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 Bill, 2020 has come up with a lot of benefits for small and medium taxpayers in such a way that, even those earning Rs. 7.25 Lacs a year need not shell out a single rupee of tax provided they make some eligible investments.
Analysis of amendments to Section 6 – Residency provisions under the Income-tax Act, 1961 (‘the Act’) Old Provisions Proposals made through Finance Bill 2020 (Change to Old Provisions highlighted in RED) Amendments made through Finance Act 2020 (Change to Old Provisions highlighted in RED) I. Resident in India if :- (a) Stays in India […]
Key direct tax amendments to the Finance Bill, 2020 and the provisions of Equalisation Levy, by the Finance Act, 2020 ( President’s assent on 27 March 2020) Article explains Key direct tax amendments vide Finance Act, 2020 to Section 2(15A) – Definition of ‘Chief Commissioner’, Section 6 – Residential Status in India, Section 10(23C) and […]
Article explains Amendments as passed by The Finance Act, 2020 on 27 March 2020 viz viz Amendments as introduced by The Finance Bill, 2020 on 1 February 2020 related to Section 194A and SECTION 197A by which Central Government Is Empowered To Provide For A Lower Rate Of TDS, Section 194J related to TDS In […]
KEY BUDGET AMENDMENTS IN THE FINANCE ACT – EQUALISATION LEVY BRIEF BACKGROUND ♣ Equalisation Levy (EQL) was introduced in India by way of Chapter VIII of the Finance Act, 2016. ♣ India was the first country in the world to introduce such a levy. ♣ EQL of 6% was levied on a ‘Specified service’ which […]
It has now been clarified that where only notice for initiation of prosecution has been issued without prosecution being instituted, the assessee is eligible to file declaration under Vivad se Vishwas.
The Amendments made to the Income Tax Act in respect of Individual , HUF , Domestic Companies for Assessment Year 2020-21 , Previous Year 2019-20 by way off. 1. The Finance Act 2019 2. The Finance Act (No.2) 2019 3. The Tax Ordinance Act 2019 4. The Taxation and Other Laws (Relaxation of Certain Provisions) […]
Whether Company should continue with the Old tax regime or to pay tax under new tax regime? Since the financial year 2019-20 has already gone and currently in this lockdown situation due to Covid-19 pandemic, most of the companies are having their working from home, so I think it’s the right time to decide for […]
Financial Year 2020-21 (Assessment Year 2021-22) Personal tax 1. Optional new tax regime for individuals and HUF The FA 2020 has brought in place a new tax regime with effect from AY 2021-22. It is optional for taxpayers and provides lower tax rates. However, it does not permit the following: Specified deduction under section 80C […]
A New section, 115BAC has been introduced vide clause 53 of the Finance Act, 2020 with respect to tax on Individuals and HUF. The said section will apply from AY 21-22 and subsequent AY’s. The said scheme provides for concessional rate of tax as follows: Sl. No Income New Rate – 115BAC Existing Rates 1 […]
