Amendment of sub-section (7) of section 11 to allow entities holding registration under section 12A/12AA to apply for notification under clause (46) of section 10 Section 11 of the Act provides for grant of exemption in respect of income derived from property held under trust for charitable or religious purposes to the extent to which […]
Expanding the eligibility criteria for appointment of member of Adjudicating Authority under the Prohibition of Benami Property Transaction Act, 1988. The existing provisions of section 9 of the PBPT Act, inter-alia, provides that, a member of the Indian Revenue Service who has held the post of Commissioner of Income-tax or equivalent post in that Service; […]
Rationalisation of the provisions of section 49 and clause (42A) of section 2 of the Act in respect of segregated portfolios Section 49 of the Act provides for cost of acquisition for the capital asset which became the property of the assessee under certain situations. Further, clause (42A) of section 2 of the Act provides […]
Now, return of income can be verified by any other person prescribed by the Board in the cases of a company and a LLP Amendment in the provisions of Act relating to verification of the return of income and appearance of authorized representative. Section 140 of the Act provides that in case of company the […]
Hon’ble FM Shrimati Nirmala Sitharaman has presented Budget 2020-21 on 1st February, 2020 and has carried out several changes in Goods & Services Tax which includes Amendment in Definition of Union Territory, Amendment of Conditions for Opting Composition Scheme, Amendment in Time Limit for Availing ITC in respect of Debit Notes, Amendment in provisions for […]
Article explains Key Changes in Union Budget 2020 which not found a place in Speech of Honourable Finance minister which includes- TDS on Technical Services under section 194J @ 2%, TDS under section 194A for Co-operative Soceity, TDS Under Section 194C, New Section 194-O introduced for TDS over E-Commerce Operator, Scope of Tax Collection at […]
A simplified GST return shall be implemented from the 1st April, 2020. It will make return filing simple with features like SMS based filing for nil return, return pre-filling, improved input tax credit flow and overall simplification. Dynamic QR-code is proposed for consumer invoices. GST parameters will be captured when payment for purchases is made through the QR-code.
Hello Everyone, on 1st February, 2020 our Finance and Corporate Affairs Minister Smt. Nirmala Sitharaman has brought out long but deep thoughtful budget with lot of actionable commitments. On the plate of Direct Tax Proposals there are around 50 amendments brought in by the Finance Bill, 2020. Changes in Personal Income Tax Slabs being most […]
Detailed Analysis on Incentive to Individuals and HUF by insertion of New Section 115BAC under Finance Bill 2020 Dear all, all we new that new finance bill has been brought up by finance minister in last week of January 2020 in which they have inserted a new section 115BAC of Income tax act to called […]
The Finance Minister has proposed several changes in respect of taxation of Individual through Finance Bill 2020. Changes are discussed below: New Slab rates for Individuals on cost of removal of exemptions/deduction (Optional Tax Regime Sec 115BAC) The Finance Minister Nirmala Sitharaman has proposed a new optional tax regime in the budget 2020 for the […]
