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Budget 2020- Important points to be kept in mind before planning income tax for A.Y 2021-2022
Budget 2020- Important points to be kept in mind before planning income tax for A.Y 2021-2022 I. Residential Status.There is a change in the Basic Condition and additional Condition with respect to In...
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Budget 2020- Proposed changes in GST and Custom Duty
1. Major Amendments in the Customs Act, 1962:S. No.AmendmentAFor improving compliance1.A new Chapter VAA (a new section 28DA) is being incorporated in the Customs Act to provide enabling provision for...
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Budget 2020- Summary of proposals related to direct tax
1. Tax Incentives1.1 Relief in personal income-tax and simplification of taxation: In order to provide relief and simplify the taxation regime, it is proposed to provide an option to individual and Hi...
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DGFT portal to enable States/ UTs to develop all districts as Export Hub
Eleven States/ UTs have notified constitution of SLEPCBudget 2020-21 announcement to fulfil vision of PM to convert each District into an Export HubIn order to implement the vision of the Prime Minist...
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Budget 2020 accords highest priority to development of North East
Ministry of Development of North-East RegionHallmark of Union Budget 2020-21 is the highest priority it accorded to the overall development of North Eastern Region: Dr Jitendra SinghBudgetary allocati...
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ICAI analysis on Union Budget 2020-21
The Union Budget is stated to be centered around three significant themes – Aspirational India, Economic Development and Caring Society – all of which are directed towards ease of living.A tax measure...
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Budget 2020- Contributions made by employer exceeding Rs.7.5 lakhs is now taxable
Provision before Budget 20-21 List Of Employer ContributionSalary/Perquisite received by individual is taxable u/s 15 of income tax act, As per Sec 17 (which specified definition of Salary/Perquisite)...
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Budget 2020- TDS on Value of Raw Material in contract manufacturing (section 194C)
Extract of Relevant Clauses of Finance Bill, 2020Clause 76“Clause 76 of the Bill seeks to amend section 194C of the Income-tax Act relating to payments to contractors.Sub-section (1) of the said secti...
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Budget 2020- Alignment of purpose for entering into DTAA with Multilateral Instrument (MLI)
Extract of Relevant Clauses of Finance Bill, 2020Clauses 41“Clause 41 of the Bill seeks to amend section 90 of the Income-tax Act relating to agreement with foreign countries or specified territories....
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Budget 2020- Significant Economic Presence (SEP) provisions is to be deferred by government
Extract of Relevant Clauses of Finance Bill, 2020Clause 5“Clause 5 of the Bill seeks to amend section 9 of the Income-tax Act relating to income deemed to accrue or arise in India.Clause (i) of sub-se...
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Budget 2020- DDT removal & taxing dividend in the hands of shareholders/unit holders
Extract of Relevant Clauses of Finance Bill, 2020Clauses 7“Clause 7 of the Bill seeks to amend section 10 of the Income-tax Act relating to incomes not included in total income.First proviso to clause...
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Budget 2020- Calculation of cost of asset acquired before 1st April, 2001
Extract of Relevant Clauses of Finance Bill, 2020Clause 28“Clause 28 of the Bill seeks to amend section 55 of the Income-tax Act relating to meaning of “adjusted”, “cost of improvement” and “cost of a...
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Budget 2020- Charitable trust, institution and funds
Extract of Relevant Clauses of Finance Bill, 2020Clause 7“Clause 7 of the Bill seeks to amend section 10 of the Income-tax Act relating to incomes not included in total income.First proviso to clause...
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Budget 2020- Eligibility to appoint member of Adjudicating Authority (Benami Law)
Extract of Relevant Clauses of Finance Bill, 2020Clause 143“Clause 143 of the Bill seeks to amend section 9 of the Prohibition of Benami Property Transactions Act, 1988 relating to qualifications for...
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Budget 2020: Segregated Portfolios- Capital Gain [Section 49 & Section 2(42A)]
Budget 2020: Segregated Portfolios- Capital Gain [Section 49 & Section 2(42A)] Extract of Relevant Clauses of Finance Bill, 2020Clauses 3“Clause 3 of this Bill seeks to amend section 2 of the Income-t...
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Budget 2020- Verification of income tax return of company / LLP by any person prescribed by CBDT
Extract of Relevant Clauses of Finance Bill, 2020Clauses 67“Clause 67 of the Bill seeks to amend section 140 of the Income-tax Act relating to return by whom to be verified.The said section, inter ali...
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Finance Bill 2020- Clause wise changes in GST
16 Changes in GST vide Finance Bill 2020- Clause- wise Analysis 1. Clause 116: Amendment in Definition of UnionTerritory – Section 2(114) of CGST Act Existing“Union territory” means the territory of-(...
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Budget 2020- Important changes not mentioned in speech of FM
TDS on Technical Services under section 194J @ 2%It is proposed to reduce rate for TDS in section 194J in case of fees for technical services (other than professional services) to two per cent from ex...
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Budget 2020- Goods & Services tax(GST)
GeneralA simplified GST return shall be implemented from the 1st April, 2020. It will make return filing simple with features like SMS based filing for nil return, return pre-filling, improved input t...
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Section 115BAC- Budget 2020
New finance bill has been brought up by finance minister in last week of January 2020 in which they have inserted a new section 115BAC of Income tax act to called it as concessional Tax rate for Indiv...