The enactment of tax reform legislation will have far-reaching consequences for businesses and individuals. Finance budget is changed every year in the month of February by the government which are generally applicable to the next following financial year beginning from April 1st unless otherwise specified. As we are stepping ahead towards the beginning of a new financial year (“FY”) 2019-20, various amendments and provisions under Income- tax and GST (Goods and service tax) laws are regulated which shall be applicable from April 1, 2019.
Emendations to Income tax Act
- Section 87A rebate
An amount of INR 2,500 is raised