New Income Tax Slab Rates FY 2020-21 I AY 2021-22 I Budget 2020
New Income Tax Slab Rates FY 2020-21 I AY 2021-22 I Budget 2020 I CA Satbir Singh
Daily Archives: February 1, 2020
Form 26AS to show more Entries to Taxpayer : Union Budget 2020
Rationalisation of provision relating to Form 26AS Source Union Budget 2020 Download 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 statement in Form 26AS to every person from whose income, the tax has… Read More »
No Tax Audit in Income Tax : Union Budget 2020
Rationalisation of provisions relating to tax audit in certain cases. Source Union Budget 2020 Download 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 in any previous year. In case of… Read More »
Section 194O Income Tax : TDS on E-commerce transactions
Section 194O Income Tax : TDS on E-commerce transactions Summary : Finance Act 2020 inserted New Section 194O Income Tax w.e.f 01.10.2020 for TDS on Payment of certain sums by e-commerce operator to e-commerce participant. Earlier it was proposed that Section 194O Income Tax be implemented from 01.04.2020 by Finance Bill 2020. Refer Commentary on… Read More »
Income Tax TDS on E-commerce transactions : Union Budget 2020
Widening the scope of TDS on E-commerce transactions through insertion of a new section Source Union Budget 2020 Download In order to widen and deepen the tax net by bringing participants of e-commerce within tax net, it is proposed to insert a new section 194-O in the Act so as to provide for a new levy… Read More »
Summary of Union Budget 2020-21
Ministry of Finance Summary of Union Budget 2020-21 Source Union Budget 2020 Download Posted On: 01 FEB 2020 PART-A Presenting the first Union Budget of the third decade of the 21st century, Finance Minister Smt. Nirmala Sitharaman, today unveiled a series of far-reaching reforms, aimed at energizing the Indian economy through a combination of short-term, medium-term, and… Read More »
New Income Tax Rates AY 2021-22 : Union Budget 2020
Incentives to Individual and HUF. Source Union Budget 2020 Download In line with options provided to domestic companies under the TLAA and proposed to be provided to resident co-operative societies under this Bill, it is also proposed to provide similar option to individual and HUF by insertion of section 115BAC in the Act, which provides the… Read More »
New Section 115BAC Income Tax Act : Proposed by Union Budget 2020
Insertion of new sections 115BAC Source Union Budget 2020 Download Tax on income of individuals and Hindu undivided family. 53. After section 115BAB of the Income-tax Act, the following sections shall be inserted with effect from the 1st day of April, 2021, namely:– 115BAC. (1) Notwithstanding anything contained in this Act but subject to the provisions… Read More »
Rs 1,10,828 crore GST Gross Revenue collected for January, 2020
Ministry of Finance ₹ 1,10,828 crore GST Gross Revenue collected for January, 2020 January 2020 stands second highest monthly collection since implementation of GST Posted On: 01 FEB 2020 2:08PM by PIB Delhi The gross GST revenue collected in the month of January, 2020 is ₹ 1,10,828 crore of which CGST is ₹ 20,944 crore, SGST is ₹ 28,224 crore, IGST is ₹… Read More »
Union Budget 2020 Download
Union Budget 2020 Download Key to Budget Documents Budget Highlights (Key Features) Budget Speech Budget at a Glance Annual Financial Statement Finance Bill Memorandum Receipt Budget Expenditure Budget Customs Notification The Macro Economic Framework Statement Medium Term Fiscal Policy cum Fiscal Policy Strategy Statement Output Outcome Framework 2020-2021