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...
The Hon’ble Finance Minister, Ms. Nirmala Sitharaman, presented the Union Budget on 1 February 2020, introducing measures aimed at, inter-alia, reducing litigation, improving effectiveness of tax administration, providing tax certainty and simplifying compliance with the overall objective of enhancing the ease of doing business in India. This article focuses on key proposals relating to Indian […]
The new corporate tax regime introduced vide Taxation Laws (Amendment) Act, 2019 expressed the government’s desire to provide relief to the corporate sector and industry bodies at large. Market participants were hopeful that Budget 2020 will address their woes of Dividend Distribution Tax (DDT) as well. The legislative intent behind the introduction of DDT was […]
In the statement of objects and reasons in introducing the Direct Tax Vivad se Vishwas Act, 2020, the FM said that over the years, the pendency of appeals filed by taxpayers as well as Government has increased due to the fact that the number of appeals that are filed is much higher than the number of appeals that are disposed.
Vivaad se Vishwas Scheme, 2020 Litigation in the country has always been an area of concern. In past there has been tremendous increase in the number of the appeals pending before various appellate forums like Income-tax Appellate Tribunal, High Courts and Supreme Court. Litigation takes undue time, resources and efforts of parties and in many […]
Download Income Tax Calculator for Financial Year 2020-21 in Excel Format / Download Income Tax Calculator for Assessment Year 2021-22 in Excel Format/ Download Income Tax Calculator for FY Year 2020-21 in Excel Format / Download Income Tax Calculator for AY 2021-22 in Excel Format. Q.1 What are the conditions for opting in the Scheme […]
AMENDMENTS FOR NON-RESIDENT INDIANS 1. Modification of Residency Provisions Tax Residency Period for Indian Citizens and Person of Indian Origin reduced from 182 days or more to 120 days or more along with stay of 365 days or more in India within 4 years preceding the financial year for determining as Resident in India. Individual […]
In line to Indirect tax amnesty scheme namely ‘Sabka Vishwas’ the Central Govt, has proposed direct tax amnesty scheme namely ‘Vivad Se Vishwas’ through Union Budget 2020. This amnesty scheme has also been introduced with the intent to reduce pending litigation in various appellate authorities and help Government in quick collection of the revenue. Various […]
The Indian Finance Minister Smt. Nirmala Sitharaman presented comprehensive budget before the Parliament on 1st February, 2020 to address multi-dimentional issues facing the economy. The Indian Government has taken a number of steps in the recent past & in this budget to achieve its objective of providing ease of doing business in India & proceed towards better tax compliant society. We have […]
Clause 98 of the Finance Bill 2020 has introduced Section 271AAD in the Income Tax Act relating to penalty for (a) a false entry or (b) any entry relevant to computation of total income of such person has been omitted with the intention to evade any tax liability in the books of account maintained by […]
What is Vivad se Vishwas scheme? The Direct Tax Vivad Se Vishwas Bill, 2020 tabled on lok sabha on Wednesday is introduced to provide complete waiver of interest and penalty to the taxpayers whose liabilities are in dispute.
