Exemption of deduction of tax at source on payment of Dividend to business trust in whose hand dividend is exempt Section 194 of the Act provides for deduction of tax at source (TDS) on payment of dividends to a resident. The second proviso to this section provides that the provisions of this section shall not …
Section 115BBE imposes tax at a flat rate of 60% (w.e.f.. A/Y 17-18) without making any deduction in respect of any expenditure or allowance as may be admissible to an assessee under any provision of the Act. Sub section 2 starts with Non- Obstante clause “Notwithstanding anything contained in this Act” which supports the view …
Finance Minister Nirmala Sitharaman has extended by one more year the tax holiday for startups, providing a much-needed post-pandemic boost to the upstarts. According to Union Budget 2021-22, startups will get capital gains exemption by one more year to 31 March 2022. Startups also have one more year to claim tax holida “The existing provisions …
STARTUPS GET TAX HOLIDAY FOR ONE MORE YEAR IN BUDGET 2021 Read More »
The government on Monday clarified transactions involving royalty/ technical services fee would be taxable under income-tax and not be liable for equalisation levy that is paid by foreign companies for conducting business with Indian parties, while explaining what would construe online sale of goods or services. The Union Budget also clarified that transactions taxable under …
The government has withdrawn a tax benefit for mergers and acquisitions (M&A) that would result in marginal increase in the cost of transactions. The government in the Budget 2021 said that no depreciation would be allowed on goodwill. Up until now many companies would end up buying companies more than what the “book value” of …
TAX BENEFIT ( WRITE OFF OF GOODWILL) ON MERGERS AND ACQUISITIONS WITHDRAWN Read More »
1. Relief to senior citizen: for 75 years and above: Having only pension and interest income: exemption from filing ITR: Paying banks will do TDS 2. Reassessment: from 6 years to 3 years Serious tax evasion cases: where evasion evidence is Rs.50lac or more then reopening within 10 years- 3. Dispute resolution committee: it will be faceless: anyone …
MANDATORY TO LINK PAN-AADHAAR BY DEC 31: INCOME TAX DEPARTMENT – ECONOMIC TIMES It is mandatory to link your PAN with Aadhaar by the end of this year, the Income Tax Department said in a public message on Sunday. “Building a better tomorrow! To reap seamless benefits of income tax services, complete the vital link …
MANDATORY TO LINK PAN-AADHAAR BY DEC 31: INCOME TAX DEPARTMENT – ECONOMIC TIMES Read More »
IS IT MANDATORY TO SIGN FIANCIALS BY AUDITORS BEFORE 06.09.2019 IS IT MANDATORY TO SIGN FINANCIALS BY AUDITORS BEFORE 06.09.2019? This Editorial is updated till 30th August, 2019. There is confusion in mind of professionals and corporate in respect of date of signing of financial statement of Companies for F.y. ended 31.03.2019. Question: Whether auditor …
IS IT MANDATORY TO SIGN FIANCIALS BY AUDITORS BEFORE 06.09.2019 Read More »
Income Tax Update Here are 5 changes in income tax rules that come into effect from September 1: 1) The government has introduced a new Section called 194N in income tax laws under which cash withdrawals exceeding ₹1 crore in aggregate in a year from banks, post offices or co-operative society engaged in carrying on …
Here are 5 changes in income tax rules that come into effect from September 1, 2019 Read More »
New provisions of Tax & Corporate Laws applicable w.e.f April1, 2019 As we are heading towards the beginning of a new financial year, i.e., Financial Year 2019-20, it’s important to know about the provisions of law applicable from April 1, 2019. The Government had made various changes under Income-tax law, GST and Corporate laws which …
New provisions of Tax & Corporate Laws applicable w.e.f April1, 2019 Read More »
