Budget 2020 articles

Income Tax on dividend received from company

Up to Assessment Year 2020-21, if a shareholder gets dividend from a domestic company then he shall not be liable to pay any tax on such dividend as it is exempt from tax under section 10(34) of the Act. However, in such cases, the domestic company is liable to pay a Dividend Distribution Tax (DDT) […]...

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Posted Under: Income Tax |

New form for application for registration of Charitable or Religious Trusts or Institutions

New form for application for registration of Charitable or Religious Trusts or Institutions In the Union Budget of 2020, Government proposed significant changes in the registration procedure of Charitable or Religious Trusts/ Institutions or Educational Institutions which are registered under section 12AA of the Income Tax Act. The above ...

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Posted Under: Income Tax |

Re-validation of existing Tax Exemption Certificate under new Section 12AB of Income Tax Act, 1961 w.e.f. April 1, 2021

Re-validation of existing Tax Exemption Certificate under new Section 12AB of Income Tax Act, 1961 w.e.f. April 1, 2021 The Central Board of Direct Taxes, by Notification No. 19/2021-Income Tax Dated- 26th March, 2021, amended the Income Tax Rules, 1962 called as Income-tax (6th Amendment) Rules, 2021, pertaining to procedure for registra...

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Posted Under: Income Tax |

Fresh application for existing Trusts under Section 12AB wef 01.04.2021

Fresh application for existing Charitable / Religious Trusts, Institutions etc. under new Section 12AB of Income Tax Act, 1961 w.e.f. April 1, 2021 The Finance Minister of India had presented the Union Budget 2020 wherein it was proposed to make substantial amendments for granting exemptions to the Charitable / Religious Trusts, Instituti...

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Posted Under: Income Tax |

Vivad Se Vishwas- File Declaration Upto 31st Jan., 2021 Without Tax !

DIRECT TAXES : VIVAD SE VISHWAS File Declaration Upto 31st Jan., 2021 Without Tax ! Vivad se Vishwas scheme was introduced with an aim to reduce direct taxes litigations pending at various appellate forums. The scheme has an attractive provision to deposit only tax and waives interest and penalty relating to disputed tax and if […]...

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Posted Under: Income Tax |

Remembering Demonetisation on its Fourth Birth Anniversary!!!

The primary reason for bringing out the Direct Tax Vivad Se Vishwaas Scheme 2020, as asserted by the learned Revenue Secretary is to ensure amicable resolution of disputes arising out of OCM/Demonetisation Cases. The Income-tax department has launched an aggressive outreach drive, wherein, a large number of jewellers and real-estate de...

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Posted Under: Income Tax |

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 ...

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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....

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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....

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Posted Under: Income Tax |

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...

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Posted Under: Income Tax |

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