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Vivaad Se Vishwas Case Study: Using Legal Analytics For Taking Decisions

A few days ago, the US announced that it no longer considers India a "developing" country but a "developed" country. While that sounds like a good thing from a status perspective, being classified as a "developing" country, it had some trade subsidy benefits attached to it, which we no longer can avail. That aside, you may ask what does it mean to be a "develo..

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FAQ's on Vivad se Vishwas Scheme by CBDT

The 'Vivad se Vishwas' Scheme was announced during the Union Budget, 2020, to provide for dispute resolution in respect of pending income tax litigation. Pursuant to the Budget announcement, the Direct Tax Vivad se Vishwas Bill, 2020 (hereinafter called Vivad se Vishwas) was introduced in the Lok Sabha on 5th of February, 2020 and passed by it on 4th of March, ..

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Salient Features Of Direct Tax Vivad Se Vishwas Bill, 2020

ELIGIBLE CASES: Appeals/writs/S.L.P. pending Orders for which time for filing appeal/S.L.P. not expired DRP Cases pending 264 Revision pending DISPUTES COVERED: Scheme applies with reference to 'Tax Arrears' 'Tax Arrear' means: the aggregate amount of dispute..

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Will scrapping of DDT, encounter Investors or Indian Economy?

Recently the entire world economy is in slow down. IMF also cuts India's growth forecast to 4.8% for 2019 and growth projection improved to 5.8% in 2020. India's $5 Trillion tailspin economy was just about to flip this time. The recent budget has portrayed the concept of "More business, Less tax" ie, less tax burden on bus..

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NBFC Sector and Budget 2020

The NBFC sector which has been ailing for quite some time, was expecting some booster shots in the budget 2020. However the Finance Minister preferred to stick to a more conservative regime to address the liquidity constrains of NBFCs and HFCs. The steps announced may not be radical but will set stage for putting the sector back on track, with follow up measure in the coming months. It is but i..

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Direct Tax Vivad Se Vishwas Bill, 2020

Download attached below the new settlement scheme Vivas se Vishwas bill tabled in the Parliament.           ..

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De-criminalisation of penalties for Companies Law breaches

Through the Companies (Amendment) Act, 2019, changes were made in the Companies Act, 2013, inter alia, to convert 16 criminal offences into civil wrongs. This was stated by Shri Anurag Singh Thakur, Union Minister of State for Finance & Corporate Affairs, in a written reply to a question in Rajya Sabha. Stating the chronology, Shri Thakur said that in continuation of the Governmen..

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CBDT's clarification on TDS provisions on mutual fund dividend

The Finance Bill, 2020 proposed to remove Dividend Distribution Tax (DDT) at the level of Company/ Mutual Fund and proposed to tax the same in the hands of share/unit holder. It was also proposed to levy TDS at the rate of 10% on the dividend/ income paid by the Company/Mutual Fund to its share/unit holder if the amount of such dividend/ income exceeds five thousand rupees in a Financial Year.<..

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Comparative analysis on budget 2020 for Salaried Individual

Under New Tax Regime &nbsp; Case I - Salaried individual those who are not claiming any exemptions or deductions <..

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Key aspects of Budget 2020

1) Individual and HUF may OPT to pay as per below tax slabs &nbsp; &nbsp; &nbsp; Income Range (INR) Existing (%) <st..

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What is Taxpayer's Charter?

Union Finance Minister Nirmala Sitharaman in her Budget speech announced that CBDT will adopt a Taxpayer&#39;s Charter. She went on to explain &#39;an important aspect of both ease of living &amp; ease of doing business is fairness &amp; efficiency of tax administration. We wish to enshrine in the statutes an &#39;Taxpayer charter&#39; through this budget . Our government would like to reassure..

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Section 194O- TDS on payment by e-commerce operator to e-commerce participant

As proposed in the budget 2020, in The Income-tax Act, a&nbsp;new section 194O that deals with TDS on payment by an e-commerce operator to e-commerce participant has&nbsp;been inserted, namely.&nbsp;TDS u/s 194O is to be paid by an e-commerce operator for sale of goods or provision of service facilitated by it through its digital or electronic facility or platform @ 1% at the time of credit of ..

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Not happy with Budget 2020? About 40 stocks are likely to benefit the most

There are always pros and cons on everything that is going to hit the economy, schemes etc. that may impact the policies, procedures of the government, ministries etc. &nbsp; Most of us are not happy with the tax slabs, benefits given via budget introduced by Hon&rsquo;ble FM during the speech on the budget. But being an investor there is an..

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ESOP Tales of Startups - Taxability Then and Now

Employee stock options (ESOP) are part of an Employee benefits program offered by Startups to engage the employees in a more effective manner. The ESOPs issued to the employees provide them the benefit or right to purchase the shares of the Employer company, at a predetermined price, in a future date. Widely considered as a means to retain, engage and create more wealth to the employees, the ES..

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FAQs on new scheme of Income Tax introduced in Budget 2020

Q. When will the new scheme be applicable? A. The new Scheme will be applicable from Asst Year 2021-22 (i.e. Financial Year 2020-21). Q. What is the new Scheme? A. Under the new Scheme, Tax Rate will be reduced subject to certain conditions ..

Posted in articles |   5 comments |   5776 Views

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