Income Tax : Navigate the changes in dividend taxation post-Finance Act 2020. Delve into the tax obligations for domestic companies, withholdin...
Income Tax : New form for application for registration of Charitable or Religious Trusts or Institutions In the Union Budget of 2020, Governmen...
Income Tax : Re-validation of existing Tax Exemption Certificate under new Section 12AB of Income Tax Act, 1961 w.e.f. April 1, 2021 The Centra...
Income Tax : Fresh application for existing Charitable / Religious Trusts, Institutions etc. under new Section 12AB of Income Tax Act, 1961 w.e...
Income Tax : DIRECT TAXES : VIVAD SE VISHWAS File Declaration Upto 31st Jan., 2021 Without Tax ! Vivad se Vishwas scheme was introduced with an...
Income Tax : Following is the list of Amendments which were proposed in Finance Bill 2020 after its Introduction in Lok Sabha on 01st February ...
Income Tax : The Budget Session, 2020 of Parliament which commenced on Friday, 31st January, 2020 has been adjourned sine die today i.e. Monday...
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,...
Income Tax : The Direct Tax Vivad se Vishwas Act, 2020 - Request for three months extension without any extra charge of disputed tax, Interest ...
Income Tax : The 'Vivad se Vishwas' Scheme aims at dispute resolution in order to reduce pending litigation, generate revenue for the Governmen...
Goods and Services Tax : CBIC lowered interest rate for tax periods from February, 2020 to July, 2020 for delayed filing of GSTR 3B vide Notification No. 0...
Goods and Services Tax : 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 ...
Income Tax : It has now been clarified that where only notice for initiation of prosecution has been issued without prosecution being institute...
Income Tax : CORRIGENDA- THE FINANCE ACT, 2020- NO. 12 OF 2020- In the Finance Act, 2020 (12 of 2020) as published in the Gazatte of India, Ext...
Income Tax : An employee, having income other than the income under head profit and gains of business or profession and intending to opt for th...
Amendments in the Provisions of of Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) applicable from Assessment Year 2021-22 (i.e Financial year 2020-21) Through the Finance Act 2020 (which have received the assent of the President of India on 27th March 2020), the Central Government has made various amendments to existing provisions […]
A New Era of Taxation of Charitable/Religious Trusts-Facing the challenges ahead amid a Paradigm Shift in the Regulatory Scheme clothed with some additional compliance burden for the Financial Year 2020-21 This year the Taxman has come with a substantial overhaul having regard to the taxation of the Trusts, Societies, NGOs etc. i.e. Charitable Trusts including educational, […]
The approach of the government towards the NGO sector used to be lenient but today the position is changing as the government is tightening the laws and regulatory controls over NGOs every other day. It has to be appreciated that NGOs play an important role in the society and the income of these institutions is […]
Recently in Finance Bill, 2020; amendment as well as insertion has been made in section 6 of Income Tax Act,1961. Therefore for checking residential status of Individual for A.Y. 2021-22 (F.Y. 2020-21) new provision is to be seen. Old Provision Related to Residential Status of Individual for Financial Year 2019-20 Individual will be Resident if: […]
Concessional rate of Tax applicability for individual business owners, Individuals, HUF and professionals as per the new amendment of Finance bill 2020 for Financial year 2020-21 Please read the entire article to get a hold of the optional tax benefit given to Individuals & HUF New tax structure is as follows: Annual Income New Income […]
The Finance Act, 2020 made various other key amendments which were originally not proposed in the Finance Bill, 2020. In this article, the Author has attempt to discuss each amendment in-depth in comparative form (i.e. the position as per earlier law viz-a-viz position as per amended law). Further, the Author has also provided the Flow Chart which will be proven as a useful tool to determine the residential status of an Individual as per amended provisions.
When is the New Personal Tax Regime under Section 115BAC Beneficial? An In-depth Break-Even Point Analysis Friends, with the blessings of the Almighty, we will soon battle out and overcome this unfortunate COVID-19 outbreak and the current essential lock-down period will also pass shortly. 1. The new FY 2020-21 corresponding to the AY 2021-22, has […]
Scope of Equalisation Levy Extended The Finance Act, 2016 introduced Equalisation Levy with effect from 01-06-2016. This levy is charged at the rate of 6% from the consideration paid or payable to a nonresident person for the online advertisement services. The Finance Bill, 2020, as passed by the Lok Sabha, has extended the scope of […]
Salient features of section 115BAA of the Income tax Act. 1961 (status as on 30th March 2020) as amended by Finance Act 2020 and as approved by the President of India on 27th March 2020. Background: Inorder to promote growth and investment and to be competitive as a nation (especially with respect to tax rates), […]
THE FINANCE ACT, 2020, received the assent of the President on the 27th March, 2020 substituted the following in place of the existing provisions of section 194N, which was introduced as a deterrent for cash transactions. 1.0 STATUTORY PROVISION For section 194N of the Income-tax Act, the following section shall be substituted with effect from […]
