Finance Act 2019 Current Affairs - 2020

CBDT launches a new Utility Tool for Banks and Post Offices for Proper Implementation of Finance Act 2020

The Central Board of Direct Taxes (CBDT) has informed on 12th July 2020 that a new Utility Tool has been launched that will facilitate the Banks and Post Offices across the country with the accurate TDS rate (Tax Deduction at Source) applicable on cash withdrawals. The utility tool can be accessed by the Banks and Read More…

Centralized System of Stamp Duty collection comes into effect from 1st July 2020

Through Finance Act 2019, amendments were brought to the Indian Stamp Act, 1899. The amendments made comes into effect from 1st July 2020 onwards. These amendments were made for building a pan-India securities market and to boost Ease of Doing Business. About the Amendments For building a pan-India securities market, a centralized system of stamp Read More…

Lok Sabha clears Taxation (Amendment) bill, 2019

On December 2, 2019, Lok Sabha passed the Taxation Laws (Amendment) bill, 2019. The main objective of the bill is to provide an option for the domestic companies to pay taxes at the rate of 22%. Key Features The bill replaced the ordinance promulgated by the President in September 2019. The ordinance reduced corporate taxes. Read More…

President Approves Amendments to Indian Stamp Act 1899

President Ram Nath Kovind has given the assent for the amendments to the Indian Stamp Act 1899 introduced as part of the Finance Act 2019. Amendments Proposed The amendments proposed are: Creation of the legal and institutional mechanism to enable states to collect stamp duty on securities market instruments at one place by one agency (through Read More…