Section 206C of the Income Tax Act provides for the collection of tax at source on some specified goods like alcohol, alcoholic liquor, forest produce, scrap, motor vehicle etc. In order to widen and deepen the tax net in Finance Act, 2020 a new sub section (1H) was inserted in section 206C Income tax Act. …
Certain changed have been enacted in Income Tax and Goods and Service Tax. Also certain clarification has been made by Revenue authorities. we have try to summarize those amendments and clarifications for your easy reference and understanding. For Nov 2020 Tax Update, click here.
Certain changed have been enacted in Income Tax and Goods and Service Tax . Also certain clarification has been made by Revenue authorities. we have try to summarize those amendments and clarifications for your easy reference and understanding. For updates summary, click here.
Certain changed have been enacted in Income Tax and Goods and Service Tax . Also certain clarification has been made by Revenue authorities. we have try to summarize those amendments and clarifications for your easy reference and understanding. For details about recent Tax Updates in Sep 2020, click here.
A revision in Micro Small and Medium Enterprises (MSME) definition was announced in the Atmnirbhar Bharat package on 13th May 2020. After the package was reported, several representations for upward revision of the MSME definition were made. Considering this, the Ministry of Micro, Small, and Medium Enterprises, vide its gazette notification dated 1st June 2020, has announced the …
Certain changed have been enacted in Income Tax and Goods and Service Tax . Also certain clarification has been made by Revenue authorities. we have try to summarize those amendments and clarifications for your easy reference and understanding. For more detail of July 2020 updates, click here.
Certain changed have been enacted in Income Tax Act. Also certain clarification has been made by Income Tax authorities. we have try to summarize those amendments and clarifications for your easy reference and understanding. For detailed Income Tax updates – Jun 2020 click here.
Certain changed have been enacted in Goods and Service Tax Act. Also certain clarification has been made by GST authorities. we have try to summarize those amendments and clarifications for your easy reference and understanding. For detail about GST Updates – June 2020 click here.
Finance Act 2020 has abolished tax on dividend levied under section 115O of Income Tax Act, 1961 popularly known as Dividend Distribution tax (DDT). With effect from 1 April 2020 dividends declared by the Indian companies have been made taxable in the hands of shareholders. The presentation gives a brief of taxation and compliances on …
The Finance Act 2020 has introduced new section 115BAC. This section gives an option to individuals and HUF to pay taxes at alternate rates w.e.f. A.Y. 2021-22. Given this option, Individual and HUF can pay income tax at rates more beneficial to them. However, the said section provides some conditions in order to avail the …