells on the key amendments for taxpayers in the upcoming year.
Key income tax amendments. 2 act 2019 are mentioned. An analysis of the key direct tax amendments are summarised as under. 2 2019 on 5 july 2019 amendments as passed by lok sabha on 18 july 2019 income deemed to accrue or arise in india. In this article the key highlights of key income tax amendments in the income tax act 1961 and finance no.
By the reduction of corporate taxes. Key amendment by the taxation and other laws relaxation and amendment of certain provisions act 2020. In this article an effort is made to list out and summarize the amendments from income tax point of view made by finance act 2020. The union budget 2020 has brought several changes in the provisions of tds and tcs which will take effect this financial year.
2 2019 on 5 july 2019 amendments as passed by lok sabha on 18 july 2019 payment of certain amounts in cash introduction of section 194n tax deducted is income received section 198 banking. The assessment year 2021 22 relating to the income of the financial year 2020 21 starting from 1st april 2020. Section amendments as introduced by finance bill no. A short overview it has replaced the taxation a the taxtalk online portal for tax news update judgment article circular income tax gst notification.
Key tax developments in 2020. Section amendments as introduced by finance bill no. Unless otherwise stated all the amendments are to be effective from april 1 2021 i e. 31 march 2020 the indian finance minister as a part of union budget presented the finance bill 2020 fb 2020 on february 1 2020 on february 1 2020.
Though the list of amendments in the income tax act 1961 by the finance bill 2020 is very lengthy however the highlights of key amendments are listed as a ready reference. Key amendments in tds tcs provisions tds and tcs are one of the modes of recovery of income tax for the government that can be recovered in the previous year itself. Taxable income level in rs pre budget effective tax rate post budget effective tax rate increase in tax rates up to 5 lakhs nil nil nil above 5 lakhs up to 10 lakhs 20 80 20 tax 4 cess 20 80 nil above 10 lakhs up to 50 lakhs 31 20 30 tax 4 cess.
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