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...
Introduction With soaring expectation from various stakeholders, Finance minister Smt. Nirmala Sitharaman presented the Union budget 2020-2021 on 1st February 2020. The budget aims to open up avenues for vibrant and dynamic economy supported by the new technologies. This is essential keeping in view that India become fifth largest economy in the world. The budget […]
Comparative Study of Old and New Regime of Income Tax Slabs- In Budget-2020 proposals, new section 115BAC is proposed to be inserted w.e.f. AY 2021-22. Some of the salient features of which are as under. 1. It is optional. 2. It is for Individual and HUF only. 3. It is subject to other special rates […]
SYNOPSIS of UNION BUDGET 2020-21 Please find below the synopsis of Union Budget 2020-21 Direct Taxation: Personal Taxation: 1. A new slab rate has been announced in the Budget for Individuals which is as under Income Group Slab 0-2,50,000 Nil 2,50,000-5,00,000 5% 5,00,000-7,50,000 10% 7,50,000-10,00,000 15% 10,00,000-12,50,000 20% 12,50,000-15,00,000 25% >15,00,000 30% However, the assesse […]
Budget 2020 : Dividend Distribution Tax (DDT) vis a vis Company Incorporation by Unorganized Sector MSME’s in India are the largest job providers in the country but however most of them are unorganised or rarely they take corporate outlook. In order to attract fresh investments in manufacturing sector and to promote growth and investment , […]
The budget was expected to be a path breaking one, being the first budget of the new decade. However, as has been the case with earlier budgets, it is bound to fall short of middle class expectations, who will be required to make their choices very prudent so as not to indulge in too much […]
Comparison table showing section wise changes proposed in Finance Bill in Goods and Services Tax – By GST & Indirect Taxes Committee of Institute of Chartered Accountants of India (ICAI). Also Read- Significant Direct Tax Proposals In Finance Bill, 2020- ICAI Analysis Budget 2020- Tax proposals- International Taxation- Analysis Section Existing Finance Bill Explaining in […]
Proposed amendment to CGST Act, 2017 & IGST Act, 2017 [Clause 116 to 129 of Finance Bill, 2020] [These sections shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint] Hon’ble FM Speech A simplified return shall be implemented from the 1st April, 2020 Refund process has been simplified […]
Union Budget, 2020 exhibits the unrelenting effort of the NDA Government to curb the tax abuse by the person exploiting their nonresident tax status, despite of being citizens of India. The Finance Bill, 2020 brings in anti-abuse measure for the taxpayers who deliberately prearrange their stay in India with an intent to avoid their categorization as Indian residents, thereby avoiding the tax in India.
The first Union Budget of the new decade (second one of Prime Minister Shri Narendra Modi led Government, in the Second Innings) presented by the Finance Minister Smt. Nirmala Sitharaman on 1st February 2020; took most by surprise; with some of the radical Income tax reforms and belying some expectations.
It is, therefore, proposed to introduce The Direct Tax Vivad se Vishwas Bill, 2020 for dispute resolution related to direct taxes, which, inter alia, provides for the following, namely: (a) The provisions of the Bill shall be applicable to appeals filed by taxpayers or the Government, which are pending with the Commissioner (Appeals), Income tax Appellate Tribunal, High Court or Supreme Court as on the 31st day of January, 2020 irrespective of whether demand in such cases is pending or has been paid;
