"02 February 2020" Archive

Amendment relating to Fraudulent Transactions & Transitional Credits- GST

Article explains Provisions under GST Law of Penalty For Fraudulent Transactions Apart From Supplier/ Recipient Of Goods Or Services Or Both, Prosecution For Fraudulent Transactions Apart From Supplier/ Recipient Of Goods Or Services Or Both, Prosecution On Availment Of Input Tax Credit Without Invoice and Transitional Credit- Retrospecti...

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Section 271C Penalty for failure / non-deduction / non-payment of TDS

Article explains Provisions of Section 271C of Income Tax Act, 1961 which provides for Penalty for failure / non-deduction / non-payment of TDS. Basically, as we know, ‘TDS’ i.e. Tax Deduction at Source is a system through which tax is deducted at the very source of income. Putting up simply, the TDS system works as […]...

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Budget 2020 | Exemption U/s. 11 & 10(23C) | Approval U/s. 80G

Budget 2020: Exemption Under Section 11 AND Section 10(23C) And Approval Under Section 80G For Charitable / Religious Etc. Trusts, Institutions Etc. – An Analysis Of Proposed Amendments Introduction: The Finance Bill, 2020 has proposed to make substantial changes regarding provisions for granting exemptions to the charitable / religious...

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Tax rate for manufacturing services covered under entry at item (iv) of Notification No.11/2017-Central Tax (Rate) dt. 28.06.2017

Tax rate for manufacturing services covered under entry at item (iv) of Notification No. 11/2017-Central Tax (Rate) dt. 28.06.2017 The Govt. of India has issued Circular No.126/45/2019-GST dt. 22.11.2019 duly clarifying scope of the notification entry at item (id) related to job work, under heading 9988 of Notification No. 11/2017-Central...

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Snapshots of Union Budget 2020 – Direct Tax Amendments

Budget 2020- Article explains New Tax Regime (Optional Scheme) Vs Earlier Regime (Existing Scheme) – For Individual and HUF, Exemptions and Deductions Foregone to opt for optional Scheme, Insertion of Section 194O : TDS on Sale of Goods and Services through E-Commerce, Amendment in Section 206C (TCS Provisions), Modification of Residenc...

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Revised guidelines on Merchanting Trade Transaction by RBI | FEMA

Reverse Bank of India by circular dated January 23, 2020 has issued the revised guidelines of Merchanting Trade Transaction (MTT). The trade is called Merchanting Trade when, the supplier of goods will be resident in one foreign country, the buyer of goods will be resident in another foreign country and the merchant or the intermediary [&...

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Income Tax rate on Income of Newly Setup Manufacturing Companies

Central Government through 'The Taxation Laws (Amendment) Act, 2019' in September 2019, inserted a new Section 115BAB which gives an option to newly set up manufacturing companies to pay income tax at concessional rate on profits earned by them from business,...

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Decriminalization of Companies Act, 2013: Another Amendment Expected

The Companies Act, 2013 (Act) has seen tremendous changes within a span of just 6 years of its coming into force. The frequent changes have posed challenges for all the stakeholders including corporates, business fraternity, professionals (like CS/CA/CMA/ Lawyers etc) as well as students. As India is witnessing drastic economic slowdown, ...

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Govt clarifies on Tax on Income of Indian citizens working Overseas

NA (02/02/2020)

It is clarified that in case of an Indian citizen who becomes deemed resident of India under this proposed provision, income earned outside India by him shall not be taxed in India unless it is derived from an Indian business or profession....

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Residency provisions – 182 days criteria reduced to 120 days

Modification of residency provisions. Sub-section (1) of section 6 of the Act provide for situations in which an individual shall be resident in India in a previous year. Clause (c) thereof provides that the individual shall be Indian resident in a year, if he,- (i) has been in India for an overall period of 365 […]...

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