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...
Employee stock options (ESOP) are part of an Employee benefits program offered by Startups to engage the employees in a more effective manner. The ESOPs issued to the employees provide them the benefit or right to purchase the shares of the Employer company, at a predetermined price, in a future date. Widely considered as a […]
Amendment of section 194LD of the Act to extend the period of concessional rate of withholding tax and also to extend this concessional rate to municipal debt securities. Section 194LD of the Act provides for lower TDS of five per cent in case of interest payments to Foreign Institutional Investors (FII) and Qualified Foreign Investors […]
Amendment of section 194LC of the Act to extend the period of concessional rate of withholding tax and also to provide for the concessional rate to bonds listed in stock exchanges in IFSC. Section 194LC of the Act, provided for a concessional rate of Tax Deductible at Source (TDS) at five per cent by a […]
Before I start with few critical areas of the budget to be analyzed and projection about the same all I can say about the budget being economist and business strategist that government is laying down the path for the new decade through its allocation in the budget. There are many hidden lines which one need […]
FAQs on new scheme of Income Tax rates introduced in Union Budget 2020-21 / Finance Bill 2020. Q1. When will the new scheme of Income Tax rates be applicable? Ans. The new Scheme will be applicable from Asst Year 2021-22 (i.e. Financial Year 2020-21). Q2. What is the new Scheme of Income Tax rates? Ans. […]
Rationalisation of provisions relating to tax audit in certain cases. Under section 44AB of the Act, every person carrying on business is required to get his accounts audited, if his total sales, turnover or gross receipts, in business exceed or exceeds one crore rupees in any previous year. In case of a person carrying on […]
Section 194O: Deduction of TDS on Payment of certain sums by e-commerce operator (Amazon/Flipkart) to e-commerce participant In order to widen the Tax base FM announced that E-commerce operator (Amazon/Flipkart etc) which facilitate sale of good/services through their digital platform required to deduct TDS at 1% on GROSS AMOUNT OF SUCH SALES OR SERVICE OR […]
Withdrawal of Income Tax Exemption on certain perquisites or allowances provided to Union Pubic Services Commission (UPSC) Chairman and members and Chief Election Commissioner and Election Commissioners. Section 10 of the Act provides for exemption in respect of certain incomes and activities under specific circumstances. Clause (45) thereof, inserted by the Finance Act, 2011, provides […]
Modification of concessional tax schemes for domestic companies under section 115BAA and 115BAB Domestic companies who has opt for concessional rate u/s 115BAA and 115BAB can take deduction under section 80JJAA or 80M Taxation Law Amendment Act, 2019 (TLAA) inserted section 115BAA and section 115BAB in the Act to provide domestic companies an option to […]
Now, Individual and HUF has option to choose their own tax slab rate! In line with options provided to domestic companies under the Taxation Law Amendment Act, 2019 (TLAA) and proposed to be provided to resident co-operative societies under this Bill, it is also proposed to provide similar option to individual and HUF by insertion […]
