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...
TCS has to be collected in the following scenario w .e.f. 01 .04.2020. 1. If the sales, turnover or gross receipts of the person selling goods is more than Rs. 10 crores during the financial year 2019 2020. 2. The seller sells goods of value Rs. 50 lakhs or more either in single transaction of in aggregate during the financial year 2020 2021. 3.Th e-seller is not liable to collect tax on sale of goods under any other sub section (1), (1F) or (1G) of the value of goods sold by him. Mentioned in the annexure 1 herewith) 4. Th e-buyer is not liable to deduct any TDS for the given sale transaction.
Tax Collected at Sources (TCS) on Tour Operator √ Do you know that Budget 2020 casted additional burden on Tour operator to collect additional Tax from the person who buys “Overseas tour program” package from Tour Operator from 01st April,2020. √ Whether all person will be required to collect TCS or only specified person? > […]
Finance Minister presented the Finance Bill, 2020 in the Lok Sabha on 1 February 2020, accompanied by the longest ever budget speech. On an overall basis, the government’s focus appeared to provide ease of living and to promote investments in to India.
The Government of India (GoI) is leaving no stone unturned to make India an attractive destination for Foreign Direct Investments (FDI), which will be a significant contributor to the country’s journey of becoming a US$ 5 Trillion economy by year 2025. Few months back, the GoI had taken the historic decision to reduce headline corporate […]
Points to be considered related to Vivad Se Vishwas Bill 1. Aim: To provide resolution of disputed tax and for matters connected therewith or incidental thereto. 2. Who can file an declaration under Vivad Se Vishwas Scheme: Appellant will be any person or Income tax authority or both who has filed an appeal before appellate […]
The Union Budget and Finance Bill 2020 has proposed major changes for charitable trusts and institutions like renewal of 12AA and 80G registration, furnishing a quarterly statement of donor wise donations, issue of a certificate to all the donors, etc. All such proposed changes are explained below: Section 10(23C): Every approved fund or trust or […]
Impact of budget 2020 on Charitable trust U/S-12AA 1. Re-validation of Existing registrations -The process will be online and the new online form will particularly focus on whether the charitable activities of the trust or institution are genuine. -Once the online forms are ready there will be a window of three months within which application […]
The new income tax slab provided is optional in nature. i.e a taxpayer can choose from any of the two slab options as beneficial to them. Opting for new slab maybe beneficial for a select group of people depending on your total income.
FORMS TO BE FILED BY COMPANIES TO AVAIL LOWER RATE OF INCOME TAX The Central Board of Direct Taxes (CBDT) has notified Forms 10-IC and 10-ID vide Notification No. 10/2020 dated 12-02-2020 for existing companies that want to avail lower Income tax rate and new manufacturing firms incorporated after October 1, 2019, respectively. The effective […]
UNION BUDGET 2020 HIGHLIGHTS The analysis of Budget is divided into 2 major categories: (a) Direct Tax (b) Indirect tax with major focus on the Amendment proposed for the Direct Tax. The budget was very high on hopes for individual taxpayers as the hopes for tax relief was very high. The major themes for this […]
