Union Budget – 2024: Rationalisation of Tax Deducted at Source rates   There are various provisions of Tax Deduction at Source (TDS) with different thresholds and multiple rates between 0.1%, 1%, 2%, 5%, 10%, 20%, 30% and above. To improve ease of doing business and better compliance by taxpayers, the TDS rates are proposed to be reduced. However, no change would occur with respect to sections such as TDS on salary, TDS on virtual…

GST proceedings cannot initiate against a non-existent Company: Karnataka HC   M/s. Trelleborg Sealing Solutions (India) Private Limited was amalgamated and resulting in the creation of a new entity. Following the NCLT’s approval of the amalgamation, cancellation took effect on 29.11.2021. It is submitted that despite the intimation of  amalgamation of the  company have made…

Abolition of Angel Tax in the Budget:   1. Introduction: Angel Tax, first introduced in the Union Budget 2012 by Finance Minister Pranab Mukherjee, was designed to curb money laundering through investments in startups and identify fraudulent firms. This tax, under Section 56(2)(viib) of the Income Tax Act, targeted investments exceeding the fair market value…

TDS on Remuneration to the Partner: Government must understand that the Power to Tax includes Power to Destroy   The more the Government talks about simplification, the more complicated they make it. The more they talk about ease of doing business, the more complications they add to it. This is not with any one Government…

Top 100 Highlights of Budget 2024 by Nirmala Sitharaman   Budget 2024 proposes overhaul of Capital Gains Taxes – Short term gains 20% on all financial assets, On all other other assets it remains as it was, Long term – 12.5% on all assets, Exemption on profits 1.25 lakh a year Standard Deduction Increased from…