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Budget 2020: DDT proposed to be removed
Press Information BureauGovernment of IndiaMinistry of Finance01-February-2020 14:39 ISTDDT proposed to be removed; to lead to estimated annual revenue forgone of Rs. 25,000 croreTax Concessions Annou...
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Budget 2020- Amendments in GST Act
Central Goods and Services Tax (Chapter IV) (Clause 116 to 131)Sr. No.Section AmendedOld ProvisionAmend-mentNew ProvisionReasonEffect1.Section 2(114) (Definition of Union territory)“Union territory” m...
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Exemption under section 11 And Section 10(23C) For Charitable / Religious Trusts, Institutions etc. - Budget 2020
Relevant Extract From Memorandum Explaining ClausesThe relevant extract explaining the intention behind the amendment and scope of amendment is as under :“It is also felt that the approval or registra...
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Newly setup manufacturing companies- Income tax rate on income for them
The Central Government through ‘The Taxation Laws (Amendment) Act, 2019‘ in September 2019, inserted a new Section 115BAB which gives an option to newly set up manufacturing companies to pay income ta...
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Residency provisions modification
Extract of Relevant Clauses of Finance Bill, 2020Clause 4“Clause 4 of the Bill seeks to amend section 6 of the Income-tax Act relating to residence in India.Clause (1) of said section provides for sit...
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Income tax penalty: e-scheme for imposing it will be notified by government
Extract of Relevant Clauses of Finance Bill, 2020Clause 100“Clause 100 of the Bill seeks to amend section 274 of the Income-tax Act relating to procedure.It is proposed to insert sub-sections (2A), (2...
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Section 206C- TCS on remittance through LRS, foreign tour package sell & sale of goods
Extract of Relevant Clauses of Finance Bill, 2020Clause 93“Clause 93 of the Bill seeks to amend section 206C of the Income-tax Act, relating to profits and gains from the business of trading in alcoho...
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TDS on technical service fees (other than professional services) reduced to 2%- Section 194J
Extract of Relevant Clauses of Finance Bill, 2020Clause 79“Clause 79 of the Bill seeks to amend section 194J of the Income-tax Act relating to fees for professional or technical services.Sub-section (...
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Insurance companies- Allowing deduction for amount disallowed u/s 43B on payment basis
Extract of Relevant Clauses of Finance Bill, 2020Clause 104“Clause 104 of the Bill seeks to amend rule 5 of the First Schedule of the Income-tax Act relating to computation of profits and gains to oth...
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Form 26AS
Form 26AS Extract of Relevant Clauses of Finance Bill, 2020Clauses 90“Clause 90 of the Bill seeks to amend section 203AA of the Income-tax Act relating to furnishing of statement of tax deducted.It is...
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ESOP of start-ups- Deferring TDS or tax payment on income arising from it
Extract of Relevant Clauses of Finance Bill, 2020Clauses 68“Clause 68 of the Bill seeks to amend section 140A of the Income-tax Act relating to self-assessment.Sub-section (1) of the said section prov...
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2020-21 Union Budget: Fiscal Slippage But Little Stimulus
♦ The budget delivered credible numbers in terms of its fiscal deficit estimates, raising the deficit by 50bps this year and the next. The fiscal deficit was raised to 3.8% for 2019-20 and to 3.5% for...
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Amendment in the provisions of Act relating to verification of the return of income and appearance of authorized representative.
Section 140 of the Act provides that in case of company the return is required to be verified by the managing director (MD) thereof. Where the MD is not able to verify for any unavoidable reason or wh...
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Rationalisation of the provisions of section 49 and clause (42A) of section 2 of the Act in respect of segregated portfolios.
Section 49 of the Act provides for cost of acquisition for the capital asset which became the property of the assessee under certain situations. Further, clause (42A) of section 2 of the Act provides...
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Rationalisation of provision relating to Form 26AS
Section 203AA of the Act, inter-alia, requires the prescribed income-tax authority or the person authorised by such authority referred to in sub-section (3) of section 200, to prepare and deliver a st...
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Rationalisation of provisions relating to tax audit in certain cases.
Under section 44AB of the Act, every person carrying on business is required to get his accounts audited, if his total sales, turnover or gross receipts, in business exceed or exceeds one crore rupees...
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Expanding the eligibility criteria for appointment of member of Adjudicating Authority under the Prohibition of Benami Property Transaction Act, 1988.
The existing provisions of section 9 of the PBPT Act, inter-alia, provides that, a member of the Indian Revenue Service who has held the post of Commissioner of Income-tax or equivalent post in that S...
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Filing of statement of donation by donee to cross-check claim of donation by donor
It may further be mentioned that certain provisions of the Act provide that an exempt entity may accept donations or certain sum for utilisation towards their objects or activities in respect of which...
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Rationalising the process of registration of trusts, institutions, funds, university, hospital etc and approval in the case of association, university, college, institution or company etc
The present process of registration of trusts, institutions, funds, university, hospital etc under section 12AA or under sub-clauses (iv), (v), (vi) or (via) of clause (23C) of section 10, and approva...
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Amendment of sub-section (7) of section 11 to allow entities holding registration under section 12A/12AA to apply for notification under clause (46) of section 10
Section 11 of the Act provides for grant of exemption in respect of income derived from property held under trust for charitable or religious purposes to the extent to which such income is applied or...