Vijaykumar Pandey & CO.

12/02/2019

6 BENEFITS FOR REAL ESTATE SECTOR :INTERIM BUDGET-2019
Raj Kumari Sunday, February 3, 2019

In interim budget-2019 presented by Finance Minister Piyush goyal special incentive has been given to the real estate sector specially the housing sector by amending the and extending the benefits under income tax provisions.Main changes has been given as under

Tax on notional rent on unsold real estate inventory to be levied after 2 years vs. 1 year previously.

Exempted notional rent applicable on second self-occupied house.
Threshold limit for TDS on rental income increased to Rs 2.4 lakh per annum from Rs 1.8 lakh per annum previously.

Capital gains limit u/s 54, raised to Rs 2cr and will now be available for two residential houses instead of one earlier.

Deduction of profits from affordable housing project currently available for projects approved before 31 March 2019, extended to be available for projects approved till 31 March 2020 (i.e. one more year)

A Group of Ministers has been formed to discuss the measures to reduce the GST burden on home buyers.

1. No Tax on Notional Rent for Builders
Proposal :Benefit of nil tax currently available for one year in case of unsold inventory of real estate developers, extended to two years
Present :Notional income from unsold inventory for up to one year (from end of financial year in which certificate of completion of property is received) is exempt from tax
Change :Period of exemption of one year increased to two years
Impact :Incentive to real estate developers to reduce their tax cost and pass on the benefit to ultimate homebuyers

2.Exempted notional rent applicable on second self-occupied house.
Proposal :Exemption of notional income from self occupied house property increased for up to two properties
Present :Notional income from any one self-occupied house property is exempt from tax Tax deduction upto Rs 200,000 is available in respect of interest paid on loan borrowed for such property
Change :Limit of one self-occupied property increased to two properties Aggregate limit of tax deduction for interest paid, however, remains unchanged
Impact :Likely to benefit middle class families who have to maintain families at two locations on account of job, children, care of parents, etc.

3.Change in TDS limit for Rent
Present :No liability to deduct tax at source on rent paid upto Rs.180,000 annually
Change :Limit of Rs.180,000 increased to Rs.240,000
Impact: Likely to reduce compliance and benefit small taxpayers
4.Capital gains limit u/s 54, raised to Rs 2cr and will now be available for two residential houses instead of one earlier. (read Change in Section 54 here )

5.Deduction of profits from affordable housing project
Present :Deduction is available in respect of profits derived from developing an affordable housing project which has received approval from Government between 1 June 2016 till 31 March 2019
Change :Sunset time-limit for approval extended by one year to 31 March 2020
Impact :Incentive to affordable housing sector to enable developers to reduce their tax cost and pass on the benefit to ultimate homebuyers
6.A Group of Ministers has been formed to discuss the measures to reduce the GST burden on home buyers.

27/05/2018

IT department releases all e-filing forms for AY 2018-19, last date for filing is July 31.

14/03/2018

The online filing system introduced to bring in transparency can easily be short-changed as one can claim tax refund without any supporting document.

24/10/2017

FM announces today that To facilitate taxpayers, l.... Click here to view the full Article

11/10/2017

In case a supplier falls to upload few Invoice(s) .... Click here to view the full Article

12/05/2017

http://taxguru.in/goods-and-service-tax/gst-on-small-and-medium-size-business-download-e-book.html

सरकार अब एक जुलाई 2017 से जी.एस.टी.लागू करने वाली है और इसके लिए आ

01/02/2017

!!!Action Packed Day Today!!!

आज आख़िर बजट २०१७ पेस होने जा रहा है जो कि बहुत ज़रूरी था।

आप को ये बताना बहुत ज़रूरी है कि बजट इस बार मार्च की जगह फ़रवरी में क्यूँ पेश किया जा रहा है ?

कारण वैसे बहुत सामान्य है लेकिन कुछ दलो द्वारा इस फ़ैसले का इस तरीक़े के विरोध किया गया जैसे ये कोई देशविरोधी घटना हो और ये भी कहा गया कि बजट पाँच राज्यों में होने वाले चुनाव को प्रभावित करने के लिए फ़रवरी में चुनाव के पहले पेश किया जा रहा है।
बजट का विरोध करने वालों को सुप्रीम कोर्ट से भी फटकार मिली क्यूँकि वो ये भूल गए थे की जब पहले बजट मार्च में पेस होता था तब गवर्न्मंट को निर्धारित बजट ख़र्च करने के लिए सिर्फ़ ८-९ महीने ही मिलते थे जिससे बजट द्वारा निर्धारित धन का बहुत बड़ा हिस्सा समय के कमी के कारण उपयोग ही नहीं हो पता था और जनहित के कार्य अधूरे ही रह जाते थे।
बजट पेश होने के बाद ३-४ महीने तो बजट द्वारा निर्धारित धन को निर्धारित कार्यों में उपयोग करने की तैयारी में ही लग जाते थे, फिर देश के नेता और सरकारी तंत्र की निस्क्रियता भी बजट धन के उपयोग में नकारात्मक भूमिका निभाती थी।
ये सारी कमियों को दूर करने तथा पूरे निर्धारित बजट को पूरे साल उपयोग करने का समय मिले इसीलिए भारत सरकार ने ऐतिहासिक फ़ैसला लेते हुए तथा देशहित में बजट को मार्च के जगह आज ०१ फ़रवरी को पेश करने का फ़ैसला लिया है।

01/02/2017

http://taxguru.in/income-tax/tds-deductible-salary-paid-partners.html

o Employer Employee Relationship exist between a partnership firm and partners so TDS is not required to be deducted on Partner’s Remuneration.

08/07/2016

The accurate and complete filling up of the relevant column or detail in the Income Tax Return (ITR) form is most crucial for correct calculation of income. In case the computation of Income or refund is different than what had been entered or what is expected, please verify the accuracy of the data...

07/07/2016

The facility to upload return of income u/s 119(2)(b) and u/s 92CD is enabled in e-Filing portal. To avail this facility post login --> e-File --> e-File u/s 119(2)(b)/92CD.