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...
Similar to benefit of the concessional new tax regime for companies introduced in the Finance Act 2019, the Government came up with the concessional tax provisions for Individuals and HUFs by inserting a new Section 115BAC under the Income Tax Act, 1961 (‘Act’) with effect from FY 2020-21. The broad provisions are enumerated below: Eligible […]
Brief about new Personal Income Tax Regime & Key Highlights New section 115BAC is inserted in Income Tax Act by the Finance Act 2020 and it is applicable w.e.f 1st April 2020 and will be applicable on Individuals and HUFs for assessment year 2021-22 and subsequent assessment years. Under this section taxpayers i.e Individuals and […]
FM has proposed various amendments in Union Budget 2020 which includes Amendments in Section 12A, Section 80G, 12AA etc related to Registration of Charitable Trust or Non-Profit organization (NPO). Article discusses the same in detail- Question: My NGO has life time validity of 12A and 80G certificate, should I apply for fresh registration? Answer: Yes, […]
Analysis of newly inserted section 115BAC (Concessional Tax Regime for Individual and Hindu Undivided Family) 1. The Finance Act, 2020 inserted new section 115BAC, the section provides that notwithstanding anything contained in other provision of Income Tax Act, 1961, Income tax payable in respect of Income of a person being individual and Hindu undivided family […]
1. Amendment Due to Assent of Finance Act, 2020 a) Change In Tax Rates/ Slab Rates Tax Rates for Individual, HUF, AOP, BOI and Artificial Judicial Person (other than opting for Sec 115BAC) Tax Rates for Co-operative Society Particulars Rate of Tax Upto Rs. 10000 10% Rs.10000-20000 20% >20000 30% Tax Rates for Others Particulars […]
1. All Individuals & HUF can choose to pay tax as per new slab rates without availing exemptions & deductions Option has been given to all individuals/HUF to pay tax as per new slab rates (Optional tax regime) on total income computed without claiming any deductions/exemptions – As per Sec 115BAC inserted by Finance Act, […]
Equalisation Levy (‘EL’) on e-commerce supply of goods/ services by non-residents A. Background of Equalisation Levy provisions –Equalisation Levy is a charge in addition to the Income-tax, which was introduced vide Finance Act, 2016. -Under the erstwhile provisions, Indian residents were required to deduct EL at the rate of 6 percent, while making payment to […]
Recently, CBDT has issued Circular No C1 of 2020 dated 13.04.2020 clarifying deduction of tax by employer as per new regime at the option of the employee. Let’s discuss the legal provisions regarding deduction of tax by employers and answer the following questions: 1. Whether the Circular complies with the provisions of the Income-tax Act, […]
As you all must be aware of the New Taxation Regime introduced by the Finance Act, 2020 by insertion of section 115BAC in the Income Tax Ac, 1961. Now, there is a lot of confusion going around regarding this and number of questions mentioned below remained unanswered as of now- (a) How to deduct withholding […]
There is a change in the provisions for determining residential status, as per the amendment in Income tax act. The general rule will remain as same i.e. any person who is in India for more than 182 days will be treated as resident in India. OR, if he was in India for 60 days or more […]
