Income Tax : Explore the significant changes in capital gains taxation proposed in Budget 2024, including revised tax rates, holding periods, a...
Income Tax : Learn about Section 194T introduced in Finance Bill 2024, covering TDS on payments to partners, its implications, and potential c...
Income Tax : Budget 2024 introduces significant amendments in trust-related provisions under the Income Tax Act, including registration timelin...
Income Tax : Explore the latest tax provisions affecting mutual fund income, including recent changes in capital gains taxation and classificat...
Company Law : Tax implications of the Finance Bill 2024 on share buybacks. Key changes, examples, and their impact on shareholders' tax liabilit...
Income Tax : Key amendments to the Finance (No.2) Bill, 2024, include changes in tax rates, capital gains, customs duties, and excise laws, eff...
CA, CS, CMA : ICAI President's August 2024 message highlights India's economic growth, recent exam results, and the Union Budget's role in achie...
Goods and Services Tax : Discover the major amendments in GST, excise, and customs duties introduced in Budget 2024, including changes in CGST, IGST, and C...
Income Tax : Finance Bill 2024 proposes an amendment to Section 55 of the Income Tax Act to clarify the computation of cost of acquisition for ...
Income Tax : Budget 2024 extends the scope for lower deduction/collection certificates under Sections 197 and 206C, effective from October 2024...
Goods and Services Tax : Discover the key amendments in the Finance (No. 2) Bill, 2024, affecting CGST, IGST, UTGST, and Cess Act, including tax exemptions...
Income Tax : A petition has been filed in the Madras High Court challenging the section 271J of the Income Tax Act inserted vide Finance Act 2...
Income Tax : U/s 250(4), the CIT (A) has the power to direct enquiry and call for evidence from the assessee. Under Rule 46A, the assessee has ...
Income Tax : Explore the Finance Bill 2024, detailing income tax rates, surcharges, and provisions for various taxpayers, including individuals...
Goods and Services Tax : Govt. sets October 1, 2024, for Finance Act 2024, Section 13; April 1, 2025, for Sections 11 and 12, under Notification No. 16/202...
Custom Duty : Notification No. 51/2024-Customs (N.T.) introduces New Shippers Review in countervailing duty rules, effective from 24th July 2024...
Custom Duty : Notification No. 39/2024-Customs amends No. 45/2017-Customs to extend re-import period from 3 to 5 years, effective from 24th July...
Custom Duty : Government of India amends 32 Customs notifications and extends the re-export period for certain foreign-origin goods under Notifi...
Budget 2020 for Employees – Budget 2020 proposed a new alternative income tax slab/rates for individual/HUF assesses from Financial Year 2020-21 onwards. – Freedom is given to the assessee to choose between old and new rates. New Tax rates proposed in Budget 2020 for Individuals and HUF are: Income Bracket In Rs Proposed Tax Rates* […]
In order to widen and deepen the tax net, the Finance Bill 2020 proposed to insert in section 206 of the Income Tax Act, sub-section (1H) to levy TCS on sale of goods. Section 206(1H) will be effective from 01st April 2020. Section 206(1H) reads as under: Every person, being a seller, who receives any […]
While a trust is registered under Section 12AA, the registration referred to therein shall be inoperative from the date of approval of the trustor organization pursuant to Section 10(23C) or Section 10(46) or from the date of entry into force of this proviso, i.e. 01/06/20020 as previously stated. New Article 12A(1)(ac) was introduced provided that, […]
Article analyses Vivad se Vishwas Scheme Proposed by Central Government for disputed Direct Tax Dues and explains Salient features of Vivad se Vishwas bill, 2000 and issues which may arise or which arises on which Government needs to clarify. Tax amnesty/dispute resolution schemes are introduced by the countries world over and are advertised as a […]
DIRECT TAX PROPOSALS ♦ New Tax Slabs for Individuals and HUF (Section 115BAC) Finance Bill proposes to give an option to Individuals and HUF to compute the tax liable on income earned at the rate and as per the procedure mentioned below: Income Slab Existing Rate New Tax Rate 0-2,50,000 0% 0% 2,50,000-5,00,000 5% (Rebate […]
Article explains who can be Beneficiary of Vivad Se Vishwas Scheme, Vivad Se Vishwas Scheme Mechanism, Quantum Of Amount Payable Under Vivad Se Vishwas Scheme:–A) If The Declarant Is Assessee/ Taxpayer And Appeal Was Also Filed By Assessee or B) If The Declarant Is Department And The Department Has Filed Appeal And Lost On An […]
Article discusses Union Budget 2017 provisions related to ELECTORAL BOND. It discusses if the same is a legal weapon to curb and mitigate illegitimate funding for political parties.
Honourable finance minister while presenting the budget has provided an option to Individuals and HUFs to pay tax according to new rates. The optional rates as per Section 115BAC and their comparison with existing rates are as following. New Rates Existing Rates Sr. No. Total Income Rate Sr. No. Total Income Rate 1 Up to […]
For a developing country like India- what we need the most is a stronger economy which indeed needs a stronger budget which in turn builds a stronger nation altogether. This budget shall propose to give Indian economy an impetus to emerge as more vibrant and stronger. Our Finance Minister released Budget 2020 with an aspiration of […]
Finance Bill 2020 has introduced new section, Section 115BAC where employee can pay tax on their total income at the rate specified in the Table from the assessment year 1st April, 2021. Table Sr. No. Total Income Rate (1) (2) (3) 1. Upto Rs.2.50 lacs Nil 2. From 2.50 lacs to 5 lacs 5% 3. […]
