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Cost Inflation Index for Financial year 2019-20 i.e. Assessment Year 2020-21 notified : 289 Download : E-gazette  

The Sabka Vishwas (Legacy Dispute Resolution) Scheme is a one-time measure for liquidation of past disputes of Central Excise and Service Tax as well as to ensure disclosure of unpaid taxes by a person eligible to make a declaration. The scheme comes with a validity of 4 months starting from September 1, 2019 to December 31, 2019. It provides that eligible persons shall declare the tax dues and pay the same in accordance with the provisions of the Scheme. It further provides for certain immunities including penalty, interest or any other proceedings under the Central Excise Act, 1944 or Chapter V of the Finance Act, 1944 to those persons who pay the declared tax dues. Objectives One time measure for liquidation of past disputes of Central Excise and Service Tax To provide an opportunity of voluntary disclosure to non-compliant taxpayers. Cases covered under the Scheme A show cause notice or appeals arising out of a show cause notice pending as on the 30th day of...

In order to discourage cash transactions and move towards less cash economy, the Finance (No. 2) Act, 2019 has inserted a new section 194N in the Income-tax Act,1961 (the ‘Act’), to provide for levy of tax deduction at source (TDS) @2% on cash payments in excess of one crore rupees in aggregate made during the year, by a banking company or cooperative bank or post office, to any person from one or more accounts maintained with it by the recipient. The above section shall come into effect from 1st September, 2019. Since the section provided that the person responsible for paying any sum, or, as the case may be, aggregate of sums, in cash, in excess of one crore rupees during the previous year to deduct income tax @2% on cash payment in excess of rupees one crore,queries were received from the general public through social media on the applicability of this section on withdrawal of cash from 01.04.2019 to 31.08.2019. The CBDT, having considered the concerns of the people, hereb...

Press Information Bureau Government of India Ministry of Finance 08 AUG 2019 Monetary limits for filing of appeals by Income Tax Department further enhanced by CBDT There is a substantial pendency of appeals of the Income Tax Department before various appellate fora. The CBDT is aware of the importance of litigation management and has been continuously working towards achieving the same. To effectively reduce taxpayer grievances/litigation and help the Department focus on litigation involving complex legal issues and high tax effect, the monetary limits for filing of appeals by the Department were last revised on 11th July,2018 vide CBDT Circular No.3 of 2018. As a step towards further management of litigation by the Government,  the monetary limits for filing Departmental appeals before various appellate fora including ITAT, High Court & Supreme Court have been revised as under: Appellate Forum Existing Monetary Limit(Rs.) Revised Monetary Limit(Rs.) Befor...

NOTIFIED COST INFLATION INDEX U/s. 48, EXPLANATION (V) - FY 2018-19 As per Notification no. So 1790(e) [no. 44/2017 (f. No. 370142/11/2017-tpl)], dated 5-6-2017, following table should be used for the Cost Inflation Index: - Financial Year CII 2001-02 100 2002-03 105 2003-04 109 2004-05 113 2005-06 117 2006-07 122 2007-08 129 2008-09 137 2009-10 148 2010-11 167 2011-12 184 2012-13 200 2013-14 220 2014-15 240 2015-16 254 2016-17 264 2017-18 272 2018-19 280

Tax Rates 1.  In case of an Individual (resident or non-resident) or HUF or Association of Person or Body of Individual or any other artificial juridical person Assessment Year 2019-20 Taxable Income Tax Rate Up to Rs. 2,50,000 Nil Rs. 2,50,000 to Rs 5,00,000 5% Rs. 5,00,000 to Rs. 10,00,000 20% Above Rs. 10,00,000 30% Less: Rebate under Section 87A [see Note] Add: Health and Education Cess [see Note] Assessment Year 2020-21 Taxable Income Tax Rate Up to Rs. 2,50,000 Nil Rs. 2,50,000 to Rs 5,00,000 5% Rs. 5,00,000 to Rs. 10,00,000 20% Above Rs. 10,00,000 30% Less: Rebate under Section 87A [see Note] Add: Surcharge and Health & Education Cess [see Note] 2.  In case of a resident senior citizen (who is 60 years or more at any time durin...