CBDT has vide Notification No 32/2019-Income Tax Dated 01/04/2019 released the new ITR Forms for AY 2019-20. While there is no change in ITR-1 (SAHAJ) meant for salaried assesses, there are some changes in ITR-2,3,5,6 and 7 for the Assessment Year 2019-20 with some additional reporting requirements for directors, shareholders of unlisted shares and for companies. Here is a detailed analysis of the amendments in rule as well as the additional reporting requirements.
In the GST Council meeting held on February 24, 2019, the decision was made to cut tax on real estate projects to 5 per cent, from 12 per cent. It was also decided to slash the GST rate on affordable housing, to 1 per cent from 8 per cent, as per Finance Minister Arun Jaitley. These changes are applicable from April 1, 2019. Here is an analysis of the possible impact of the Rate cut on the real estate developer as well as the buyer.
In December 2017, Central government vide notification 30/2017 Integrated Tax (rate) has provided a big relief to the works contractors making supplies to the Government by reducing the tax rate from 12% to 5% for supply of composite works contract constituting predominantly earth work. Here is a detailed analysis of the said notification.
Every budget brings some changes to tax laws every year and budget 2018 was no different. The changes brought in Budget 2018 are applicable form 1st April 2018 i.e. AY 2019-20. The due date for filing the returns for 2019-20 is fast approaching and here are some major changes that Budget 2018 has made which will affect the computation of your income.
The business structure you choose influences everything from day-to-day operations, to taxes, to how much of your personal assets are at risk. You should choose a business structure that gives you the right balance of legal protection and benefits.
GST has undoubtedly transformed the business environment in India. Many businesses have become more organised as their business partners prefer dealing with organised businesses to ensure that input tax credits are not lost. This means that you can survive in the market only if you are registered. Here is a comprehensive guide to GST registration process.