Impact of Union budget 2019

After a Pre-elections populous Budget in February, Modi government today presented the Union Budget to boost infrastructure and foreign investment at a time when economy is showing signs of slowdown.

1. Rates of Income Tax:

*Marginal relief has also been provided in all cases where surcharge is proposed to be levied.

In case of Co - operative societies, Firms and Local authorities :

Companies:

TDS Applicable to Individual/ HUF in Non Audit cases on payment made to contractors and professionals:

New Section 194 M Applicable from 1 September 2019.

Purchase of Immovable Property:

Deemed Accrual gift to person Outside India:

Mandatory furnishing of return of income

A person other than a company or a firm is required to furnish the return of income only if his total income exceeds the maximum amount not chargeable to tax, subject to certain exceptions

Now a person shall be mandatorily required to file his return of income, if during the previous year, he-

* Inter-changeability of PAN & Aadhaar

Every person, who intends to enter into certain prescribed transactions and has not been alloted a PAN, shall also apply for allotment of a PAN. also quot adhaar for the same.

Interchangeability of PAN and Aadhaar for ITR for thosewho don't have PAN cards.

Consequence of not linking PAN with Aadhaar

PAN allotted to a person shall be deemed to be invalid, in case the person fails to intimate the Aadhaar number, on or before the notified date.Link Pan With Aadhaar

This amendment will take effect from 1st September, 2019.

TDS on cash withdrawal to discourage cash transactions: ( Cash Withdrawal)