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Taxation amendment ordinance 2019

The said ordinance has made certain amendments in the Income-tax Act 1961 (‘IT Act’) and the Finance (No. Taxation Laws (Amendment) Bill, 2019 , will amend the Income Tax Act 1961 and the Finance (No 2) Act 2019 . . 2) Act 2019. COM (H), FCA, FCS, FCMA, LL. Some salient features include:The Taxation Laws (Amendment) Act, 2019, was initially introduced as an ordinance, which was promulgated in September, 2019. The Bill amends this provision by making it effective from the financial year 2020-21. 2) Act, 2019. PRAMOD JAIN B. Newsflash on the Taxation Laws (Amendment) Ordinance 2019 promulgated by the President of India on 20th September 2019. Taxation Laws (Amendment) Bill 2019 passed The Lok Sabha passed a Bill to replace an Ordinance for effecting reduction of corporate tax rates . Economic developments after the enactment of the Finance (No. Salient features of the amendments made by the Ordinance are provided in the CA. However, it was later developed into a Bill after making a few changes. As these could have been achieved through amendment to the Income-tax Act, 1961 (IT Act) or to the Finance Act and the Parliament was not in session, it was done through promulgation of The Taxation Laws (Amendment) Ordinance 2019 (the Ordinance) in September, 2019. Amendments in the Income-tax Act, 1961 are as under:Cabinet approves Taxation Laws (Amendment) Bill, 2019 The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the proposal for introducing the Taxation Laws (Amendment) Bill, 2019 in order to replace the Ordinance. The Ministry of Law and Justice on December 12, 2019, has published the Taxation Laws (Amendment) Act, 2019, to further amend the Income-tax Act, 1961 and the Finance (No. B, MIMA, DISA, IP Tax Rates in Taxation Laws (Amendment) Ordinance 2019 & Representation Skills Shared atTax Laws (Second Amendment) Ordinance 2019 also withdrew sales tax exemption on frozen prepared or preserved sausages and similar products of poultry meat or meat offal sold in retail packing The Ordinance reduces the MAT rate (applicable for companies not opting for the new tax rates) from 18. 5% to 15% with effect from the financial year 2019-20. 2) Act, 2019 (Finance Act) along with reduction of rate …Since these could have been achieved through an amendment to the Income-tax Act, 1961 (IT Act) or to the Finance Act and the Parliament was not in session, it was done through The Taxation Laws (Amendment) Ordinance 2019 (the Ordinance) in September this year

 
 
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