A handful of the direct tax proposals are directed towards the second theme, namely, Economic Development. The budget has given a fillip to start-ups by raising the threshold turnover limit for qualifying for deduction under section 80-IAC from Rs.25 crores to Rs.100 crores.
Ministry of Finance hereby declares the Goods and Services Tax Database and its associated infrastructure dependencies installed at Goods and Services Tax Network (GSTN), as the protected system for the purpose of said Act.
In order to ensure that the derivatives contracts are closely aligned to the physical markets, it is imperative to have a framework to evaluate the performance of these contracts based not merely on statistics regarding delivery and trade volumes but also on the strength of a comprehensive empirical assessment after considering all relevant information, pertaining to the performance of a derivative contract during the relevant period of time.
(1) These rules may be called the Companies (Compromises, Arrangements and Amalgamations) Amendment Rules, 2020. (2) They shall come into force on the date of their publication in the Official Gazette.
The Institute of Chartered Accountants of India (ICAI) today announced the results of Chartered Accountants Intermediate (IPC) / Intermediate (New) and Foundation Examinations held in November, 2019. Here we are providing Details of top three rank holders and result analysis in terms of Pass percentage on All India Basis for Intermediate Examination for Old Course, Intermediate […]
Amending definition of ‘work’ in section 194C of the Act Section 194C of the Act provides for the deduction of tax on payments made to contractors. The section provides that any person responsible for paying any sum to a resident for carrying out any work (including supply of labour for carrying out any work) in […]
Aligning purpose of entering into DTAA with Multilateral Instrument (MLI) Section 90 of the Act empowers the Central Government to enter into agreement with foreign countries or specified territories (commonly known as DTAAs) for,- (a) granting relief in respect of — (i) income on which tax has been paid both, in India and that foreign […]
CBIC issues Notification No. 07/2019–Central Tax dated 3rd February, 2020 to prescribe due dates for filing of return in FORM GSTR-3B in a staggered manner for the months of January, 2020, February, 2020 and March, 2020. The last date for filing of GSTR-3B for the taxpayers having annual turnover of Rs 5 crore and above […]
Deferring Significant Economic Presence (SEP) proposal, Extending source rule, Aligning exemption from taxability of Foreign Portfolio Investors (FPIs), on account of indirect transfer of assets, with amended scheme of SEBI, and rationalising the definition of royalty. Section 9 of the Act contains provisions in respect of income which are deemed to accrue or arise in India. […]
Removing dividend distribution tax (DDT) and moving to classical system of taxing dividend in the hands of shareholders/unit holders. Section 115-O provides that, in addition to the income-tax chargeable in respect of the total income of a domestic company, any amount declared, distributed or paid by way of dividends shall be charged to additional income-tax […]
