Budget 2020

Old Vs New Tax Regime: What Should Salaried People Opt For?

Income Tax - The new tax regime introduced by Budget 2020 for individual taxpayers provide for concessional tax rates with reference to tax rates in the old regime. The new tax regime has lower income tax rates for income up to 15 lakh but what needs to be focused upon is that lower income tax rates are available only if a taxpayer is willing to give ...

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Section 80CCD- Deduction for National Pension Scheme Contribution

Income Tax - Deduction under Section 80CCD for National Pension Scheme Contribution is one of the most popular deduction. Many users take advantages of this deduction at the time of filing of their Income tax Return....

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Ind AS Accounting for foregoing MAT Credit pursuant to Section 115BAA

Income Tax - Consider a situation where RST Limited was a loss making company. Ind ASs were adopted by this company from the year 2016-17. Since FY 2014-15 it has started to profits it was having accumulated MAT credit of Rs. xyz crores lying in the books of accounts as on 31.03.2019....

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Guide to Residential Status of Individual – Finance Act, 2020

Income Tax - A guide to amended provisions of Residential Status of an Individual as per the Finance Act, 2020 Taxability of an individual visiting/residing in India or going outside India has always been a matter of concern for the revenue authorities. Individual who is earning income in India as well as earning in other country generally faces [&hel...

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Recent Changes & Issues in Income Tax & International Taxation

Income Tax - Article explains guidelines for Mutually Agreed Procedure (MAP), Changes in Tax Residency Rules, Changes in equalization levy, Amendments w.r.t. Dividend Distribution Tax (DDT), Applicability of S 269 SU to B2B Businesses, Deferment for Approval/ Registration of Charitable Trusts & Exempt Institutions, Reduction in TDS/TCS Rates, TDS ...

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List of Amendments in Finance Bill as passed by Lok Sabha

Income Tax - Following is the list of Amendments which were proposed in Finance Bill 2020 after its Introduction in Lok Sabha on 01st February 2020. These amendments were passed by Lok Sabha on 23.03.2020 without any discussion due to shortened Parliament Session considering Corona Virus threat. LOK SABHA —– FINANCE BILL, 2020 [As introduc...

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Both Houses of Parliament Adjourned after Budget Session 2020

Income Tax - The Budget Session, 2020 of Parliament which commenced on Friday, 31st January, 2020 has been adjourned sine die today i.e. Monday, the 23rd of March 2020. In between both the Houses also adjourned for recess on Tuesday, the 11th February, 2020 to reassemble on Monday, the 2nd March, 2020 to enable Departmentally related Standing Committe...

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Direct Tax Vivad se Vishwas Scheme – CBDT enables Online Form submission

Income Tax - Pursuant to the enactment of the Direct Tax Vivad se Vishwas Act, 2020 (VSVS) on 17.3.2020, the Direct Tax Vivad se Vishwas Rules, 2020 along with Forms-1 to 5 have been notified on 18.3.2020 vide notification No.18 of 2020. The Forms are required to be filed by the declarant electronically only. No paper form shall […]...

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Direct Tax Vivad se Vishwas Scheme- Request for 3 months extension

Income Tax - The Direct Tax Vivad se Vishwas Act, 2020 - Request for three months extension without any extra charge of disputed tax, Interest or Penalty....

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Finance Minister reaches out to CAs for promoting Vivad se Vishwas scheme

Income Tax - The 'Vivad se Vishwas' Scheme aims at dispute resolution in order to reduce pending litigation, generate revenue for the Government and benefit taxpayers. Over the years, the pendency of appeals filed by taxpayers as well as Government has increased due to the fact that the number of appeals that are filed is much higher than the number o...

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CBIC reduces interest rate for tax periods from Feb to July 2020

Notification No. 05/2020 –Integrated Tax [G.S.R. 410(E)] - (24/06/2020) - CBIC lowered interest rate for tax periods from February, 2020 to July, 2020 for delayed filing of GSTR 3B vide Notification No. 05/2020 –Integrated Tax Dated 24th June, 2020. Ministry of Finance (Department Of Revenue) (Central Board of Indirect Taxes and Customs) Notification No. 05/2020–Integ...

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Amendment to section 25 of IGST Act, 2017 notified wef 30.06.2020

Notification No. 04/2020 –Integrated Tax [G.S.R. 409(E)] - (24/06/2020) - CBIC notifies 30th day of June, 2020 as date of applicability of section 134 of Finance Act, 2020 vide which In section 25 of the Integrated Goods and Services Tax Act, 2017, in sub-section (1), in the proviso, for the words ‘three years’, the words ‘five years’ was substitut...

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Direct Tax Vivad se Vishwas Act, 2020- FAQs You must Know

Circular No. 09/2020-Income Tax - (22/04/2020) - It has now been clarified that where only notice for initiation of prosecution has been issued without prosecution being instituted, the assessee is eligible to file declaration under Vivad se Vishwas....

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Corrigenda to Finance Act, 2020

CORRIGENDA to Finance Act 2020- No. 12 of 2020 - (15/04/2020) - CORRIGENDA- THE FINANCE ACT, 2020- NO. 12 OF 2020- In the Finance Act, 2020 (12 of 2020) as published in the Gazatte of India, Extraordinary, Part II, Section 1, issue No. 20 dated the 27th March, 2020-...

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Tax Rate Option exercise by Employee for TDS on Salary & by Business

Circular C1 of 2020 - (13/04/2020) - An employee, having income other than the income under head profit and gains of business or profession and intending to opt for the concessional rate under section 115BAC of the Act, may intimate the deductor, being his employer, of such intention for each previous year and upon such intimation, the...

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Recent Posts in "Budget 2020"

Old Vs New Tax Regime: What Should Salaried People Opt For?

The new tax regime introduced by Budget 2020 for individual taxpayers provide for concessional tax rates with reference to tax rates in the old regime. The new tax regime has lower income tax rates for income up to 15 lakh but what needs to be focused upon is that lower income tax rates are available only if a taxpayer is willing to give ...

Read More
Posted Under: Income Tax |

Section 80CCD- Deduction for National Pension Scheme Contribution

Deduction under Section 80CCD for National Pension Scheme Contribution is one of the most popular deduction. Many users take advantages of this deduction at the time of filing of their Income tax Return....

Read More
Posted Under: Income Tax | ,

Ind AS Accounting for foregoing MAT Credit pursuant to Section 115BAA

Consider a situation where RST Limited was a loss making company. Ind ASs were adopted by this company from the year 2016-17. Since FY 2014-15 it has started to profits it was having accumulated MAT credit of Rs. xyz crores lying in the books of accounts as on 31.03.2019....

Read More
Posted Under: Income Tax |

CBIC reduces interest rate for tax periods from Feb to July 2020

Notification No. 05/2020 –Integrated Tax [G.S.R. 410(E)] (24/06/2020)

CBIC lowered interest rate for tax periods from February, 2020 to July, 2020 for delayed filing of GSTR 3B vide Notification No. 05/2020 –Integrated Tax Dated 24th June, 2020. Ministry of Finance (Department Of Revenue) (Central Board of Indirect Taxes and Customs) Notification No. 05/2020–Integrated Tax New Delhi, the 24th June, 2020...

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Amendment to section 25 of IGST Act, 2017 notified wef 30.06.2020

Notification No. 04/2020 –Integrated Tax [G.S.R. 409(E)] (24/06/2020)

CBIC notifies 30th day of June, 2020 as date of applicability of section 134 of Finance Act, 2020 vide which In section 25 of the Integrated Goods and Services Tax Act, 2017, in sub-section (1), in the proviso, for the words ‘three years’, the words ‘five years’ was substituted. Notification No. 04/2020 –Integrat...

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Guide to Residential Status of Individual – Finance Act, 2020

A guide to amended provisions of Residential Status of an Individual as per the Finance Act, 2020 Taxability of an individual visiting/residing in India or going outside India has always been a matter of concern for the revenue authorities. Individual who is earning income in India as well as earning in other country generally faces [&hel...

Read More
Posted Under: Income Tax |

Recent Changes & Issues in Income Tax & International Taxation

Article explains guidelines for Mutually Agreed Procedure (MAP), Changes in Tax Residency Rules, Changes in equalization levy, Amendments w.r.t. Dividend Distribution Tax (DDT), Applicability of S 269 SU to B2B Businesses, Deferment for Approval/ Registration of Charitable Trusts & Exempt Institutions, Reduction in TDS/TCS Rates, TDS ...

Read More
Posted Under: Income Tax |

New personal concessional tax regime – is it a smart option?

Finance Act 2020, has recently introduced new concessional personal tax regime, (New tax regime), by inserting Section 115BAC with effect from Financial year 2019-20....

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Posted Under: Income Tax |

FAQs on Old v/s New Income Tax Regime

The Union Budget 2020 has simplified taxation for taxpayers by proposing a brand new, “simplified” tax regime. The new tax regime lowers the tax rates for individual taxpayers. However, there’s a condition: they need to forego tax deductions and exemptions to avail the enticing lower rates. Several queries arises  during making...

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Posted Under: Income Tax |

Section 194C TDS – post amendments by Finance Act 2020

Section 194C – TDS on Payment to Contractor post amendments by Finance Act 2020 The present article briefly covers the important provisions and recent changes relating to ‘TDS on Payment to Contractors’, which is covered under Section 194C of the Income Tax Act 1961.  Section 194C – TDS on Payments to contractors....

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Posted Under: Income Tax |

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