Clarification regarding Proposal in the Finance Bill 2020 Source Union Budget 2020 Download Ministry of Finance Posted On: 02 FEB 2020 The Finance Bill, 2020 has proposed that an Indian citizen shall be deemed to be resident in India, if he is not liable to be taxed in any country or jurisdiction. This is an anti-abuse… Read More »
Widening the scope of section 206C to include TCS on foreign remittance through Liberalised Remittance Scheme (LRS) and on selling of overseas tour package as well as TCS on sale of goods over a limit. Source Union Budget 2020 Download Section 206C of the Act provides for the collection of tax at source (TCS) on business… Read More »
Section 194O Income Tax TDS on E Commerce Transactions 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 to be implemented from 01.04.2020 by Finance Bill 2020 Video Explanation by CA Satbir singh Commentary on TDS… Read More »
New Income Tax Slab Rates FY 2020-21 I AY 2021-22 I Budget 2020 I CA Satbir Singh
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 »
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 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 »
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 »
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 »
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 »