DDS & ASSOCIATES

With Aim to Banning of Unregulated Deposit Scheme Ordinance on 21/09/2019 . Salient Features : With aim to save crores of hard earned money which people lose in day in and day out Unorganized Deposit schemes on various new names and concepts, which seems very attractive initially but finally it converts into a fraudulent transaction with innocent people. It’s a very welcome step further by our ownerable Government to put check on such a type of transactions and to add good governance in such a type of financial transactions but at the same time, it will also affect to small and medium size business organizations which runs their business by taking loan funds and advances from Friends and other related firms on basis of references and merits, in addition to fund taken from Relatives and related firms. More clarifications will be required soon from the Government Side and guidelines for existing loans and advances already taken and already in books. Summary of the Prov

CONSTRUCTION OF AFFORDABLE HOUSING AND BENEFIT OF 100% TAX FREE PROFIT U/S 80IB OF THE INCOME TAX ACT, 1961 EXTENDED FOR ONE MORE YEAR…..NOW   PROJECT CAN BE REGISTERED FOR BENEFITS OF SECTION 80IB TILL 31/03/2020…..WELCOME PROPOSAL IN BUDGET 2019 UPA GOVERNMENT HAS ALSWAYS FOCUSSED THE ENRICHMENT AND BETTERMENT OF MASS POPULATION WHO HAS STILL “OWN HOME” IS A DREAM.   AFFORDABLE HOUSING CONCEPT WORKED MIRACLY AND OWING DREAM HOUSE COMES TRUE FOR THOUSAND OF FAMILY AND TO ENCOURAGE MORE AND MORE AFFORDABLE HOUSES ARE BUILTUP….GOVERNEMTN INTRODUCED SECTION 80IB FOR THE 100% TAX BANEFITS FOR BUILDERS WHO CONSTRUCTS “AFFORDABLE   HOUSING PROJECT” AS PER PREVIOUS BUDGET, DEDLINE WAS SCHEDULED 31/03/2019 FOR REGISTRATION OF THE PROJECT FOR BENEFITS OF SEC 80IB, WHICH NOW EXTEDED UPTO 31/03/2020, FOR ONE MORE YEAR . WHAT IS SEC 80IB, WHO CAN TAKE BENEFITS UNDER THIS SECTION, WHAT ARE THE CRITERIA TO BE FULFILLED….ETC ARE AS SUMMARISED BELOW. Deductions in respect of profits

For facilitating the promotion and development and enhancing the competitiveness of MSMEs, the Ministry of MSME vide Gazette Notification No. 750(E) dated 29.07.2016 had notified the MSME Development (Furnishing of information Rules, 2016) under which all MSMEs are to furnish information relating to their enterprises online to the Central Government in the data bank maintained by it at www.msmedatabank.in.          The MSME Outreach Programme initiated by the Government gave 12 new decisions for MSMEs which will enhance their credit access:    59-minutes loan sanction portal   Computerised random allocation for inspection  Loan option for GST registered firms will be available through  the GST portal itself  Cash flow certainty  Interest  concession on loans for MSME exporters to be raised to 5% from 3%  Quick loan access  Mandatory for PSUs to procure up to 3 per cent from MSMEs led by women.  Trade receivables and e-discounting systems Government will set up pharma cl

Growth Oriented, Progressive and Relaxing Budget-2019 will give extra power to boost economy as a whole ·      *   Individual taxpayers having annual income upto 5 lakhs will get    full     tax rebate   ·       Capital gains exemption under section 54 increased to Rs 2 crore, to be available on 2 house properties   ·         Standard Deduction for Salaried person incresed from Rs. 40k to 50k   ·       TDS Threshold Limit on Banks , Post office increased from Rs. 10k to 40k   ·       TDS Threshold Limit on Rent increased to Rs. 240000/   ·       No Tax on Notional Rent on two self occupied house property.   ·       Finance Minister says Rs 38,572cr allocated for National Education Mission   ·         Govt allocated Rs 38,572 crore for National Education Mission   ·         Govt sets Rs 76,800 Cr for welfare of SC/ST   ·         We are poised to become a 5 trillion dollar economy in the next 5 years and we aspire to become a 10 trillion dollar economy in the next 8 year