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Highlights of Interim Budget 2019-20

February 1, 2019
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Income Tax

1. Basic exemption limit not increased to Rs.5,00,000 from present 2,50,000 but relief u/s 87A is increased from 2,500 to 12,500 upto income of Rs.5,00,000. So persons having income exceeding Rs.5,00,000 existing slabs will apply and no relief u/s

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Income Tax Updates

January 30, 2019
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CASE LAWS

 

  • Any interest paid on account of late payment of TDS is available for deduction u/s 37(1) as allowable business expense from taxable income. STUP Consultants Pvt Ltd. v/s Additional commissioner of Income Tax, Mumbai.

 

  • Penalty u/s.271(1)(c) –If the details of
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Income Tax Update

January 25, 2019
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CASE LAW

  • While setting off losses relating to other non- eligible units (Deduction u/s 10A) – the stage of deduction would be while computing the gross total income of the eligible undertaking under chapter IV of the act and not at
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