STOCK MARKET BSE NSE

Finance Bill amends 7 direct & indirect tax laws

The Payment and Settlement Systems Act, Black Money Act, Income-Tax Act, Finance Act 2015, Finance Act 2004 and Benami Act are among the seven direct taxation laws that are being amended in the Bill.

Published: 19th July 2019 07:45 AM  |   Last Updated: 19th July 2019 07:45 AM   |  A+A-

Outgoing budget documents at the Parliament House on Thursday | Shekhar Yadav

By Express News Service

NEW DELHI: Finance Minister Nirmala Sitharaman said the Finance Bill 2019 passed by Lok Sabha on Thursday has amended seven direct and indirect taxation-related laws.

“The Bill is looking at various taxation proposals of the Centre for the financial year 2019-20. Under the direct taxation, about seven Acts are being amended, keeping in mind the Make in India,” she said.

The Payment and Settlement Systems Act, Black Money Act, Income-Tax Act, Finance Act 2015, Finance Act 2004 and Benami Act are among the seven direct taxation laws that are being amended in the Bill.

According to Rajesh Gandhi, senior partner (direct taxation), Deloitte, “There are no significant changes in direct taxes... For start-ups, the way taxation on earnings from the sale of shares is done has been slightly amended. Instead of taxing the difference between the fair market price and the face value of the share, taxation is now between fair market price and consideration received from the sale of the share.”

Earlier, the Finance Bill had included gifts to persons outside India under the ambit of income deemed to accrue or arise in India, but this led to a lot of confusion. “In order to remove the ambiguity, the amendment now provides that only gift of money paid by a resident in India to a non-resident shall be deemed to arise in India, even when the same is arising outside India,” said Sunil Gidwani, partner (financial sector), Nangia Advisors.

The amendments in taxation laws include a reduction in corporate tax rate; incentives to purchase of electronic vehicles, start-ups, international financial service centres and certain NBFCs; furthering the government’s agenda on tackling black money; TDS on tax withdrawal from banks; compulsory returns filing; quoting of PAN and Aadhaar and so on.

Stay up to date on all the latest Business news with The New Indian Express App. Download now

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp