As per section 165 of Finance Act. 2016, equalisation levy shall be charged at the rate of six percent on the amount of consideration for specified service received or receivable by non-resident from
The CBDT has carried out several major tax reforms in direct taxes in the recent years, which includes the following: (i) Reduction in corporate tax to 22% from 30% for existing companies and 15% for new manufacturing units. (ii) Abolition of dividend distribution tax (iii) Simplification of compliance norms for startups (iv) Settlement of pending […]
Under the Startup India Action Plan, startups that meet the definition as prescribed under G.S.R notification 127(E) are eligible to apply for recognition under the program. If the startup falls under the criteria of Eligible Startup then it will be eligible to avail exemptions and benefits as mentioned in above notification.
A. Existing Provisions relating to dividend taxation: (i) Tax implication in the hands of company: Under the existing laws, even though dividend constituted income in the hands of the shareholders, the tax on such dividend was payable by the company which declared dividend, @ 15% of the gross dividend under section 115-O (plus surcharge and […]
Form 26AS -Annual Information Statement- Section 285BB of Income Tax Act 1961 The Government of India has introduced new section 285BB vide Finance Act, 2020 replacing existing section 203AA of the Income Tax Act, 1961 which mandates the prescribed income-tax authority or the person authorized by such authority to upload in the registered account of […]
