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5% TDS on interest on Municipal Debt Securities- Section 194LD
Extract of Relevant Clauses of Finance Bill, 2020 Clause 83 “Clause 83 of the Bill seeks to amend section 194LD of the Income-tax Act relating to income by way of interest on certain bonds and Governm...
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5% TDS on bonds listed in stock exchanges in IFSC- Section 194LC
Extract of Relevant Clauses of Finance Bill, 2020 Clause 82 Clause 82 seeks to amend section 194LC of the Income-tax Act relating to income by way of interest from Indian company. Sub-section (1) of t...
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Individuals & HUF- New scheme of Income Tax Rates
Applicability of new scheme of Income Tax rates The new Scheme will be applicable from Asst Year 2021-22 (i.e. Financial Year 2020-21).New Scheme of Income Tax ratesUnder the new Scheme, Tax Rate will...
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Tax Audit Limit 5 Crore, Return filing date 31st October- Budget 2020
Extract of Relevant Clauses of Finance Bill, 2020 Clauses 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 cla...
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Tax exemption withdrawn for UPSC Chairman, EC Members & Commissioners
Extract of Relevant Clauses of Finance Bill 2020 Clause 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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TDS on certain Payment by e-commerce operator- Section 194O
Extract of Relevant Clauses of Finance Bill, 2020 Clause 84 “Clause 84 of the Bill seeks to insert a new section 194-O in the Income-tax Act relating to payment of certain sums by e-commerce operator...
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80JJAA / 80M- Domestic companies can claim deduction under these sections
Extract of Relevant Clauses of Finance Bill 2020 Clause 51 Clause 51 of the Bill seeks to amend section 115BAA relating to tax on income of certain domestic companies. It is proposed to amend sub-clau...
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Individual / HUF- New optional Income Tax Slab Rate for FY 2020-21
Individual / HUF- New optional Income Tax Slab Rate for FY 2020-21 Extract of Relevant Clauses of Finance Bill 2020 Clause 53 – “Clause 53 of the Bill seeks to insert new sections 115BAC in the Income...
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Resident co-operative societies- New Income tax rate for FY 2020-21
Resident co-operative societies- New Income tax rate for FY 2020-21Extract of Relevant Clauses of Finance Bill 2020 a) Clause 53 “Clause 53 of the Bill seeks to insert new sections 115BAD relating to...
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Deduction of TDS during financial year 2020-21 - Rates
(1) Surcharge applicable— The amount of tax so deducted, in the case of a non-resident person (other than a company), shall be increased by a surcharge,— (a) in the case of every individual or HUF or...
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FY 2019-20 / Assessment year 2020-21- Income-tax rates
(1) Surcharge on income-tax The amount of income-tax shall be increased by a surcharge for the purposes of the Union,— (a) in the case of every individual or HUF or association of persons or body of i...
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Synopsis of amendment proposed by Finance Bill 2020 related to GST
Central Goods and Services Act. 1. Clause 116 of the Bill seeks to amend clause (114) of section 2 of the Central Goods and Services Tax Act so as to align the definition of “Union territory” in line...
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Summary of changes in Income Tax Provisions- Budget 2020
FINANCE BILL, 2020 PROVISIONS RELATING TO DIRECT TAXES Introduction The provisions of Finance Bill, 2020 (hereafter referred to as “the Bill”), relating to direct taxes seek to amend the Income-tax Ac...
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Clause wise changes in Finance Bill 2020/ Budget 2020-21
Income-tax Clause 2 read with First Schedule to the Bill, seeks to specify the rates at which income-tax is to be levied on income chargeable to tax for the assessment year 2020-2021. Further, it lay...
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100 more Airports to be developed by 2024 to support UDAAN Scheme
Union budget proposes Rs. 22000 Crore for Power and Renewable Energy sector in Current FY National Gas Grid to be expanded from the present 16200 km to 27000 km Government to consider corporatizing at...
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148 Km long Bengaluru Suburban Transport Project proposed
Press Information Bureau Government of India Ministry of Finance 148 Km long Bengaluru Suburban Transport Project at a cost of Rs 18600 Crore proposed. A National Logistics Policy to create a single W...
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Major Reforms Proposed in Administration of GST Regime
Press Information Bureau Government of India Ministry of Finance Major Reforms Proposed in Administration of GST Regime Simplified GST Return to be Implemented from 1st April, 2020 To weed out Dummy o...
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New Optional Personal Income Tax Rate Slabs- Budget 2020
Press Information Bureau Government of India Ministry of Finance New Personal Income Tax Regime heralds significant relief, especially for Middle Class Taxpayers New tax regime to be optional for the...
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Turnover threshold for Tax Audit increased 5 times to Rs 5 Crore
Press Information Bureau Government of India Ministry of Finance MSMEs turnover threshold for Audit increased 5 times to Rs 5 Crore Increased limit to apply only to Businesses carring out less than 5%...
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FM proposes wide-ranging facilitation measures in Direct Tax Regime
Press Information Bureau Government of India Ministry of Finance Finance Minister proposes wide-ranging facilitation measures in Direct Tax Regime ‘Vivad Se Vishwas’ scheme proposed to reduce litigati...