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LOK SABHA FINANCE BILL, 2020 [As introduced in Lok Sabha] Notice of amendments SMT. NIRMALA SITHARAMAN: S.No. Name of the member of text of Motion Clause No. 1. Page 8. after line 16. insert- 3 ia) in clause (15A),- (a) after the words Chief Commissioner of Income-tax. the words or a Director General of Income-tax shall be inserted; (b) a
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FAQ :
The amendments include changes to the definition of resident individuals, modifications concerning contributions to funds and institutions, and new rules for dividend income deductions for domestic companies. There are also updates related to e-commerce transactions and cash withdrawals.
An individual who is a citizen of India and has a total income exceeding fifteen lakh rupees (excluding foreign sources) during the previous year will be deemed a resident if they are not liable to tax in any other country due to domicile or residence.
Yes, the amendments clarify that voluntary contributions specifically directed to form part of the corpus of certain funds, trusts, institutions, universities, or hospitals will not be included in their income.
A deduction is allowed for domestic companies on dividends received from other domestic or foreign companies, up to the amount of dividends they distribute by the due date.
For individuals who have not filed income tax returns for the preceding three years, a lower threshold (twenty lakh rupees) applies for TDS deduction on cash withdrawals exceeding this amount. Different TDS rates apply based on the withdrawal amount.
Several amendments are effective from specific dates, such as June 1, 2020, April 1, 2020, April 1, 2021, July 1, 2020, and October 1, 2020, depending on the specific provision.
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