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..
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..
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 <..
As per Section 2(41) of the Income Tax Act, 1961 "relative", 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 ..
Finance Minister announces several relief measures relating to Statutory and Regulatory compliance matters across Sectors in view of COVID-19 outbreak The Union Financ..
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 ..
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..
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..
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..
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..
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 on 18.3.2020 vide notification No.18 of 2020. The Forms are required ..
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. In this scenario, it is unjust to expect the taxpayers to..
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..
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..