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...
The Finance Minister has proposed reduced tax rates in respect of an individual and HUF who opts to not to claim any exemption or deduction by introducing a new Section 115BAC. As per the proposal, the tax rate applicable, shall be as under, if an individual and HUF exercises an option to not to claim […]
The last minute rush to insert a substantive amendment in the form of Equalisation Levy 2.0 in the Finance Act 2020 has surprised many, besides leaving no room for planning its compliance given the law is effective from 1 April 2020, and the present situation of shutdown only compounds the problem.
For financial year 2020-21 (PY 2020-21 / AY 2021-22), the Finance Act, 2020 seems to have created few issues by unsettling some sections which were very well otherwise settled. In an attempt to cover revenue leakage, abolishing tax-evasion methods and to make law simpler – seeds of confusion and lack of clarity have been roped […]
However, registration process under section 80G has also been amended with similar effect as that of section 12AB & section 10(23C)
All of us are well aware of TDS (Tax Deduction at Source) , wherein Buyer of goods or service has an obligation to withhold the Tax and make the remaining amount to seller of Goods and service. In another way, TCS (Tax Collected at source) will operate. Here, Seller of goods shall collect the tax […]
Budget 2020 has proposed to make dividend income from shares and mutual funds taxable in the hands of the recipient at the applicable income tax slab rates to the individual and abolish the Dividend Distribution Tax levied on dividend income from distribution by the company or mutual funds house. India currently levies Dividend Distribution Tax […]
While presenting the Union Budget 2020, Finance Minister Ms. Nirmala Sitaraman announced Vivaad se Vishwas scheme (‘VSV Scheme’ or ‘the Scheme’) as a part of GOI’s direct tax relief measures, in line with Sabka Vishwas Scheme, which aims at resolution of legacy disputes in Indirect Taxes. The Scheme aims at bridging the dispute-trust divide between […]
The author has made an attempt to discuss each amendment made under section 6 of the Act in a tabular format, so that it is easy for the readers to understand the difference between the provisions as per the erstwhile law, the provisions proposed by the Finance Bill, 2020 and the amended law as mentioned in Finance Act, 2020:
25 Important Income Tax (Direct Tax) changes applicable from 1st April 2020 onwards (Financial Year 2020-21 – Assessment Year 2021-22) 1. New Tax Regime applicable to Individuals, HUFs: A new concessional/ alternate tax regime under Section 115BAC of the Income Tax Act,1961 has been laid out wherein SIX different slab rates have been prescribed subject […]
The compilation includes all the amendments made by the Finance Act 2020, under income tax Act relevant for the FY 20-21 and 21-22, the amendments and insertions that are considered important in my opinion have been presented in detail whereas only the reference of sections has been given for other amendments.
