Section 194-IA of the Act relates to payment on transfer of certain immovable property other than agricultural land and provides for levy of TDS at the rate of one per cent. on the amount of consideration paid or credited for transfer of such property. The term ‘consideration for immovable property’ is presently not defined for […]
Tax Deduction at Source (TDS) on payment by Individual/HUF to contractors and professionals under new section 194M At present there is no liability on an individual or Hindu undivided family (HUF) to deduct tax at source on any payment made to a resident contractor or professional when it is for personal use. Further, if the […]
A dispute resolution cum amnesty scheme called the Sabka Vishwas Legacy Dispute Resolution Scheme is being introduced for resolution and settlement of legacy cases of Central Excise and Service Tax. The proposed Scheme covers past disputes of taxes which have got subsumed in GST namely Central Excise, Service Tax and Cesses. All persons are eligible […]
India is the first country to mandate the provisions of Corporate Social Responsibility (CSR) and this landmark legislation is governed under 135 of The Companies Act, 2013, read with The Companies (Amendment) Act, 2017 and the Companies (Corporate Social Responsibility Policy) Rules, 2014.
here are 68 amendments made in Income Tax in this budget, I am classifying and analyzing few important amendments hereunder: More Compliance for Common People and No Return Gifts: A. Filing of Income Tax Return extended to certain Persons
(1) This Act may be called the Special Economic Zones (Amendment) Act, 2019. (2) It shall be deemed to have come into force on the 2nd day of March, 2019.
In re Rajiv Gandhi Centre for Aquaculture (GST AAAR Tamilnadu) From the note furnished on the Artemia Project, it is seen that Cysts and biomass are harvested, processed, Packed and traded. It is stated that artemia cyst cannot be consumed with outer shell/chorion as such; cyst are incubated in sea water with light and aeration; […]
The Insolvency and Bankruptcy Board of India (IBBI) vide its notice dated 12th June, 2019 invited applications for Empanelment of Providers of Platform for Distressed Assets (PDAs). In this regard, a pre-application meeting was held at IBBI’s office on 26th June, 2019. Certain queries were raised during the meeting as also were forwarded through email. In accordance with clause 7B and 7C (Page 14) of the said notice, clarification in respect of the following queries are given below:
People coming under income tax assessment According to the data of the AY 2015-16, only 1.7% of total Indians pay income tax. The number of people paying income tax rose from 3.65 crores to 4.07 crores paid income tax & the rest claims below taxable income. % of taxpayer % of total taxes 4.63% of […]
CBIC inserted new rule 32A which deals with the value of supply in cases where the Kerala Flood Cess is applicable. The present article highlights the basic provisions of ‘Kerala Flood Cess’ and explains the impact of the newly inserted rule 32A.
