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Union Budget- 2020: New Compliances for the Charitable Trust & Institutions

February 17, 2020 0 Comments

Union Budget- 2020: New Compliances for the Charitable Trust & Institutions One of the sectors where substantial changes are proposed by the Finance Bill, 2020 is with regard to recognition of charitable trust, NGO & other institutions claiming tax exemptions. For ...

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Budget Highlights

February 14, 2020 0 Comments

Budget Highlights No change in Tax Rates. Surcharge and Cess to continue as existing. However a new Section 115 BAC is being introduced whereby an individual and HUF can opt to pay tax as per new tax rates in case it ...

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Union Budget 2020: Now, Tax Collection at Source (TCS) on foreign remittance through Liberalised Remittance Scheme (LRS)and on selling of overseas tour package as well as TCS on sale of goods over a limit.

February 13, 2020 0 Comments

Union Budget 2020: Now, Tax Collection at Source (TCS) on foreign remittance through Liberalised Remittance Scheme (LRS)and on selling of overseas tour package as well as TCS on sale of goods over a limit. Section 206C of the Act provides ...

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Budget 2020: Forget ease of business, seller with turnover exceeding Rs. 10 Cr liable to collectTax At Source (TCS) on its sale if the transactions with any purchaser exceeds Rs. 50 lakh in a year

February 12, 2020 0 Comments

Budget 2020: Forget ease of business, seller with turnover exceeding Rs. 10 Cr liable to collectTax At Source (TCS) on its sale if the transactions with any purchaser exceeds Rs. 50 lakh in a year Section 206C of the Act ...

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Key Tax Amendments for Residents Taxpayers by Union Budget 2020

February 11, 2020 0 Comments

Key Tax Amendments for Residents Taxpayers by Union Budget 2020 Number of amendment is proposed for residents taxpayers in the Union Budget 2020. Important of them are as under: New Tax Regime v/s Old Tax Regime New optional Tax Rates u/s 115BAC ...

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Union Budget 2020 & NRI Taxation: An overview

February 11, 2020 0 Comments

Union Budget 2020 & NRI Taxation: An overview The period of recognising the person as resident vis a vis non resident has been proposed to undergo a sea change, as under: Tax Residency Period for Indian Citizens and Person ...

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Union Budget 2020: Ease of doing business vs. New TCS Compliance Burden

February 11, 2020 0 Comments

Union Budget 2020: Ease of doing business vs. New TCS Compliance Burden Every budget have some proposals either to widen the tax net or to deepen it further. One such measure in the recent Union Budget 2020 is with regard ...

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Budget 2020: Clarification on NRI provisions.

February 7, 2020 0 Comments

Budget 2020: Clarification on NRI provisions.

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Summary of Union Budget 2020-21

February 1, 2020 0 Comments

Summary of Union Budget 2020-21 UNION BUDGET 2020- 21 PRESS INFORMATION BUREAU GOVERNMENT OF INDIA ****** Summary of Union Budget 2020-21 New Delhi, 1st February, 2020 PART-A Presenting the first Union Budget of the third decade of the 21st century, Finance Minister Smt. Nirmala Sitharaman, today unveiled a series ...

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BUDGET AT A GLANCE

February 1, 2020 0 Comments

Budget at a Glance: Highlights on GST Benefit to MSMEs through enhanced threshold and composition limits. 20 per cent reduction in turn around time for trucks. Savings of about 4 per cent of monthly spending for an average household. ...

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Prosecution provision rationalized under section 276CC

July 15, 2019 0 Comments

Prosecution provision rationalized under section 276CC The existing provisions of section 276CC of the Act, inter alia, provide that prosecution proceedings for failure to furnish returns of income against a person shall not proceeded against, for failure to furnish the ...

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Rationalisation of penalty provisions relating to under-reported income

July 15, 2019 0 Comments

Rationalisation of penalty provisions relating to under-reported income At present, section which levies penalty for mis reporting or under reporting of income, no provision for levy of penalty exists if the return is furnished for the first time u/s 148. ...

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Compliance with the notification of exemption issued under section 56(2)(viib)

July 15, 2019 0 Comments

Compliance with the notification of exemption issued under section 56(2)(viib) The provisions of section 56(2)(viib) of the Act provides for charging of the consideration received for issue of shares by certain companies, where such consideration exceeds the fair market value ...

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Rationalisations of provisions relating to maintenance, keeping and furnishing of information and documents by certain persons u/s 92D.

July 15, 2019 0 Comments

Rationalisations of provisions relating to maintenance, keeping and furnishing of information and documents by certain persons u/s 92D. Section 92D of the Act inter alia, provides for maintenance and keeping of information and document by persons entering into an international ...

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Not full amount, but only difference is liable for taxation on maturity proceeds of Life insurance premium if it is not exempt u/s 10(10D)

July 15, 2019 0 Comments

Not full amount, but only difference is liable for taxation on maturity proceeds of Life insurance premium if it is not exempt u/s 10(10D) Above conclusions could be drawn by the amendment proposed in section 194DA which provides for TDS ...

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Tax Break to the buyer of electric Vehcile- A welcome proposal in Union Budget – II

July 15, 2019 0 Comments

Tax Break to the buyer of electric Vehcile- A welcome proposal in Union Budget - II "We do not inherit the earth from our ancestors; we borrow it from our children" - Chief Seattle Pollution should never be the price of ...

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Not only car, even purchase of electric two wheeler will offer tax benefit u/s 80EEB – A welcome proposal in Union Budget – II

July 12, 2019 0 Comments

Not only car, even purchase of electric two wheeler will offer tax benefit u/s 80EEB – A welcome proposal in Union Budget – II To achieve the mission of Go green and take care of environment, one of the first ...

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Provide for pass through of losses in cases of Category I and Category II Alternative Investment Fund (AIF)

July 11, 2019 0 Comments

Provide for pass through of losses in cases of Category I and Category II Alternative Investment Fund (AIF) Section 115UB of the Act provides for pass through of income earned by the Category I and II AIF, except for business ...

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