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Provision of section 206C(1H) is applicable only on the Sale of goods of the value exceeding fifty lakh rupees and Supply of Services has been kept out of the purview of this sub-section. Therefore, the provision is not applicable on the consideration received in relation to Supply of Services.
Multilateral Instruments (MLI) is indeed the talk of the town in the world of International Taxation. Under the OECD*/G20 inclusive framework on Base Erosion and Profit Shifting (BEPS), more than 125 countries are collaborating to put an end to tax avoidance strategies that exploit the gap and mismatches in tax rules to avoid paying taxes.
Section 115BAC is inserted in order to provide the benefit of significant reduction in income tax slab rates. However, The new and optional income tax regime comes with the consequential surrender of specified deductions/ incentives.
Introduction The Government of India has introduced the Taxation (Amendment) Ordinance Act, 2019, on the 20th of September 2019. Several amendments are made in the Income Tax Act, 1961 through these ordinance. Section 115BAA, Section 115BAB were inserted in the Income Tax Act, 1961, by the Finance Minister, Nirmala Sitharaman, in the Union Budget 2020. […]
