"13 May 2020" Archive

Reduced TDS / TCS Rate Chart for FY 2020-21 Pre & Post 14th May 2020

Release ID: 1623745 13/05/2020

Ministry of Finance Reduction in rate of Tax Deduction at Source (TDS) & Tax Collection at Source (TCS) Posted On: 13 MAY 2020 In order to provide more funds at the disposal of the taxpayers for dealing with the economic situation arising out of COVID-19 pandemic, the rates of Tax Deduction at Source (TDS) for  […]...

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Atma Nirbhar Bharat: Part-1: Businesses including MSMEs

Presentation made by Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman under Aatmanirbhar Bharat Abhiyaan to support Indian economy in fight against COVID-19 Prime Minister’s Vision Call for Atmanirbhar Bharat or Self-Reliant India Movement Five pillars of Atmanirbhar Bharat – Economy, Infrastructure, System, Vibr...

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Posted Under: Income Tax |

MSME Relief measures announced by FM on 13th May 2020

Release ID: 1623601 13/05/2020

Ministry of Finance Finance Minister announce measures for relief and credit support related to businesses, especially MSMEs to support Indian Economy’s fight against COVID-19 Posted On: 13 MAY 2020 Rs 3 lakh crore Emergency Working Capital Facility for Businesses, including MSMEs Rs 20,000 crore Subordinate Debt for Stressed MSMEs Rs 5...

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6 Most FAQs on Return on Income

Article explains Eligibility for claiming rebate u/s 87A, ITR form​ applicable for LIC agent, How to file return of income, Can total deductions exceeds the Gross Total Income (GTI), Need to file Income Tax Return when all taxes been paid in advance and  What to do  when TDS has  been deposited under wrong PAN. 1. […]...

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Posted Under: Income Tax |

Revised TDS/TCS Rate as Applicable wef 14.05.2020 (Amended)

Revised TDS/TCS Rate Applicable As Per Covid Economic Relief Package Applicable For All Kinds Of Payments W.E.F. 14th May 2020. Union Minister of Finance & Corporate Affairs Smt. Nirmala Sitharaman has announced today Reduction in Rates of Tax Deduction at Source (TDS) and ‘Tax Collected at Source (TCS). The TDS rates for payment to...

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Posted Under: Income Tax | ,

36 Key Points of FM Sitharaman Press Conference on 13th May 2020

36 KEY POINTS OF FM Sitharaman Press Conference on ‘Mission Atmanirbhar Bharat’ held on 13 MAY 2020-Easier loans for MSMEs; income tax return deadline extended; lifeline for discoms India is in the 50th day of its nationwide lockdown imposed in the month of March by Prime Minister Narendra Modi to battle Covid-19 spread in India. [&he...

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Posted Under: Income Tax |

Framework for ‘Work From Home’

Notification No. 30011/12/2015-0&M (C N: 6452) 13/05/2020

The COVID 19 Pandemic has necessitated many Ministries/ Departments to operate from Home to maintain social distancing. Many of the Ministries/ Departments in Government of India have successfully managed and rendered exemplary results in combat against the ongoing pandemic outbreak during the lock down period by leveraging e -office and ...

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Economic Reform 2 amidst lockdown

FM started by stating that our Prime Minister has always been on the side of reform for better ease of living in the country. She added that the Prime Minister has laid out a vision after several discussions at various levels. Inputs obtained were given due consideration. This is to spur growth and built a […]...

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Posted Under: Income Tax |

Interest u/s 234A, 234B & 234C waived off by HC due to financial disability

Tvl. Sanmac Motor Finance Ltd. Vs CCIT (Madras High Court)

The issue under consideration is whether the request of the petitioner for waiver of interest under Section 234A, Section 234B and Section 234C of the Income Tax Act, 1961 is granted by HC or not?...

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Intricacies of rule 36(4) of CGST Rules, 2017

1. Input tax credit to be availed by a registered person in respect of invoice or debit note, the details of which have not been uploaded by the supplier under section (1) of section 37 shall not exceed 20% of the ELIGIBLE CREDIT available in respect of invoices or debit notes, the details of which […]...

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Posted Under: Income Tax |

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May 2021