CAclubindia Articles
Recent amendments to the CSR provisions
Numerous amendments have taken place in the Corporate Social Responsibility ('CSR') provisions since it is incorporated under the Companies Act, 2013 ('Act').
Budget Remedy for NPA | The idea of bad bank by way of ARC
The Union Budget presented on 1st February 2021 proposes the establishment of an Asset Reconstruction Company for the management of NPA. Let us discuss the same.
Incentives to Encourage Cashless Business Transactions
Discussing the Incentives to Encourage Cashless Business Transactions as per the Income Tax Act w.r.t the Presumptive Rate of Income together with a combined study of Section 44AB with 44AD.
Union Budget 2021 | Amendments impacting Real Estate sector
In the Finance bill 2021, there are two proposed amendments in respect of the transfer of Immovable property below the Stamp Duty Valuation (SDV) that will impact directly to the real estate sector.
Highlights of Budget 2021
As we all are aware that the Budget for 2021-22 was announced on 1st February 2021. Here is the complete compilation of all major amendments.
Section 194Q and 206C(1H)
TDS is only required to be deducted by those buyers whose total sales, gross receipts or turnover from the business carried on by him exceed 10 crore rupees during the Preceding FY.
Section 194Q
Analysis of Section 194Q of the Income Tax Act, which will deal with the TDS on purchase of goods w.e.f 1st July 2021. This section has been inserted in the Finance Bill 2021.
In-Bond Manufacturing Scheme| Section 65 of Customs Act, 1962
Central Board of Indirect Taxes (CBIC) is allowing import of raw materials and capital goods without payment of duty for manufacturing and other operations in a bonded manufacturing facility
Section 115BAC- Should you go for the new tax regime?
From FY 2020-21, you can choose to pay income tax under an optional new tax regime. The new tax regime is available for individuals and HUFs. “Lower tax rates but no deductions/exemptions” is the key feature
Vivad se Vishwas: Settlement of Disputes under Income Tax Laws
Recently, measures have been taken by the government to reduce and settle the pending income tax litigations by introduction of Vivad se Vishwas scheme through budget announcement, notifying it as an Act on 17th March, 2020
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