Non-Resident Taxation- Analysis and Impact
The new TDS and TCS rates have been reduced by 25% for the period 14/052020 to 31/03/2021. The reduction in TDS is for non-salaried specified payments made to residents.
But be it Lockdown 1.0 or 3.0, each address to the nation has been marked by rejoicing and zeal. After boosting the morale of India by conducting fly pasts to each corner of the nation alongside showering flowers, the real news came on 12th My, 2020, the 50th day of lockdown when Mr. Modi announced an economic package of around Rs. 20 lakh crores
The dividend distribution tax has been abolished from 1 April 2020. Tax on dividends which was earlier payable by the company is now taxable in the hands of the shareholder.
Section 115BAC, introduced by the Finance Act, 2020, provides that, the income-tax payable in respect of the total income of a person, being an individual or a Hindu Undivided Family (HUF), for any previous year beginning on or after the 1st day of April, 2020 shall, at the OPTION of such person, be computed at concessional rates.
The TDS and TCS rates have been reduced by 25% of the existing rates. The revised TDS rates will be effective from the period 14/05/2020 to 31/03/2021.
TDS/TCS Rates for FY 2020-21 were revised in the Finance Act 2020. The Finance Act 2020 gave effect to the Budget 2020 changes in existing TDS/TCS Rates or addendum new TDS/TCS Rates, A.Y 2021-22
The purpose of the Management Representation Letter on various matters is to focus the management's attention on those matters so that the management can specifically address those matters in more detail than would otherwise be the case.
In this article, I have given the overview of International Business, its drivers, its benefits and difference between Domestic & International Business and I hope that this article will help you to understand the basics of International Taxation.
Section 44AB, contains provisions of the "TAX AUDIT" under the Income Tax Act 1961. "TAX AUDIT" is an examination of books of accounts of the assessee. The examination is conducted to ensure that the assessee has properly maintained the books of accounts and other records and the tax liability has been computed properly.
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