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STATEMENT OF OBJECTS AND REASONS

Bills - FINANCE BILL, 2019 - The object of this Bill is to continue the existing rates of income-tax for the financial year 2019-2020 and to provide certain relief to taxpayers and to make amendments in certain enactments. 2. Clause 2 of the Bill seeks to provide for the rates of income-tax. The rates of income-tax which were specified in Part III of the First Schedule to the Finance Act, 2018 for the purposes of charging income-tax in certain cases, deduction of tax at source from salaries duri .....

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8, with consequential and other necessary modifications, to the assessment year 2019-2020 or, as the case may be, the financial year 2019-2020. 5. Clause 3 of the Bill seeks to amend section 16 of the Income-tax Act to provide relief to the salaried taxpayers by way of increasing the amount of deduction from salary income, from existing forty thousand rupees to fifty thousand rupees. 6. Clause 4 of the Bill seeks to amend section 23 of the Income-tax Act so as to provide relief to the taxpayer b .....

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at his option, to utilise the said amount for the purchase or construction of two residential houses in India instead of one residential house as currently provided. 9. Clause 7 of the Bill seeks to amend section 80-IBA of the Income-tax Act so as to augment the supply of affordable houses by extending the time limit from 31st March, 2019 to 31st March, 2020 for obtaining approval of the housing project for availing deduction. 10. Clause 8 of the Bill seeks to amend section 87A of the Income-ta .....

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nd the Indian Stamp Act, 1899 for levy and administration of stamp duty on securities market instruments by the States at one place through one agency, viz., through Stock Exchanges or its Clearing Corporation or Depositories on one instrument, and for appropriately sharing the same with respective State Governments based on State of domicile of the ultimate buying client. 14. Clause 22 of the Bill seeks to amend sub-section (3) of section 8 of the Prevention of Money-laundering Act, 2002 so as .....

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