The taxpayers opting to be governed under the new tax regime have to forego various deductions and exemptions, unless specifically provided.
The Govt.of India through Finance (No 2) Act 2019 had introduced a new section 194N in the Income Tax Act 1961, to provide for levy of Tax Deduction at Source (TDS) @ 2% on Cash payments in excess of One Crore Rupees
Transformation by CBDT from Taxing Business Income to Business Transactions
CBDT has issued a notification dated 27th May 2016 stating that provision of chapter VIII relating to equalization levy would come into effect from 01st June 2016.
Annual value of house property shall be assessed under this head even if assessee is not in receipt of actual rent income. And such annual value shall be determined in accordance with section 23 of the Act.
The system is an extended family arrangement prevalent throughout the Indian subcontinent, consisting of many generations living in the same home, all bound by the common relationship.
Mutual Funds Sahi Hai - Tax perspective?
Taxation of companies after the taxation laws (amendment) ordinance ,2019
Sections 269SS and 269T which deals with cash payment and repayment of loans and deposits. Both the sections were introduced to curb the black money. Tax evasion is one of the serious problems in India causing economic disparities.
Know the five major changes in Finance that will be effective from the 1/07/2020
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