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Budget 2020

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Income Tax on dividend received from company

Income Tax : Navigate the changes in dividend taxation post-Finance Act 2020. Delve into the tax obligations for domestic companies, withholdin...

June 4, 2022 422949 Views 18 comments Print

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

Income Tax : New form for application for registration of Charitable or Religious Trusts or Institutions In the Union Budget of 2020, Governmen...

April 8, 2021 26694 Views 0 comment Print

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

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...

April 1, 2021 10530 Views 0 comment Print

Fresh application for existing Trusts under Section 12AB wef 01.04.2021

Income Tax : Fresh application for existing Charitable / Religious Trusts, Institutions etc. under new Section 12AB of Income Tax Act, 1961 w.e...

March 17, 2021 51774 Views 18 comments Print

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

Income Tax : DIRECT TAXES : VIVAD SE VISHWAS File Declaration Upto 31st Jan., 2021 Without Tax ! Vivad se Vishwas scheme was introduced with an...

January 11, 2021 89100 Views 8 comments Print


Latest News


List of Amendments in Finance Bill as passed by Lok Sabha

Income Tax : Following is the list of Amendments which were proposed in Finance Bill 2020 after its Introduction in Lok Sabha on 01st February ...

March 24, 2020 11592 Views 0 comment Print

Both Houses of Parliament Adjourned after Budget Session 2020

Income Tax : The Budget Session, 2020 of Parliament which commenced on Friday, 31st January, 2020 has been adjourned sine die today i.e. Monday...

March 24, 2020 1173 Views 0 comment Print

Direct Tax Vivad se Vishwas Scheme – CBDT enables Online Form submission

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,...

March 19, 2020 24897 Views 0 comment Print

Direct Tax Vivad se Vishwas Scheme- Request for 3 months extension

Income Tax : The Direct Tax Vivad se Vishwas Act, 2020 - Request for three months extension without any extra charge of disputed tax, Interest ...

March 19, 2020 1278 Views 0 comment Print

Finance Minister reaches out to CAs for promoting Vivad se Vishwas scheme

Income Tax : The 'Vivad se Vishwas' Scheme aims at dispute resolution in order to reduce pending litigation, generate revenue for the Governmen...

March 19, 2020 3216 Views 1 comment Print


Latest Notifications


Corrigenda to Finance Act, 2020

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...

April 15, 2020 2301 Views 0 comment Print

President Assents Finance Act, 2020

Finance : President Assents Finance Act, 2020 on 27th March 2020.  Finance bill 2020 was presented in Lok Sabha on 01.11.2020 and get passe...

March 27, 2020 60972 Views 0 comment Print

Download Finance Bill 2020 as passed by Lok Sabha

Income Tax : Lok Sabha passed the Finance Bill 2020 on 23rd March 2020 without discussing the Various Changes Proposed subsequent to Introducti...

March 23, 2020 10713 Views 1 comment Print

Corrigendum to Form-3 of Direct Tax Vivad se Vishwas Rules, 2020

Income Tax : CBDT issues corrigendum to The Direct Tax Vivad Se Vishwas Rules 2020 and notifies that in Form-3, for ‘as per column (7) ab...

March 20, 2020 2766 Views 0 comment Print

Procedure for declaration & undertaking under Vivad se Vishwas Rules

Income Tax : DGIT(S)-ADG(S)-3/e-Filing Notification/FoR1/VSVS/2020/ Government of India Ministry of Finance Central Board of Direct Tax Directo...

March 19, 2020 6498 Views 0 comment Print


Income Tax amendments as applicable for Financial Year 2020-21

May 29, 2020 4431 Views 2 comments Print

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 […]

Equalisation Levy 2.0 – A wild card entry into Finance Act 2020

May 26, 2020 3201 Views 0 comment Print

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.

Time To Differentiate Between FPS & FTS – Brief Analysis of Amended Section 194J For AY 2021-22

May 25, 2020 14862 Views 5 comments Print

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 […]

Sweeping Changes in Charitable Trust & Institutions under Income Tax

May 24, 2020 15630 Views 0 comment Print

However, registration process under section 80G has also been amended with similar effect as that of section 12AB & section 10(23C)

Brief Analysis of Section 206C(1H) – TCS collection by Seller of Goods

May 24, 2020 3822 Views 3 comments Print

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 […]

Impact of Budget on removal of DDT on Corporates & Investors

May 21, 2020 1578 Views 0 comment Print

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 […]

Vivad Se Vishwas Scheme 2020- A Shout-out to the tax compliant

May 21, 2020 5298 Views 0 comment Print

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 […]

Key takeaways on determination of residential status of an individual as per finance act, 2020

May 20, 2020 2220 Views 0 comment Print

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 changes applicable from 01.04.2020

May 16, 2020 6921 Views 0 comment Print

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 […]

Major Amendments in Income Tax for FY 2020-21

May 16, 2020 43749 Views 0 comment Print

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.