Budget 2020: Rationalization of tax treatment of employer’s contribution to recognized provident funds (RPFs), superannuation funds and national pension scheme (NPS). Under the existing provisions of the Act, the contribution by the employer to the account of an employee in a recognized provident fund exceeding twelve per cent. of salary is taxable. Further, the amount […]
Enlarging the scope for tax deduction on interest income u/s 194A of the Act Section 194A of the Act governs interest other than interest on securities. Sub-section (1) thereof provides that any person not being individual or HUF who is responsible for paying to a resident any income by way of interest other than income […]
Budget 2020-21 Propose to Exempt non-resident from filing of Income-tax return under sub-section (1) of section 139 in certain conditions. Section 115A of the Act provides for the determination of tax for a non-resident whose total income consists of: (a) certain dividend or interest income; (b) royalty or fees for technical services (FTS) received from […]
Now concessional rate of taxation option u/s 115BAB also available for generation of electricity as manufacturing The Taxation Law Amendment Act, 2019 (TLAA), inter-alia, inserted section 115BAB in the Act. The newly inserted section provides that new manufacturing domestic companies set up on or after 1st October, 2019, which commence manufacturing or production by 31st […]
Insertion of Taxpayer’s Charter in the Act. It is proposed to insert a new section 119A in the Act to empower the Board to adopt and declare a Taxpayer’s Charter and issue such orders, instructions, directions or guidelines to other income-tax authorities as it may deem fit for the administration of Charter. This amendment will […]
Considering India’s demographic advantage of a large young population in the productive age group, improvements in the social sectors like education, health care, water supply and sanitation leaves a profound impact on the quality of life of the people as well as to the productivity of the economy. Interventions made to reach out to all […]
India’s external sector gained further stability in the first half of 2019-20, witnessing improvement in Balance of Payments (BoP) position. India’s foreign reserves are comfortably placed at US$ 461.2 billion as on 10th January, 2020. The improvement in BoP was anchored by narrowing of current account deficit (CAD) from 2.1 per cent in 2018-19 to […]
The Sustainable Development Goals (SDGs) constitute a befitting framework to answer the developmental challenges to achieve a sustainable future, free from social, economic, and environmental inequalities and thereby ensuring a greener and healthy Planet for future generations. India’s achievement in the composite SDG index is commendable as the score has improved from 57 in 2018 […]
Monetary policy remained accommodative in 2019-20. The repo rate was cut by 110 basis points in four consecutive Monetary Policy Committee meetings in the financial year due to slower growth and lower inflation. However, it was kept unchanged in the fifth meeting held in December 2019. Liquidity conditions were tight for initial two months of […]
The industrial sector based on Index of Industrial Production (IIP) registered a growth of 0.6 per cent for 2019-20 (April-November) as compared to 5.0 per cent during 2018-19 (April-November). Growth of manufacturing sector was 0.9 per cent during 2019-20 (April-November) as compared to 4.9 per cent during 2018-19 (April-November). Growth of refinery products sector stood […]
