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...
1. What is the objective of the Vivad se Vishwas scheme? Ans: To provide for a one-time settlement scheme for resolution of disputed tax and for matters connected therewith or incidental thereto. 2. Who can avail the Vivad se Vishwas scheme? Ans: An Assessee whose appeal, whether filed by the Assessee or the Dept or both, […]
. In all 16 amendments have been proposed under the CGST Act, 2017 by virtue of clauses 116 to 131 of the Finance Bill, 2020. Parallel 2 amendments have been proposed under the IGST Act, 2017 by virtue of clauses 132 & 133 of the Finance Bill, 2020. Also parallel 4 amendments have been proposed under the UT GST Act, 2017 and one amendment has been proposed under the Compensation to States Act, 2017.
In Union Budget 2020, our finance minister introduced amnesty scheme for disposal of appeal pending in direct tax matters. The bill has been named “The Direct Tax Vivad se Vishwas Bill, 2020”. The bill has been presented in Lok Sabha on 5th February, 2020 and shall come in to force once it gets approved by […]
♦ Residential status – Stay period decreased to 120 days from existing 182 days. ♦ An Indian citizen who is not liable to tax in any other country or territory shall be deemed to be resident in India, and accordingly will be taxed on his global income, in India. ♦ Filing of statement of donation […]
To achieve the dream of $5 Trillion Economy by 2024 , Finance Minister present its 1st budget of this Decade with substantial changes in Direct Taxes, policy for leveraging of technology, Infrastructure development projects. One of such changes is ,omission of existing and introduction, of below specified section`s under Income Tax Act:- 1. This Union […]
The Union Budget 2020 (‘Budget 2020’) was presented by the Honorable Finance Minister on 1 February 2020. All had set their eyes to witness what this Budget would unveil for reviving Indian economy. At the introduction of the speech, the Honorable FM mentioned that the existing Government wishes to open up vistas for a vibrant […]
Article explains Salient Features Of The Direct Tax Vivad Se Vishwas Act, 2020 (‘Scheme’), Steps Involved In Payment Of Tax Arrears, Important Definitions Under Direct Tax Vivad Se Vishwas Scheme, Amount Payable By Declarant, Filing Of Declaration under Direct Tax Vivad Se Vishwas Scheme, Immunity From Initiation Of Proceedings and Non Applicability Of Direct Tax […]
Budget 2020- Exemption in respect of certain income of Indian Strategic Petroleum Reserves Limited (ISPRL) Section 10 of the Act provides for exemption in respect of certain incomes and activities under specific circumstances. Clause (48A) thereof, inserted by the Finance Act, 2016, provides that any income accruing or arising to a foreign company on account […]
Increasing the time period and Turnover for eligibility of section 80-IAC for start-ups Rationalization of provisions of start-ups. The existing provisions of section 80-IAC of the Act provide for a deduction of an amount equal to one hundred per cent of the profits and gains derived from an eligible business by an eligible start-up for […]
The Article below summarizes the changes proposed in the CGST Act, 2017 and IGST Act, 2017 vide the Finance Bill, 2020 (‘Budget’). Post the enactment of Finance Act, 2020, these changes shall be applicable only when a notification is issued regarding their applicability. 1. Section 10 (Composition Scheme) With the option to avail composition scheme […]
