"18 April 2020" Archive

Income Tax Amendments/New Provisions of Finance Act 2020

1. All Individuals & HUF can choose to pay tax as per new slab rates without availing exemptions & deductions Option has been given to all individuals/HUF to pay tax as per new slab rates (Optional tax regime) on total income computed without claiming any deductions/exemptions – As per Sec 115BAC inserted by Finance Act, [&helli...

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Posted Under: Income Tax | ,

Theory of telescoping in determining taxability of undisclosed income

This article deals with the theory of telescoping as applied in the Income-tax Law, the manner of its application and as to how and under what circumstances the benefit of telescoping could be claimed / availed by an assessee. Though the said theory has general applicability across the taxability of a wide range of items, […]...

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Posted Under: Income Tax |

Guidelines related to Charge under Companies Act, 2013

As per Section 2(16) of the Companies Act, 2013, ‘Charge is defined as an interest or lien created on the property or assets of a company or any of its undertakings or both as security and includes a mortgage‘. Concept of charge is explained under Chapter VI of the Companies Act, 2013 ranging from Section […]...

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Posted Under: Income Tax |

Exemption for amount received from Statutory & Recognized PF

Exemption for amount received from Statutory and Recognized Provident Fund Provisions of section 10(11) of the Income Tax Act exempts any payment received from the ‘Statutory Provident Fund’, whereas, provisions of section 10(12) of the Income Tax Act exempts the accumulated balance payable to an employee participating in the ‘Recog...

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Posted Under: Income Tax |

Unabsorbed Depreciation & MAT Credit under Vivad Se Vishwas Scheme

The taxpayers will therefore have to weigh their options carefully before opting for settling their disputes pertaining to reduction in loss/unabsorbed depreciation or MAT credit. Every permutation and combination ought to be examined to determine whether it is advisable to avail the scheme or litigate the matter....

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Posted Under: Income Tax |

Know your supplier (KYS) under GST- A detailed analysis

Compliance rating system is one of the new ways of tax administration and as such “KYS” enables every registered person (recipient) to have information about the supplier, in term of compliance, with whom they intend to deal in. Introduction: The Government previously wanted to implement the compliance rating system that gives a ratin...

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Posted Under: Income Tax |

Tax on Sale of Property by Non Resident Indian (NRI)

There is lot of confusion about tax implications for NRIs who want to sell any property in India. Many questions come to the mind of both Buyer & Seller about taxation aspect. Doubts mainly arise related to TDS rates, filing of TDS Return, claiming Tax Refund, Capital Gain calculation, exemption from tax and remittance of […]...

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Posted Under: Income Tax |

Analysis of Section 271AAD introduced by Finance Act 2020

In the past we seen that, the GST department endeavours  several cases whereas fraudulent input tax credit has been availed and claimed. GST department stated that, in all cases bogus invoices are been obtained by the suppliers and fraudulently claim the ITC taken to reduce tax liability. The bogus invoices has been issued by the [&helli...

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Posted Under: Income Tax |

Promoter’s Liability under Reverse Charge Mechanism (RCM)

The Central Government vide Notification No. 07/2019 -CT( RATE) dated 29.03.2019 specified that the promoters are required to pay tax under Reverse Charge Mechanism ( RCM ) in respect of shortfall from the minimum value of goods or services or both required to be purchased for construction of project. Minimum value for the purpose is [&he...

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Posted Under: Income Tax |

When GST Composition Scheme is available for Goods & Services Both

The composition scheme is an alternative method of levy of tax designed for small tax payers whose turnover is up to prescribed limit. Small tax payers with an aggregate turnover of Rs 1.5 Cr shall be eligible for composition levy. Advantages of Composition Scheme  The biggest advantage of composition levy is suppliers need not worry [&h...

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Posted Under: Income Tax |

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