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Income Tax

Trusts and NGO's: 5 Important Direct Tax changes w.e.f. FY 2020-21 onwards

The 5 Key changes are as follows - 1. 12 A Re-registration - All the charitable trusts, Section 8 companies, NGO's etc need to register again with the Income Tax Authority within 3 months from 1st June 2020. 2. 80G Approval Re-registration - All the trusts and NGO's which already have 80G approval need to get it afr..

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Key Relief Measures announced by FM of India: COVID-19

The Hon'ble Finance Minister of India today announced several relief measures on statutory and regulatory compliance matters to mitigate large-scale economic distress caused by COVID 19 across the globe. In majority of the cases, the due dates falling in March 2020 have been extended till 30th June 2020. Key highlights for each compliance are s..

Posted in articles |   6 comments |   744 Views

List of Amendments in Finance Bill as passed by Lok Sabha

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 <..

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Meaning of Relative as per Income Tax Act 1961

As per Section 2(41) of the Income Tax Act, 1961 &quot;relative&quot;, in relation to an individual, means the husband, wife, brother or sister or any lineal ascendant or descendant of that individual. The definition is explained further in Section 56(2)(vii) under which, it is cleared that Gifts received from relatives are not chargeable ..

Posted in articles |   8 comments |   1660 Views

COVID-19: Relief Measures announced by FM regarding compliances

Finance Minister announces several relief measures relating to Statutory and Regulatory compliance matters across Sectors in view of COVID-19 outbreak The Union Financ..

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Section 115BAB: An Analysis

First the Income Tax Amendment Ordinance 2019 had inserted a new section 115BAB in the Income Tax Act 1961 to provide for concessional rate of tax for new manufacturing companies. Subsequently the Income Tax Amendment Act 2019, made few modifications in terms of adding some safe guards to avoid misuse of the section. I am putting together ..

Posted in articles |   3 comments |   2187 Views

COVID-19: Former Ministers request on behalf of CAs to extend financial year

The outbreak of the novel coronavirus (COVID-19) has turned the whole world upside down. No sector has been left untouched by the adverse impacts of the pandemic. As a preventive measure, the government all around the world have been asking people to practice social distancing. In the past few days, we witnessed lockdown in several states and organ..

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Tax Incentive for additional employee cost u/s 80JJAA: An Analysis

Before I delve into my topic of discussion, lets have a little background of Section 80JJAA of the Income Tax Act 1961. Background Section 80JJAA was introduced to incentivise employing additional workforce. The section was amended by Finance Act 2016 and then again by Finance Act 2018. I have covered key provisi..

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Key Highlights of Vivad Se Vishwas Scheme

Key Highlights of Vivad Se Vishwas Scheme On 01<..

Posted in articles |   12 comments |   3395 Views

Income Tax Guide: Slab rates, IT return, e-filing

Income Tax is a tax levied directly on the income or wealth of a person, it is a direct tax. The person who pays Income Tax to the Government cannot recover it from somebody else i.e. the burden of income tax cannot be shifted. Section 4 of the Income Tax Act, 1961 defines Income Tax as a tax levied on the total income of the previous year of every person. A person..

Posted in articles |   1 comments |   5670 Views

Impact of Corporate Tax reduction on Cost of Capital of the Company

As we know, considering the economical issues, a big step has been taken by the Government of India in the form of corporate tax reductions. Assuming other factors will remain constant; this step will lead to an increase the production, demand, and employment as well. But, from the viewpoint of a company whether tax benefits only impact its tax burdens? With respect to the sub..

Posted in articles |   3 comments |   1158 Views

Vivad se Vishwas declaration forms notified

&nbsp; After the enactment of the Direct Tax Vivad se Vishwas Act, 2020 (VSVS)on the 17th of March, 2020 the government has now notified the Direct Tax Vivad se Vishwas Rules, 2020 alongwith Forms-1 to 5&nbsp; on 18.3.2020 vide notification No.18 of 2020. The Forms are required ..

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Representation for extension of statutory due dates by Chamber of Tax Consultants due to Corona outbreak

The outbreak of Coronavirus(COVID-19) in India, which has been declared a pandemic by the World Health Organisation has become pretty serious. It is in the best interest of all that we keep a social distance. As a preventive measure from the exposure of the virus COVID-19, work from home has come to the rescue of many organizations.&nbsp;In this scenario, it is unjust to expect the taxpayers to..

Posted in news |   1 comments |   5559 Views

Coronavirus (COVID-19) outbreak| Income Tax Employees Federation seeks to end FY on 30th April

Due to the outbreak of the novel COVID-19 in the country, the Income Tax Employees Federation and Income Tax Gazetted Officers Association has requested the CBDT to make a representation to the FM that the FY 2019-20 should end on the 30th of April and an Ordinance shall be introduced for the same as a measure to tackle t..

Posted in news |   13 comments |   6422 Views

Direct tax Vivad se Vishwas Bill, 2020 receives Presidential assent and is an Act now

MINISTRY OF LAW AND JUSTICE (Legislative Department) New Delhi, the 17th March, 2020/Phalguna 27, 1941 (Saka) The following Act of Parliament received the assent of the President on the 17th March, 2020, and is hereby published for general information: THE DIRECT TAX <a target="_bl..

Posted in news |   2 comments |   1807 Views

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