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...
Seeks to further amend notification No. 24/2005-Customs, dated the 1st March, 2005 so as to exclude copper and articles thereof from the exemption provided to raw materials use for manufacturing of ITA goods specified therein the notification vide Notification No. 06/2020-Customs dated 2nd February, 2020. Government of India Ministry of Finance (Department of Revenue) Notification […]
Seeks to amend notification No. 25/99-Customs dated 28th February. 1999 so as to withdraw BCD exemption on Gold used in manufacture of semi-conductor devices or light emitting diode and to provide exemption to specified parts for use in manufacture of fuses and connectors vide Notification No. 05/2020-Customs dated 2nd February, 2020. Government of India Ministry […]
Seeks to further amend notification No. 148/1994-Customs dated the 13th July, 1994 to exempt wool, woollen fabrics and apparels received as gifts by the Indian Red Cross Society vide Notification No. 04/2020-Customs dated 2nd February, 2020. Government of India Ministry of Finance (Department of Revenue) Notification No. 04/2020-Customs New Delhi, the 2nd February, 2020 G.S.R. […]
Seeks to further amend notification No. 19/2019-Customs dated the 6th July, 2019 so as to extend the exemption from BCD and IGST on specified military equipment, if imported by DPSUs and PSUs for the defence forces vide Notification No. 03/2020-Customs dated 2nd February, 2020. Government of India Ministry of Finance (Department of Revenue) Notification No. […]
Seeks to further amend notification No. 57/2017-Customs, dated the 30th June, 2017 so as to change the applicable BCD rate on specified parts of Cellular Mobile Phones vide Notification No. 02/2020-Customs dated 2nd February, 2020 Government of India Ministry of Finance (Department of Revenue) Notification No. 02/2020–Customs New Delhi, the 2nd February, 2020. G.S.R. 62(E). […]
Seeks to further amend notification No. 50/2017-Customs dated 30th June, 2017 so as to prescribe effective rate of Basic Customs Duty (BCD) vide Notification No. 01/2020-Customs dated 2nd February, 2020 Government of India Ministry of Finance (Department of Revenue) Notification No. 01/2020-Customs New Delhi, the 2nd February, 2020 G.S.R. 61(E):- In exercise of the powers […]
Tax Harassment will end – assures FM while presenting union Budget 2020 Trusting every citizen, the aspirational youth, the hard-working women, the risk-taking entrepreneur, the ever hopeful and untiring farmer or the wise and old senior citizen. Many among them are taxpayers. Others may not be taxpayers today. Our Prime Minister has laid before us […]
The Hon’ble Finance Minister Smt. Nirmala Sitharaman on Saturday presented Union Budget in Lok Sabha, Based on her speech on 01.02.2020. The prominent themes of Union Budget are Aspirational India, Economic Development and Caring Society. DIRECT & INDIRECT TAX: 1. Individual Slab Rate Tax for Financial Year 2020-21, an option to select either OLD or […]
In the recent past after the launch of Goods & Services Tax (GST), several cases of fraudulent input tax credit (ITC) claim have been caught by the GST authorities. In these cases, fake invoices are obtained by suppliers registered under GST to fraudulently claim ITC and reduce their GST liability. These invoices are found to […]
BUDGET 2020 HIGHLIGHTS 1. To remove Criminal liability from Companies Act, 2013, Govt. is proposed to make certain amendments in Companies Act, 2013. Similarly, other laws would also be examined, where similar provisions exist, and attempts would be made to correct them. 2. Depositor insurance limit proposed to increase from Rs.1 Lac to Rs.5 Lacs. […]
