Taxation Laws (Amendment) Act, 2019

Amendment of Part II of First Schedule In the First Schedule of the Finance (No. 2) Act,— (A) in PART II, under the sub-heading “Surcharge on income-tax”, in paragraph (i), in clause (a), with effect from the 1st day of April, 2019,— (i)   in sub-clauses I and II, after the words “aggregate of such […]

Amendment of Act No. 23 of 2019 In section 2 of the Finance (No. 2) Act, 2019 [hereafter in this Chapter referred to as the Finance (No. 2) Act], in sub-section (9), with effect from the 1st day of April, 2019,— (a)   in the second proviso, for the words “First Schedule”, the words, figures

Amendment of section 115QA In section 115QA of the Income-tax Act, in sub-section (1), the following proviso shall be inserted and shall be deemed to have been inserted with effect from the 5th day of July, 2019, namely:— “Provided that the provisions of this sub-section shall not apply to such buy-back of shares (being the shares

Amendment of section 115JB In section 115JB of the Income-tax Act, with effect from the 1st day of April, 2020,— (a)   in sub-section (1), the following proviso shall be inserted, namely:—     ‘Provided that for the previous year relevant to the assessment year commencing on or after the 1st day of April, 2020, the

Amendment of section 115JAA In section 115JAA of the Income-tax Act, after sub-section (7), the following sub-section shall be inserted with effect from the 1st day of April, 2020, namely:— “(8) The provisions of this section shall not apply to a person who has exercised the option under section 115BAA.”. Practice area’s of B K

Insertion of new section 115BAB After section 115BAA of the Income-tax Act, the following sections shall be inserted with effect from the 1st day of April, 2020, namely:— 115BAB. Tax on income of new manufacturing domestic companies.— (1) Notwithstanding anything contained in this Act but subject to the provisions of this Chapter, other than those mentioned under

Insertion of new section 115BAA After section 115BA of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2020, namely:— ‘115BAA. Tax on income of certain domestic companies.—(1) Notwithstanding anything contained in this Act but subject to the provisions of this Chapter, other than those mentioned under section

Amendment of section 115BA In section 115BA of the Income-tax Act, with effect from the 1st day of April, 2020,— (a)   for the marginal heading “Tax on income of certain domestic companies”, the marginal heading “Tax on income of certain manufacturing domestic companies” shall be substituted; (b)   in sub-section (1), for the words

Amendment of section 92BA In section 92BA of the Income-tax Act, 1961 (43 of 1961) (hereafter in this Chapter referred to as the Income-tax Act), after clause (v), the following clause shall be inserted, with effect from the 1st day of April, 2020, namely:— “(va) any business transacted between the persons referred to in sub-section

Short title and commencement (1) This Act may be called the Taxation Laws (Amendment) Act, 2019. (2) Save as otherwise provided, it shall be deemed to have come into force on the 20th day of September, 2019. Practice area’s of B K Goyal & Co LLP Income Tax Return Filing | Income Tax Appeal |