"01 February 2020" Archive

New scheme of Income Tax Rates for Individuals & HUF: FAQs

FAQs on new scheme of Income Tax rates introduced in Union Budget 2020-21 / Finance Bill 2020. Q1. When will the new scheme of Income Tax rates be applicable? Ans. The new Scheme will be applicable from Asst Year 2021-22 (i.e. Financial Year 2020-21). Q2. What is the new Scheme of Income Tax rates? Ans. […]...

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Posted Under: Income Tax |

Budget 2020: Tax Audit Limit 5 Crore, Return filing date 31st October

Rationalisation of provisions relating to tax audit in certain cases. Under section 44AB of the Act, every person carrying on business is required to get his accounts audited, if his total sales, turnover or gross receipts, in business exceed or exceeds one crore rupees in any previous year. In case of a person carrying on […]...

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Posted Under: Income Tax |

Section 194O TDS on certain Payment by e-commerce operator

Section 194O: Deduction of TDS on Payment of certain sums by e-commerce operator (Amazon/Flipkart) to e-commerce participant  In order to widen the Tax base FM announced that E-commerce operator (Amazon/Flipkart etc) which facilitate sale of good/services through their digital platform required to deduct TDS at 1% on GROSS AMOUNT OF SUCH...

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Posted Under: Income Tax |

Withdrawal of tax exemption of UPSC Chairman, EC Members & Commissioners

Withdrawal of Income Tax Exemption on certain perquisites or allowances provided to Union Pubic Services Commission (UPSC) Chairman and members and Chief Election Commissioner and Election Commissioners. Section 10 of the Act provides for exemption in respect of certain incomes and activities under specific circumstances. Clause (45) ther...

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Posted Under: Income Tax |

New Tax Rate: Domestic companies can claim deduction u/s 80JJAA / 80M

Modification of concessional tax schemes for domestic companies under section 115BAA and 115BAB Domestic companies who has opt for concessional rate u/s 115BAA and 115BAB can take deduction under section 80JJAA or 80M Taxation Law Amendment Act, 2019 (TLAA) inserted section 115BAA and section 115BAB in the Act to provide domestic companie...

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Posted Under: Income Tax |

New optional Income Tax Slab Rate for Individual / HUF for FY 2020-21

Now, Individual and HUF has option to choose their own tax slab rate! In line with options provided to domestic companies under the Taxation Law Amendment Act, 2019 (TLAA) and proposed to be provided to resident co-operative societies under this Bill, it is also proposed to provide similar option to individual and HUF by insertion [&helli...

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Posted Under: Income Tax |

New Income tax rate for resident co-operative societies FY 2020-21

Concessional tax rate option available and AMT is not applicable for resident co-operative societies FM based on the representation from various stakeholders provided option for concessional tax rate of 22% to resident Co-operative Societies on similar line as given for domestic companies in Taxation Laws Ordinance 2019. I wish she could ...

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Posted Under: Income Tax |

Rates for deduction of TDS during financial year 2020-21

I. Rates for deduction of income-tax at source during the financial year (FY) 2020-21 from certain incomes other than Salaries. The rates for deduction of income-tax at source during the FY 2020-21 from certain incomes other than “Salaries” have been specified in Part II of the First Schedule to the Bill. The rates for all […]...

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Posted Under: Income Tax |

Rates of income-tax for FY 2019-20 / Assessment year 2020-21

Rates of income-tax in respect of income liable to tax for the Assessment year 2020-21 / Financial Year 2019-20 In respect of income of all categories of assessees liable to tax for the assessment year 2020-21, the rates of income-tax have either been specified in specific sections (like section 115BAA or section 115BAB for domestic [&hel...

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Posted Under: Income Tax |

Changes in IBBI norms to prevent backdoor entry of ex-promoters in Cos

Lots of loopholes, cracks and ambiguities have come to the fore in IBC’s 3-year journey but prompt action by the IBBI has helped to keep it relevant as the most effective law for insolvent entities. – Kritika Chabbra (Market Analyst, MUDS Management Pvt. Ltd.) Constant Change & Improvement Any law is effective only when it [&h...

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Posted Under: Income Tax |