Budget 2020 - Page 2

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...

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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 ...

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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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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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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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Major Changes In Income Tax Law for AY 2020-21 & AY 2021-22

Article explains Major Changes In Income Tax Law for Assessment Year (AY)  2020-21/ Financial Year (FY) 2019-20  and AY 2021-22/FY 2020-21 which includes changes in Tax Rates, TDS Rates, Depreciation Rates, Widening of Scope of Form 26AS,  Changes in the provisions related to NRIs, Tax Treatment of Dividends Changed, Fresh Registration...

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Dividend Distribution Tax Abolishment (Advantageous to MNCs)

Abolishment of Dividend Distribution Tax [Advantageous To Multinational Companies (MNCs)] This article is focused on one of the key amendments proposed in union budget 2020 i.e. abolishment of Dividend Distribution Tax. We have analysed here the impact of DDT abolishment on resident as well as overseas shareholders with the help of facts ...

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Section 194K TDS on Dividend Income in Respect of Units of Mutual Funds

INSERTION OF NEW SECTION 194K FOR TDS ON DIVIDEND INCOME IN RESPECT OF UNITS OF MUTUAL FUNDS Background 1. Existing Tax Regime: How STT came into picture? a. When some taxpayers started evading tax on capital gains by not showing the details of gain on the sale of stocks b. The Finance Act, in 2004, […]...

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Interest calculation on delayed TDS/TCS payment amid Covid-19

Note on Calculation of Interest on Delayed Payment of TDS/TCS AS per the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 Introduction 1. The Ordinance was promulgated by the Hon’ble President of India under the power conferred under Art. 123 of the Constitution of India. The main objective of this ordinance is...

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