Amended Direct Tax Vivad se Vishwas Bill, 2020
Tax collected at Source(TCS) on tour operator
Free allotment of Instant PAN Through Aadhaar Based e-KYC
Direct Tax Proposals form a backbone of Union Budget. This year also, several key changes have been brought to the statute book of Income Tax. These changes are meant to constant refinement and fine tuning of the law relating to Income Tax which is still the foremost source of revenue for the Government.
Effects of notice issued under section 153A of the Income Tax Act 1961
A new tax law would require a single taxpayer to ignore 70 tax exemptions and deductions. These include the following deductions: section 80C for cumulative Rs 1.5 lakh reported by expenditure in specified financial products, section 80D for health insurance premiums charged, the 80TTA excluded from interest on savings deposits from a bank or post office, etc.
Section 194N - TDS on Cash withdrawal over and above Rs. 1 crore
As per the judicial interpretation of Section 68 of the Income tax Act 1961- Unexplained cash credits, the responsibility of the assessee is to prove the identity of the creditor, genuineness of the transactions and credit-worthiness of the creditor. Here is the detailed judicial interpretation.
Clarification on newly inserted section 269SU of the Income Tax Act, 1961
Relevant Income Tax Updates in Finance Bill, 2020
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