{"id":1133,"date":"2019-02-01T17:50:18","date_gmt":"2019-02-01T12:20:18","guid":{"rendered":"https:\/\/blog.ritulpatwa.com\/?p=1133"},"modified":"2019-02-01T17:52:45","modified_gmt":"2019-02-01T12:22:45","slug":"interim-budget-2019-income-tax-rates-exemptions-deductions-and-provisions-for-f-y-2019-20-a-y-2020-2021","status":"publish","type":"post","link":"https:\/\/blog.ritulpatwa.com\/?p=1133","title":{"rendered":"INTERIM BUDGET 2019 – INCOME TAX RATES, EXEMPTIONS, DEDUCTIONS AND PROVISIONS FOR F. Y. 2019-20 (A.Y. 2020-2021)"},"content":{"rendered":"
<\/div>\n
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A quick review (Limited Information) of the applicable provisions under the Income Tax Act for the F. Y. 2019-20 (A. Y. 2020-21), after incorporating amendments (only key and selective amendments) proposed by the Interim Union Budget of 2019, are given below for ready reference and information of our clients:-<\/span><\/span><\/div>\n<\/div>\n
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\u00a0<\/span><\/div>\n
\n

(A)\u00a0 RATE OF INCOME TAX ON INDIVIDUALS \/ HUF \/ AOP \/ BOI <\/strong><\/p>\n<\/div>\n<\/div>\n

\n
Note<\/strong><\/span> \u2013The budget announcement of no Tax upto an Income of Rs. 5 Lakhs, is in the form of \u201cRebate\u201d under section 87A, which means it will be available only to those resident individuals whose Total Taxable Income is less than or equal to Rs. 5 Lakhs (after availing all available deductions). There is no change in Tax Slabs and there is no exemption to those individuals whose total Taxable Income (after all deductions) is above Rs. 5 Lakhs.<\/span><\/span><\/div>\n
<\/div>\n<\/div>\n
\n
<\/div>\n
(i) Tax Calculator (General Category & Women)<\/strong>:-<\/div>\n
\n\n\n\n\n\n\n\n
SLAB<\/td>\nTOTAL INCOME<\/td>\nRateof Tax<\/td>\nTAX CALCULATOR<\/td>\nCOMMENTS<\/td>\n<\/tr>\n
I<\/td>\nUpto Rs. 2,50,000\/-<\/td>\n0 %<\/td>\nNIL<\/td>\nNO CHANGE<\/td>\n<\/tr>\n
II<\/td>\nRs. 2,50,001\/- to Rs. 5,00,000\/-<\/td>\n5%<\/td>\n(Total Income \u2013 2,50,000)*5%<\/td>\nNO CHANGE<\/td>\n<\/tr>\n
III<\/td>\nRs. 5,00,001\/- to Rs. 10,00,000\/-<\/td>\n20 %<\/td>\n12500 + (T.I. \u2013 500000)*20%<\/td>\nNO CHANGE<\/td>\n<\/tr>\n
IV<\/td>\nAbove Rs. 10,00,000\/-<\/td>\n30 %<\/td>\n112500+(T.I.\u201310,00,000)*30%<\/td>\nNO CHANGE<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

\n
\n

(ii) Tax Calculator (Senior Citizen \u2013 Age 60 Years)<\/strong>:-<\/p>\n\n\n\n\n\n\n\n
SLAB<\/td>\nTOTAL INCOME<\/td>\nRateof Tax<\/td>\nTAX CALCULATOR<\/td>\nCOMMENTS<\/td>\n<\/tr>\n
I<\/td>\nUpto Rs. 3,00,000\/-<\/td>\n0 %<\/td>\nNIL<\/td>\nNO CHANGE<\/td>\n<\/tr>\n
III<\/td>\nRs. 3,00,001\/- to Rs. 5,00,000\/-<\/td>\n5%<\/td>\n(Total Income \u2013 3,00,000)*5%<\/td>\nNO CHANGE<\/td>\n<\/tr>\n
IV<\/td>\nRs. 5,00,001\/- to Rs. 10,00,000\/-<\/td>\n20 %<\/td>\n10000 + (T.I. \u2013 500000)*20%<\/td>\nNO CHANGE<\/td>\n<\/tr>\n
V<\/td>\nAbove Rs. 10,00,000\/-<\/td>\n30 %<\/td>\n110000+(T.I.\u201310,00,000)*30%<\/td>\nNO CHANGE<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n
<\/div>\n
<\/div>\n

(iii) Tax Calculator (Very Senior Citizen \u2013 Age 80 Years)<\/strong>:-<\/p>\n\n\n\n\n\n\n
SLAB<\/td>\nTOTAL INCOME<\/td>\nRateof Tax<\/td>\nTAX CALCULATOR<\/td>\nCOMMENTS<\/td>\n<\/tr>\n
I<\/td>\nUpto Rs. 5,00,000\/-<\/td>\n0 %<\/td>\nNIL<\/td>\nNo Change<\/td>\n<\/tr>\n
II<\/td>\nRs. 5,00,001\/- to Rs. 10,00,000\/-<\/td>\n20 %<\/td>\n(T.I. \u2013 5,00,000)*20 %<\/td>\nNo Change<\/td>\n<\/tr>\n
III<\/td>\nAbove Rs. 10,00,000\/-<\/td>\n30 %<\/td>\n1,00,000+(T.I.\u201310,00,000)*30%<\/td>\nNo Change<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

\u00a0<\/strong><\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Surcharge<\/strong>:-\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0 Total Income upto Rs. 50 Lakhs \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 : NIL<\/p>\n

Total Income > 50 Lakhs <= 1 Crore \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 : 10%<\/p>\n

Total Income > 1 Crore\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0: 15%<\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Health & Education Cess <\/strong>\u2013 4% of the Income Tax & Surcharge<\/p>\n

\u00a0<\/strong><\/p>\n

(B)\u00a0 KEY DEDUCTIONS AND BENEFITS UNDER INCOME TAX FOR INDIVIDUALS<\/strong><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Section<\/strong><\/td>\nNature<\/strong><\/td>\nDeduction Upper Limit<\/strong><\/td>\nComments<\/strong><\/td>\n<\/tr>\n
16 (ia)<\/td>\nStandard Deduction to Salaried Employees<\/td>\n50,000\/- <\/td>\nIncreased from Rs. 40,000 (in F.Y. 2018-19) to Rs. 50,000 (in F.Y. 2019-20)<\/td>\n<\/tr>\n
23(2) & 23(4)<\/td>\nDeduction of Deemed Rent on Self Occupied House<\/td>\nEntire Deemed Rent of 2 Houses<\/strong> \u201cnot Let Out<\/em>\u201d by an Assessee<\/td>\nTill F.Y. 2018-19, the Deduction of Deemed Rent was limited to only 1 House<\/td>\n<\/tr>\n
24 (b)<\/td>\nInterest on Housing Loan (For Self Occupied Property)<\/td>\nUpto Rs. 2 Lakhs <\/td>\nIn case of Let Out House Property the entire Interest is deductible; however by virtue of Section 71 (3A), the maximum loss of only upto Rs. 2 Lakhs can be set-off against income from other head of incomes and excess if any shall be carried forward for set-off in succeeding 8 years.<\/td>\n<\/tr>\n
54<\/td>\nExemption for investment of Capital Gain (CG) from Sale of House Property:-<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
a)\u00a0\u00a0\u00a0 Capital Gain upto Rs. 2 Crores<\/td>\nAmount of CG invested in Purchase or Construction of upto 2 Residential Houses<\/td>\n–\u00a0\u00a0\u00a0\u00a0\u00a0 Till F. Y. 2018-19, the exemption was limited for only 1 Residential House;-\u00a0\u00a0\u00a0\u00a0\u00a0 This benefit can be availed only once in a Lifetime by an assessee.<\/td>\n<\/tr>\n
b)\u00a0\u00a0\u00a0 Capital Gain > Rs. 2 Crores<\/td>\nAmount of CG invested in Purchase or Construction of only 1 Resi. Houses<\/td>\nNo Change<\/td>\n<\/tr>\n
80 C<\/td>\nInvestments in Life Insurance Premium, PF, PPF, NSC, ULIP, Tax Benefit Mutual Funds, Tution Fees (2 Child), Home Loan Principal Repayment, Notified Bonds, 5 Yr FDs etc<\/td>\nUpto Rs. 1.50 Lakhs<\/td>\nNo Change<\/td>\n<\/tr>\n
80 CCD<\/td>\nInvestment in Pension Scheme<\/td>\nUpto Rs. 0.50 Lakhs<\/td>\nFor individuals other than employee – limit of investment in NPS is 20% of GTI<\/td>\n<\/tr>\n
80 D<\/td>\nMediclaim Insurance<\/td>\nSr. Citizen:Rs. 50000Others : Rs. 25000<\/td>\nNo Change<\/td>\n<\/tr>\n
80 E<\/td>\nInterest on Education Loan <\/p>\n

(Upto maximum 8 years from the year of first repayment)<\/td>\n

Entire Interest Paid during the year<\/td>\n1.\u00a0\u00a0\u00a0 Education Loan must be taken by that Individuals;2.\u00a0\u00a0\u00a0 For Higher<\/span> Education of Self, Spouse, Children or student for whom, he is a legal guardian;<\/p>\n

3.\u00a0\u00a0\u00a0 The loan is taken from any Financial Institution or\u00a0 approved Charitable Institution;<\/td>\n<\/tr>\n

80 EE<\/td>\nInterest on Loan of upto Rs. 35 Lakhs on First Residential House\u00a0 with value below Rs. 50 Lakhs and sanctioned between 01-04-2016 to 31-03-2017<\/td>\nRs. 50,000\/-<\/td>\nDeduction of Interest is only allowed once and cannot be claimed in both 24(b) and 80EE or any other section; <\/td>\n<\/tr>\n
80 GG<\/td>\nRent Paid<\/td>\nLower of Following:1.\u00a0\u00a0\u00a0 Rs. 5000 p.m.<\/p>\n

2.\u00a0\u00a0\u00a0 25% of Total Income;<\/p>\n

3.\u00a0\u00a0\u00a0 Rent Paid \u2013 10% of Total Income<\/td>\n

No Change<\/td>\n<\/tr>\n
80TTA<\/td>\nInterest from Savings Account<\/td>\nRs. 10000\/-<\/td>\nThis is allowed to the extent of Interest earned from Savings Account. No Benefit under this section if benefit u\/s 80TTB is claimed.<\/strong><\/td>\n<\/tr>\n
80TTB<\/td>\nInterest from Deposits in Banking Co or Post Office<\/td>\nRs. 50000\/-<\/td>\nOnly for Senior Citizens (Age 60 years) without TDS Liability.<\/td>\n<\/tr>\n
87A<\/strong><\/td>\nRebate <\/strong><\/td>\n12,500\/- or Tax Liability whichever is lower<\/strong><\/td>\nApplicable only for Individuals resident in India with Total Income upto Rs. 5,00,000\/-<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

\u00a0<\/strong><\/p>\n

(C)\u00a0\u00a0\u00a0\u00a0\u00a0 RATE OF INCOME TAX ON PARTNERSHIP FIRMS & LLPs<\/strong><\/p>\n

 <\/p>\n

(i)\u00a0 Rate of Income Tax @ 30 % of Total Income<\/strong><\/p>\n

 <\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Surcharge<\/strong> \u2013 \u00a0 If Total Income upto 1 Crore \u2013 NIL<\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0 \u00a0\u00a0 <\/strong>If Total Income > 1 Crore \u2013 12%<\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Health & Education Cess <\/strong>\u2013 4% of the Income Tax & Surcharge (replaced 3% Cess in preceding year)<\/p>\n

 <\/p>\n

(ii) Expenses that can be claimed only if mentioned in the Partnership Deed of the Firm<\/p>\n

    \n
  1. Remuneration to Partners \u2013 subject to Limit prescribed below:-<\/li>\n<\/ol>\n\n\n\n\n\n\n
    Book Profit (BP) of the Firm<\/strong><\/td>\nAllowable Remuneration<\/strong><\/td>\n<\/tr>\n
    In case of Loss<\/td>\nRs. 150000\/-<\/td>\n<\/tr>\n
    Book Profit (BP) <= Rs. 3 Lakhs<\/td>\nHigher of Rs. 1,50,000\/- or @ 90 % of Book Profits<\/td>\n<\/tr>\n
    Book Profit (BP) > Rs. 3 Lakhs<\/td>\n2,70,000\/- + (BP \u2013 3,00,000) * 60%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
      \n
    1. Interest on Partners Capital (if provided in the Partnership Deed) is allowed upto a<\/li>\n<\/ol>\n

      Maximum of 12 % p.a.<\/p>\n

       <\/p>\n

      (D) \u00a0\u00a0\u00a0\u00a0 PRESUMPTIVE COMPUTATION OF PROFIT OF BUSINESS OF RESIDENT INDIVIDUAL, HUF & PARTNERSHIP FIRMS:-<\/strong><\/p>\n

      (i) FOR SMALL BUSINESSES (Section 44 AD)<\/strong><\/p>\n

      [Not applicable on LLPs, profession referred u\/s 44AA(1), commission\/ brokerage income & agency business]<\/em><\/strong><\/p>\n

      Turnover upto Rs. 200 Lakhs<\/p>\n

      Deemed Profit \u2013<\/p>\n

        \n
      1. 6% of Gross Receipts<\/strong> received by an account payee cheque or account payee bank draft or use of electronic clearing system through a bank account during the previous year or before the due date specified in sub-section (1) of section 139 in respect of that previous year;<\/li>\n
      2. 8% of Gross Receipts<\/strong> other than those covered in para (a) above.<\/li>\n<\/ol>\n

         <\/p>\n

        (ii) FOR SMALL RESIDENT PROFESSIONALS (Section 44 ADA)<\/strong><\/p>\n

        [Applicable for Professionals engaged in Profession referred to u\/s 44AA (1)]<\/em><\/strong><\/p>\n

        Gross Receipt upto Rs. 50 Lakhs<\/p>\n

        Deemed Profit \u2013 50% of Gross Receipt<\/p>\n

        Issues related to Presumptive Profit that need Attention<\/span><\/strong><\/p>\n

          \n
        1. An Eligible Assessee is allowed to declare profits in excess of the Deemed Profit;<\/li>\n
        2. If an Eligible Person wants to declare profit, lower than the Deemed Profit prescribed u\/s 44AD or 44ADA, then he is required to get his accounts audited in accordance with Income Tax Act, 1961.<\/li>\n<\/ol>\n

          3. For Partnership Firms declaring their presumptive profit u\/s 44AD or 44ADA, the Partners Remuneration and Interest are not allowed to be deducted from the \u2018Deemed Profit\u2019 derived under the aforesaid sections. They are presumed to be part of the expenses.<\/p>\n

          BENEFITS OF PRESUMPTIVE COMPUTATION OF PROFITS<\/span><\/strong><\/p>\n

            \n
          1. Exemption from the compliance burden of maintaining books of accounts.<\/li>\n
          2. Exempted from advance tax and allowed to pay their entire tax liability before the due date of filling the return or actual date of filing their return whichever is earlier.<\/li>\n<\/ol>\n

             <\/p>\n

            (E)\u00a0\u00a0RATE ON INCOME TAX ON COMPANIES<\/strong><\/p>\n

            (i) DOMESTIC COMPANIES:-<\/strong><\/p>\n\n\n\n\n\n\n
            Category of Company<\/strong><\/td>\nRate of Tax<\/strong><\/td>\n<\/tr>\n
            Domestic Companies with Turnover of upto Rs. 250 Crores (increased from 50 Crores) during the F. Y. 2016-2017<\/span><\/td>\n25%<\/strong><\/td>\n<\/tr>\n
            Other Domestic Companies<\/td>\n30%<\/td>\n<\/tr>\n
            Start-ups Registered from 01-04-2016 to 31-03-2021with Turnover not exceeding 25 Crores in 7 years from the date of Incorporation and [Section 80 IAC]<\/td>\n0% – For 3 out of 7 years<\/strong>[MAT applicable under 115JB]<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

            \u00a0<\/strong>(ii) OTHER NON-DOMESTIC COMPANIES<\/strong><\/p>\n

            (1) on so much of the total income as consists of,\u2014<\/p>\n\n\n\n\n
            (a<\/em>)<\/td>\nroyalties received from Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 31st day of March, 1961 but before the 1st day of April, 1976; or<\/td>\n50%<\/strong><\/td>\n<\/tr>\n
            (b<\/em>)<\/td>\nfees for rendering technical services received from Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 29th day of February, 1964 but before the 1st day of April, 1976, and where such agreement has, in either case, been approved by the Central Government<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

             <\/p>\n

            (2<\/em>) on the balance, if any, of the total income \u2013 40 %<\/strong><\/p>\n

            \u00a0 \u00a0 \u00a0 \u00a0Rate of Surcharge<\/strong> \u2013<\/p>\n

              \n
            1. Domestic company <\/strong><\/li>\n<\/ol>\n

              Total Income upto 1 Crore \u2013 NIL<\/p>\n

              Total Income > 1 Crore and upto 10 Crores \u2013 7 %<\/p>\n

              Total Income > 10 Crores \u2013 12 %<\/p>\n

              \u00a0 \u00a0 \u00a0 2. Other Companies<\/strong><\/p>\n

              Total Income upto 1 Crore \u2013 NIL<\/p>\n

              Total Income > 1 Crore and upto 10 Crores \u2013 2 %<\/p>\n

              Total Income > 10 Crores \u2013 5 %<\/p>\n

              \u00a0 \u00a0 \u00a0Health & Education Cess <\/strong>\u2013 4% of the Income Tax & Surcharge (increased from 3% previously)<\/p>\n

               <\/p>\n

              (i)\u00a0\u00a0\u00a0 Minimum Alternate Tax (M.A.T.) <\/strong>–\u00a0 Applicable where the Book Profits are more than Profits as per Income Tax Act, 1961.<\/p>\n

              (a) The rate of MAT payable by a company is 50%<\/strong> u\/s 115 JB.<\/p>\n

              (b) The period allowed to carry forward the tax credit under MAT<\/strong> is further extended to 15 (Fifteen) years<\/strong>.<\/p>\n

              (ii) Dividend Distribution Tax (Sec 115 O) is 15%<\/strong> but in case of dividend referred to in Section 2 (22) (e) of the Income Tax Act, it has been increased from 15% to 30%.<\/p>\n

               <\/p>\n

              (F)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 RATES OF DEPRECIATION UNDER INCOME TAX ACT<\/strong><\/p>\n\n\n\n\n\n\n\n\n
              ASSET<\/td>\nRATE OF DEPRECIATION<\/td>\n<\/tr>\n
              Plant & Machinery<\/td>\n15 %<\/td>\n<\/tr>\n
              Computers including Software<\/td>\n40 %<\/td>\n<\/tr>\n
              Motor Cars<\/td>\n15 %<\/td>\n<\/tr>\n
              Furniture & Fixtures<\/td>\n10 %<\/td>\n<\/tr>\n
              Building<\/td>\n5 %<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

               <\/p>\n

               <\/p>\n

              (G)\u00a0 \u00a0\u00a0\u00a0 TURNOVER LIMIT FOR AUDIT UNDER INCOME TAX ACT<\/strong><\/p>\n\n\n\n\n\n
              CATEGORY OF ASSESSEE<\/td>\nLIMIT OF GROSS RECEIPTS\/ TOTAL SALES\/ TURNOVER<\/td>\n<\/tr>\n
              A person carrying on Business<\/td>\nExceeding Rs. 1 Crore<\/strong> during the year<\/td>\n<\/tr>\n
              A person carrying on Profession<\/td>\nExceeding Rs. 50 Lakhs<\/strong> during the year<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

              \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/strong><\/p>\n

              \u00a0<\/strong>(H)\u00a0\u00a0\u00a0\u00a0 TAXATION OF EQUITIES (SHARES) & DIVIDEND:-<\/strong><\/p>\n\n\n\n\n\n\n\n
              \u00a0(i)<\/td>\nShort Term Capital Gain<\/strong> on Sale of Equities & EO MFs, on a Recognised Stock Exchange in India<\/span><\/td>\nTax @ 15 %<\/td>\n<\/tr>\n
              (ii)<\/td>\nLong Term Capital Gain<\/strong> on Sale of of Equities or EO MFs or units of business, on a Recognised Stock Exchange in India<\/span>:- <\/p>\n

              LTCG Tax = [(Sale Value \u2013 Cost) \u2013 100000]*10%<\/strong><\/p>\n

               <\/p>\n

              For Shares acquired before\u00a001-02-2018<\/span>\u00a0\u2013 Cost shall be higher of Actual Cost or Fair Market Value (Fair Market Value is the highest price of a share on 31-01-2018 on any Recognised Stock Exchange\u00a0but shall not\u00a0exceed the Sale Price or full value of consideration)<\/strong><\/p>\n

              \u00a0<\/span><\/p>\n

              [NOTE \u2013 To claim exemption u\/s 10 (38) for shares acquired after 01-10-2004, it will be mandatory that the STT must have been paid at the time of Purchase.]<\/td>\n

              		Tax @ 10%<\/td>\n<\/tr>\n
              (iii)<\/td>\nDividend<\/strong> Income upto<\/span> Rs. 10 Lakhs<\/td>\nNIL<\/td>\n<\/tr>\n
              (iv)<\/td>\nDividend<\/strong> Income above<\/span> Rs. 10 Lakhs<\/td>\n10%<\/td>\n<\/tr>\n
              (v)<\/td>\nShares of Unlisted companies if sold after 2 years, shall be treated as Long Term Capital Gain<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

               <\/p>\n

              (I)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 RESTRICTION ON CASH TRANSACTION<\/strong><\/p>\n

              In order to promote the digital economy, following restrictions have been imposed on Cash Transactions:-<\/p>\n\n\n\n\n\n\n\n\n
              NATURE OF EXPENDITURE<\/strong><\/td>\nI.\u00a0\u00a0 <\/strong>T. SECTION<\/strong><\/td>\nCEILING LIMIT<\/strong>\u00a0<\/strong><\/td>\nIN CASE OF VIOLATION<\/strong><\/td>\n<\/tr>\n
              CAPITAL \u2013 Payment for Fixed Assets Purchase<\/td>\n43<\/td>\n10000\/- per day per asset<\/td>\nThe expenditure shall not be included in the cost of asset. No Depreciation benefit.<\/td>\n<\/tr>\n
              Payment of Expenses on Specified Business<\/td>\n35AD<\/td>\n10000\/- per day per asset<\/td>\nNo deduction shall be allowed in respect of such expenditure.<\/td>\n<\/tr>\n
              Payment of Business Expenses<\/td>\n40 A (3)<\/td>\n10000\/- per day to a person<\/td>\nNo deduction shall be allowed in respect of such expenditure.<\/td>\n<\/tr>\n
              Payment made for plying, hiring or leasing goods carriages<\/td>\nSecond Proviso to 40 A (3A)<\/td>\n35000\/- per day to a person<\/td>\nNo deduction shall be allowed in respect of such expenditure.<\/td>\n<\/tr>\n
              Any Payment received:-(a) in aggregate from a person in a day;<\/p>\n

              (b) in respect of a single transaction; or<\/p>\n

              (c) in respect of transactions relating to one event or occasion from a person,<\/td>\n

              		269ST<\/td>\n2,00,000\/-<\/td>\nPenalty u\/s 271DA equal to the amount of such payment received by a person.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

              \u00a0<\/strong><\/p>\n

              \u00a0(J)\u00a0\u00a0\u00a0\u00a0\u00a0 LATE FEES FOR DELAY IN FILLING OF RETURN OF INCOME [Section 234 F]<\/strong><\/p>\n

              \u00a0<\/strong>A person who is required to furnish a return of income under\u00a0section 139, fails to do so within the time prescribed in sub-section (1) of the said section, he shall pay, by way of fee, as below:-<\/p>\n

                \n
              1. If his total income is upto Rs. 5 Lakhs :\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Rs. 1000\/-<\/li>\n
              2. If his total income exceeds Rs. 5 Lakhs<\/li>\n<\/ol>\n

                – Return filled upto 31st<\/sup> Dec of A.Y.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 :\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Rs. 5000\/-<\/p>\n

                – Return filled after 31st<\/sup> Dec of A. Y.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 :\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Rs. 10000\/-<\/p>\n

                 <\/p>\n

                NOTE \u2013 As per Section 80AC, <\/strong>NO DEDUCTION UNDER CHAPTER VIA (SECTION 80A TO 80 TTA) OF THE INCOME TAX ACT, 1961 SHALL BE ALLOWED UNLESS THE RETURN OF INCOME IS FILLED WITHIN DUE DATE SPECIFIED U\/S 139 (1) OF THE ACT.<\/p>\n

                #InterimBudget2019<\/span><\/span><\/span> #IncomeTaxRate2019<\/span><\/span><\/span>-20 <\/span><\/span>#IncomeTaxDeduction #https:\/\/www.indiabudget.gov.in\/<\/span><\/span><\/span><\/p>\n

                \"BUDGET<\/a> \"BUDGET<\/a> \"BUDGET<\/a> \"BUDGET<\/a> \"BUDGET<\/a> \"BUDGET<\/a> \"BUDGET<\/a> \"BUDGET<\/a><\/p>\n

                 <\/p>\n

                 <\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

                A quick review (Limited Information) of the applicable provisions under the Income Tax Act for the F. Y. 2019-20 (A. Y. 2020-21), after incorporating amendments (only key and selective amendments) proposed by the Interim Union Budget of 2019, are given below for ready reference and information of our clients:- \u00a0 (A)\u00a0 RATE OF INCOME TAX …<\/p>\n

                INTERIM BUDGET 2019 – INCOME TAX RATES, EXEMPTIONS, DEDUCTIONS AND PROVISIONS FOR F. Y. 2019-20 (A.Y. 2020-2021)<\/span> Read More »<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","footnotes":""},"categories":[4],"tags":[681,682,683,684,685,686,687,688],"class_list":["post-1133","post","type-post","status-publish","format-standard","hentry","category-chartered-accountants-ca","tag-budget-2019","tag-income-tax-deduction-for-individuals","tag-income-tax-exemption-limit-for-fy-2019-20","tag-income-tax-rate-for-fy-2019-20","tag-income-tax-ready-reckoner-for-fy-2019-20","tag-interim-budget-2019","tag-is-income-upto-5-lakhs-exempted","tag-rate-of-income-tax"],"_links":{"self":[{"href":"https:\/\/blog.ritulpatwa.com\/index.php?rest_route=\/wp\/v2\/posts\/1133","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.ritulpatwa.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.ritulpatwa.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.ritulpatwa.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.ritulpatwa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1133"}],"version-history":[{"count":4,"href":"https:\/\/blog.ritulpatwa.com\/index.php?rest_route=\/wp\/v2\/posts\/1133\/revisions"}],"predecessor-version":[{"id":1145,"href":"https:\/\/blog.ritulpatwa.com\/index.php?rest_route=\/wp\/v2\/posts\/1133\/revisions\/1145"}],"wp:attachment":[{"href":"https:\/\/blog.ritulpatwa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1133"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.ritulpatwa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1133"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.ritulpatwa.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1133"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}