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Yash Dharavat

Latest Posts by Yash Dharavat

Is Tonnage Tax Scheme Restricted only for Companies Handling Cargo?

August 23, 2020 4725 Views 0 comment Print

IS TONNAGE TAX SCHEME RESTRICTED ONLY FOR COMPANIES HANDLING CARGO? It has been presumed by many that the benefit of Tonnage Tax Scheme (TTS) should only be restricted to companies with ships carrying on cargo handling activities. Since there are various other companies which are not handling cargo but are involved in moving men and […]

Direct Tax Highlights of Budget presented on 1st February 2020

February 6, 2020 1905 Views 0 comment Print

♦ New Taxation Scheme for Individuals & HUF: Alternate/Optional tax regime provided to individuals and HUF by insertion of Section 115BAC. A summary on the rates of tax is provided below: Taxable Total Income Existing Tax Rates Optional Tax Rates* Upto Rs. 2,50,000 Nil Nil Rs. 2,50,001 to Rs. 5,00,000 5% 5% Rs. 5,00,001 to […]

Updates on CBDT Circular on MAT Credit entitlement

October 5, 2019 7086 Views 0 comment Print

Clarification on option exercised under Section 115BAA of Income Tax Act, 1961 (Income Tax Circular No. 29/2019 dated 2nd October, 2019 Section 115BAA provides that any Domestic Company, at its option, may pay tax at a lower rate of 22% from AY 2020-21 subject to conditions. This option is to be exercised before the due […]

Highlights of the Companies Amendment Bill, 2019 – CSR

September 26, 2019 4497 Views 0 comment Print

1. In case the CSR amount for a particular financial year is unspent, then the same has to be transferred to a Fund specified in Schedule VII within a period of six month from the end of that Financial Year. 2. Any amount remaining unspent pursuant to any ongoing project, undertaken by a company in […]

Recent Income Tax Changes by Taxation Laws (Amendment) Ordinance, 2019

September 26, 2019 4191 Views 0 comment Print

DIRECT TAX HIGHLIGHTS Benefits have been announced by Finance Minister in order to boost the economy. A gist on them has been provided below for your ease of reference: For Existing Domestic Companies Reduce the Corporate tax rate for Domestic Companies from 30% to 22% (excluding surcharge & cess) subject to the condition that they […]

GST on maintenance charges of Residential Welfare Association: CBIC clarifies

July 31, 2019 8616 Views 3 comments Print

Clarification on Issues related to GST on monthly subscription/contribution charged by a Residential Welfare Association from its members Government through Circular No. 109/28/2019-GTS dated 22nd July, 2019 has clarified the above issue in details A brief on the same is provided below: Below is a brief summary on when the Resident Welfare Association (‘RWA’) need […]

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