it is proposed to insert a new sub-section (2A) in section 274 so as to provide that Central Government may notify an e-scheme for imposing penalty so as to impart greater efficiency, transparency and accountability
Widening the scope of section 206C to include TCS on foreign remittance through Liberalised Remittance Scheme (LRS) and on selling of overseas tour package as well as TCS on sale of goods over a limit. Section 206C of the Act provides for the collection of tax at source (TCS) on business of trading in alcohol, […]
Reducing the rate of TDS on fees for technical services (other than professional services). Section 194J breaks in two different rates 2% and 10% for fees for technical services and fees for professional services respectively Section 194J of the Act provides that any person, not being an individual or a HUF, who is responsible for […]
Allowing deduction for amount disallowed u/s 43B, to insurance companies on payment basis Section 44 of the Act provides that computation of profits and gains of any business of insurance, including any such business carried on by a mutual insurance company or a co-operative society shall be computed in accordance with the rules contained in […]
Rationalisation of provision relating to Form 26AS Section 203AA of the Act, inter-alia, requires the prescribed income-tax authority or the person authorised by such authority referred to in sub-section (3) of section 200, to prepare and deliver a statement in Form 26AS to every person from whose income, the tax has been deducted or in […]
Deferring TDS or tax payment in respect of income pertaining to Employee Stock Option Plan (ESOP) of start- ups. ESOPs have been a significant component of the compensation for the employees of start-ups, as it allows the founders and start-ups to employ highly talented employees at a relatively low salary amount with balance being made […]
By insertion of section 115BAC in the Act, on satisfaction of certain conditions, an individual or HUF shall, from assessment year 2021-22 onwards, have the option to pay tax in respect of the total income at following rates:- Total Income (Rs) Rate Upto 2,50,000 Nil From 2,50,001 to 5,00,000 5 % From 5,00,001 to 7,50,000 […]
SEBI issued circular on 22nd January, 2020 and revised the existing Standard Operating Procedure (SoP) to incorporate the amendments to Listing Regulations and streamline the SoP for dealing with non-compliance. Further, the circular says that listed entities are required to inform their promoters about this circular. Read- SEBI SOP for suspension & revocation of trading […]
Amidst the lower gross domestic product, requirement of government expenditure and management of taxpayers’ expectations, Budget 2020 has proposed much-awaited and promising changes in terms of tax rate reductions, extension of exemptions for start-ups, etc., while also addressing some of the needs for reviving the economy. 1. Relief for start-ups and its employees: Start-ups have […]
Maintaining books of account at a place other than Registered Office | Section 128 | Companies Act, 2013 Article contains Statutory Provisions related to Maintaining Of Books Of Account At A Place Other Than The Registered Office or at a place outside India under Companies Act, 2013, Penalty if the books are not been maintained […]
