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...
Hon’ble Finance Minister while rendering the Budget 2020 on 1st February 2020 made an important announcement of reducing the pending litigation matters substantially, by introducing ‘Vivad se Vishwas Scheme’. Accordingly, on 5th February 2020, The Direct Tax Vivad Se Vishwas Bill, 2020 was introduced in the Lok Sabha
Govt of India has been very kind enough in introducing the bill The Direct Tax Vivad Se Vishwas Bill, 2020. We have gone through the bill and sought the clarification for better understanding and interest in public at large.
This is an Excel Utility with the help of which one can make simple calculations regarding comparative study of Income Tax as per old regime and income tax as per new regime laid down under budget 2020. User is requested to refer to the yellow colored cells of this utility specifically for giving inputs and […]
DIRECT TAX VIVAD SE VISHWAS BILL, 2020 The Central Government has proposed an amnesty scheme for direct taxes in India. The Finance Minister has proposed the Direct Tax Vivad Se Vishwas Bill, 2020 to reduce the pendency of appeals before the Authorities which as at 30th November, 2019 amounts to Rs. 9.32 lakh crores (equivalent […]
Under Vivad se Vishwas scheme taxpayers are only required to pay amount of disputed taxes and they will get immunity from interest, penalty and prosecution if he pays disputed taxes before 31st March 2020. Those who avail this scheme after 31st March 2020 need to pay extra 10 percent of disputed taxes. This scheme will remain operational till 30th June 2020; however, this date may also be extended by few months (probably up to Sep – Dec 2020).
The government has introduced a bill in Parliament detailing the Direct tax dispute settlement scheme. The Direct Tax Vivad se Vishwas Bill, 2020 for dispute resolution related to direct taxes, proposes less payment or discounted payment for dispute settlement if the tax payer settles before the end of this financial year as compared to if he/she decides […]
It seems that the government is not happy for people earning more and the raise of salary they get after many years of hard-working. If people want to have a very good quality of retirement and improvised lifestyle in retirement is that act of Fraud. We financial advisor advice investor to have financial planning and […]
DIRECT TAX 1. Corporate tax for new manufacturing Companies & power generation companies brought to 15% and existing companies to 22% . 2. Govt. has exempted individual with income upto Rs. 5 lakh 3. New Simplified new tax for FY 2021-22 are as Taxable Income Slab (`) Existing Tax Rates New Tax Rates 0-2.5 Lakh […]
Finance Minister presented the Union Budget 2020 wherein she proposed substantial amendments for granting exemptions to the charitable / religious trusts institutions etc. Under the new tax regime, she proposed to amend Section 10(23C), Section 11, Section12A, Section12AA, Section 80G and proposed to insert a new Section 12AB. All these amendments are proposed to be made w.e.f. June 01, 2020.
♦ New Taxation Scheme for Individuals & HUF: Alternate/Optional tax regime provided to individuals and HUF by insertion of Section 115BAC. A summary on the rates of tax is provided below: Taxable Total Income Existing Tax Rates Optional Tax Rates* Upto Rs. 2,50,000 Nil Nil Rs. 2,50,001 to Rs. 5,00,000 5% 5% Rs. 5,00,001 to […]
