"03 February 2020" Archive - Page 2

Union Budget 2020 Impact On Agriculture Sector

The agricultural sector has been in a slow down for a past couple of years now. To overcome this, Finance Minister N. Sitharaman through this budget tried to change this situation. The finance minister proposed a 16 point action plan in her speech while presenting the budget so as to improve the condition of the agricultural […]...

Posted Under: Income Tax |

Direct & Indirect Tax Proposals under Union Budget 2020

The period to avail credit in respect of debit notes to be counted from the date of issuance of the debit note instead of the issuance date of invoice Fraudulent availment of input tax credit without invoice or bill has been made a cognizable and a no-bailable offense....

Posted Under: Income Tax |

Contribution By Employer Exceeding Rs.7.5 Lakhs Is Now Taxable

In this Article, we will discuss about change in Section 17 of Income Tax act related to provident and superannuation fund received by  salaried employees . Employer Contribution in all  3 specified fund including interest earned on same amount ,during Previous Financial Year,  will be taxable in hands of employees  if it is exceeding...

Posted Under: Income Tax |

Section 194C: TDS on Value of Raw Material in contract manufacturing

Amending definition of ‘work’ in section 194C of the Act Section 194C of the Act provides for the deduction of tax on payments made to contractors. The section provides that any person responsible for paying any sum to a resident for carrying out any work (including supply of labour for carrying out any work) in […]...

Posted Under: Income Tax |

Aligning purpose of entering into DTAA with Multilateral Instrument (MLI)

Aligning purpose of entering into DTAA with Multilateral Instrument (MLI) Section 90 of the Act empowers the Central Government to enter into agreement with foreign countries or specified territories (commonly known as DTAAs) for,- (a) granting relief in respect of — (i) income on which tax has been paid both, in India and that foreign ...

Posted Under: Income Tax |

CBIC notifies due date of GSTR 3B for January, February & March 2020

Notification No. 07/2020–Central Tax [G.S.R. 83(E)] 03/02/2020

CBIC issues Notification No. 07/2019–Central Tax  dated 3rd February, 2020 to prescribe due dates for filing of return in FORM GSTR-3B in a staggered manner for the months of January, 2020, February, 2020 and March, 2020. The last date for filing of GSTR-3B for the taxpayers having annual turnover of Rs 5 crore and above […]...

Govt to defer Significant Economic Presence (SEP) provisions

Deferring Significant Economic Presence (SEP) proposal, Extending source rule, Aligning exemption from taxability of Foreign Portfolio Investors (FPIs), on account of indirect transfer of assets, with amended scheme of SEBI, and rationalising the definition of royalty. Section 9 of the Act contains provisions in respect of income which a...

Posted Under: Income Tax |

Undermining Markets: When Government Intervention Hurts More Than It Helps

Every moment one should learn, from every bit one should earn. If you waste a second you can’t get knowledge and if you waste a bit u can’t get money. Government intervention, sometimes though well intended, often ends up undermining the ability of the markets to support wealth creation and leads to outcomes opposite to […]...

Posted Under: Income Tax |

Removing DDT & taxing dividend in shareholders/unit holders hand

Removing dividend distribution tax (DDT) and moving to classical system of taxing dividend in the hands of shareholders/unit holders. Section 115-O provides that, in addition to the income-tax chargeable in respect of the total income of a domestic company, any amount declared, distributed or paid by way of dividends shall be charged to a...

Posted Under: Income Tax |

Computation of Cost of asset acquired before 1st April, 2001

Rationalization of provisions of section 55 of the Act to compute cost of acquisition The existing provisions of section 55 of the Act provide that for computation of capital gains, an assessee shall be allowed deduction for cost of acquisition of the asset and also cost of improvement, if any. However, for computing capital gains [&helli...

Posted Under: Income Tax |

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