Alignment of Double Taxation Avoidance Agreements (DTAAs) With Multilateral Instrument (MLI) Background [Section 90 and 90A] Section 90 of the Act empowers the Central Government to enter into DTAAs with foreign countries or specified territories inter alia for avoidance of double taxation of income under the laws of both, India and that foreign country or […]
1. The Income Tax Act is riddled with various exemptions and deductions which make compliance by the taxpayer and administration of the Income Tax Act by the tax authorities a burdensome process. In order to provide significant relief to the individual taxpayers and to simplify the Income-tax law, this Budget propose to bring a new […]
A gift is Money or House, Shares, Jewelry etc. that is received without any consideration, or simply an asset received without making a payment against it and is a capital asset for the Recipient. It can be in the form of cash, movable property or immovable property. (A capital asset typically refers to anything the individual owns for personal […]
Notification No. 01/2020-CT notified the amendments to CGST Acts introduced by Finance (No. 2) Act, 2019 with effect from January 1st, 2020. It has notified amendments to Sections 10, 22, 25, 31A, 44, 49, 52, 53A, 168 and 17a of the CGST Act, 2017. 1. Provisions have been inserted to prescribe further rules for determination […]
