The Central Board of Direct Taxes (CBDT) has decided to withdraw the enhanced surcharge levied by the Finance (No. 2) Act, 2019 on tax payable on income arising from the transfer of equity share/unit referred to in section 111A and section 112A of the Income-tax Act, 1961 from the financial year 2019-20. The capital assets mentioned in the section 111A and section 112A are: |
Gains from transfer of derivatives (F&O) by FPI also exempt from levy of enhanced surcharge
Taxability of GST on Discount
Tax treatment of discount is the most critical area of the discount saga. Discount is generally given by the supplier to boost his
sales. Different types of discount prevails in the business like general
discount, turnover discount, cash discount etc.
Most preferred and litigation free way of showing discounts is to show the
same on the invoice but due to commercial reasons, it may not be possible to
show all discounts on the invoice itself and the problem actually starts there.
Tax Authorities does not want to reduce discount from taxable value except
when such discount shown in invoice itself while tax payer claim that he has
never received the consideration thus it must be reduced. Honourable courts
held in many cases that showing discount invoice is not solution to pass
discount to customer and arrive the taxable value.
Recently GST wing of CBIC has issued a circular clarifying various issue on
discount and its taxability under GST however before going into discussion of
circular it would be better to look provisions of CGST Act,2017
Section 15 of the Act deals with
valuation of supply in which reference of discount is found under sub section
(3) of the said section, which states as under:-
न तो आयकर छूट की सीमा बढ़ी है, न ही कर-दरों में कोई बदलाव
हर कोई खुश दिखा कि आयकर छूट की ढाई लाख रुपए सालाना की मौजूदा सीमा को दोगुना कर सरकार ने पांच लाख रुपए कर दिया है। इस स्लैब की आमदनी पर आयकर की दर दस फीसद है। यानी लोगों को यह लगा कि पांच लाख या उससे ज्यादा आमदनी वाले हर आयकरदाता को सरकार ने पच्चीस हजार रुपए का सीधा लाभ मिलेगा। लेकिन बजट पेश करने के बाद पीयूष गोयल ने प्रेस कांफ्रेंस में स्थिति साफ की तो ज्यादातर लोगों की खुशी काफूर हो गई। गोयल ने साफ कहा कि सरकार ने न तो आयकर छूट की सीमा बढ़ाई है और न मौजूदा कर-दरों में कोई बदलाव किया है।
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Non-Filers Asked To Submit Income Tax Returns Within 21 Days
If you haven't filed your income tax return yet, you have few days left to do so to avoid legal proceedings. Individuals who have not filed their income tax returns (ITR) for the assessment year 2018-19 should do the same within 21 days to avoid proceedings under the Income Tax Act, news agency IANS (Indo-Asian News service) reported citing a government statement. The Central Board of Direct Taxes (CBDT) had identified through the Non-filers Monitoring System several potential individuals who had carried out high value transactions in financial year 2017-18 but had still not filed returns, the agency reported.
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Government may double income tax exemption limit from Rs 2.5 lakh to Rs 5 lakh
Currently, income up to Rs 2.5 lakh is exempt from personal income tax. Income between Rs 2.5-5 lakh attracts 5 percent tax , while that between Rs 5-10 lakh is levied with 20 percent tax. Income above Rs 10 lakh is taxed at 30 percent. Rs 5 lakh exemption is only applicable to individuals of over 80 years.
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