-
Budget 2020- Amendments which are proposed in CGST & IGST Act, 2017
[Clause 116 to 129 of Finance Bill, 2020] [These sections shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint]A simplified return shall b...
-
Budget 2020- Residential Status
A. Resident and Ordinary resident (‘R&OR’)Residential status in India as per the Income Tax Act, 1961 (‘the Act’)Section 6 of the Act enunciates the scope of residential status. As per provisions1 of...
-
Direct Tax Vivad se Vishwas Bill, 2020
THE DIRECT TAX VIVAD SE VISHWAS BILL, 2020 (TO BE INTRODUCED IN LOK SABHA)A BILL to provide for resolution of disputed tax and for matters connected therewith or incidental thereto. BE it enacted by P...
-
Budget 2020- Assessee's option to not avail section 35AD deduction
Extract of Relevant Clauses of Finance Bill, 2020 Clause 18“Clause 18 of the Bill seeks to amend section 35AD of the Income-tax Act relating to deduction in respect of expenditure on specified busines...
-
Budget 2020- Amalgamations of Banks / Govt Companies and Carry forward of losses or depreciation related to the same
Budget 2020- Amalgamations of Banks / Govt Companies and Carry forward of losses or depreciation related to the sameBudget 2020- Amalgamations of Banks / Govt Companies and Carry forward of losses or...
-
Budget 2020- Business trust
Extract of Relevant Clauses of Finance Bill, 2020Clause 62“Clause 62 of the Bill seeks to amend section 115UA of the Income-tax Act relating to tax on income of unit holder and business trust.The said...
-
Budget 2020- Amendment of section 92CB and 92CC of the Income-tax Act
Budget 2020- Amendment of section 92CB and 92CC of the Income-tax Act Extract of Relevant Clauses of Finance Bill, 2020Clauses 43“Clause 43 of the Bill seeks to amend section 92CB of the Income-tax Ac...
-
Budget 2020- Commodity Transaction Tax (CTT)
Extract of Relevant Clauses of Finance Bill, 2020 Clause 147“Clause 147 of the Bill seeks to amend section 117 of the said Act relating to charge of commodities transaction tax.It is proposed to subst...
-
Budget 2020- e-assessment scheme modification
Extract of Relevant Clauses of Finance Bill, 2020Clause 69“Clause 69 of the Bill seeks to amend section 143 of the Income-tax Act relating to assessment.Sub-section (3A) of the said section provides t...
-
Budget 2020- Amendment of Section 144C (Dispute Resolution Panel)
Extract of Relevant Clauses of Finance Bill, 2020 Clause 70“Clause 70 of the Bill seeks to amend section 144C of the Income-tax Act relating to reference to dispute resolution panel.Sub-section (1) of...
-
Budget 2020- e-appeal provision
Extract of Relevant Clauses of Finance Bill, 2020 Clause 95Clause 95 of the Bill seeks to amend section 250 of the Income-tax Act, 1961 relating to procedure in appeal.It is proposed to insert new sub...
-
Budget 2020- Power of survey (Section 133A)
Budget 2020- Power of survey (Section 133A)Extract of Relevant Clauses of Finance Bill, 2020 Clause 65“Clause 65 of the Bill seeks to amend section 133A of the Income-tax Act relating to power of surv...
-
Budget 2020- Stay by the Income Tax Appellate Tribunal (ITAT)
Extract of Relevant Clauses of Finance Bill, 2020Clause 97“Clause 97 of the Bill seeks to amend section 254 of the Income-tax Act relating to orders of Appellate Tribunal.It is proposed to amend the f...
-
Budget 2020- Employer’s contribution to RPFs, Superannuation Funds & NPS and taxation related to the same
Extract of Relevant Clauses of Finance Bill, 2020Clause 13“Clause 13 of the Bill seeks to amend section 17 of the Income-tax Act relating to “salary”, “perquisite” and “profits in lieu of salary” defi...
-
Budget 2020: TDS on interest paid by co-operative society to members
Budget 2020- Interest paid by co-operative society to members and TDS on the same Extract of Relevant Clauses of Finance Bill, 2020Clause 75“Clause 75 of the Bill seeks to amend section 194A of the In...
-
Budget 2020- Exemption given to non-resident from filing tax return in certain conditions
Extract of Relevant Clauses of Finance Bill, 2020Clause 47“Clause 47 of the Bill seeks to amend section 115A of the Income-tax Act relating to tax on dividends, royalty and technical service fees in t...
-
Budget 2020- Generation of electricity as manufacturing and concessional tax rate option on the same
Extract of Relevant Clauses of Finance Bill, 2020 Clause 52“Clause 52 of the Bill seeks to amend section 115BAB of the Income-tax Act relating to tax on income of new manufacturing domestic companies....
-
Budget 2020- Section 119A (Taxpayer’s Charter)
Extract of Relevant Clauses of Finance Bill, 2020 Clause 64“Clause 64 of the Bill seeks to insert a new section 119A so as to empower the Board to adopt and declare a Taxpayer’s Charter and issue such...
-
Budget 2020- List of exemptions & deductions which are terminated
1. Section 10(5) – Leave travel concession applicable for salaried employee 2. Section 10(13A) – House Rent allowance applicable for salaried employee Section 10(14) – Certain allowances applicable fo...
-
Implementation of One Nation One Ration Card System
Under PDS reforms, a scheme on “Integrated Management of Public Distribution System (IM-PDS)” is being implemented w.e.f. April 2018 in all States/UTs including Tamil Nadu. The main objective of the s...