The Lok Sabha today passed the Finance Bill 2019 to give effect to the tax proposals for 2019-2020 with Finance Minister Nirmala Sitharaman saying the proposals would boost \u201cMake in India\u201d, less-cash economy and ease the pain of the common person.<\/p>\n\n\n\n
On the issue of proposed raise in tax liability on people earning more than Rs 2 crore a year, she said the proposal won\u2019t impact Foreign Portfolio Investors if they organised themselves as a company.<\/p>\n\n\n\n
Sitharaman, while replying to the debate on the Bill, did not relax tax proposals a demand most Opposition MPs made. She disagreed with the Opposition suggestion of removing the cess on petrol and diesel and reconsidering 2 per cent TDS on withdrawals of more than Rs 1 crore annually.
\nThe minister was silent on raised customs duty on newsprint to 10 per cent. This hike was opposed by several Opposition MPs. <\/p>\n\n\n\n
\u201cThere is an option for FPIs to register as a company. When that\u2019s done, you don\u2019t have a problem of tax which some members have raised,\u201d she said, describing a trust as a taxable entity.<\/p>\n\n\n\n
On 2 per cent TDS on cash withdrawal beyond Rs 1 crore a year, Sitharaman reasoned that tax could be adjusted against the liability of the assesses and there won\u2019t be any additional burden. <\/p>\n\n\n\n
Explaining tax law simplification, Sitharaman said the Ministry had set up a task force to finalise a new Direct Tax Code and its report would come by month end.<\/p>\n","protected":false},"excerpt":{"rendered":"
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