Day: February 1, 2020
Tax audit turnover threshold limit increased to Rs. 5 crores for business. Due date of furnishing report made 31st October Under section 44AB of the Act, every person carrying on business is required to get his accounts audited, if his total sales, turnover or gross receipts, in business …
Penalty for fake invoice. New Section 271AAD. Penalty for false entry, etc. in books of account With the launch of Goods & Services Tax (GST), several cases of fraudulent input tax credit (ITC) claim have been caught by the GST authorities. In these cases, fake invoices are obtained …
E-scheme for levy of Faceless Income Tax Penalty u/s 274 with dynamic jurisdiction In order to impart greater efficiency, transparency and accountability to the assessment process under the Act a new e-assessment scheme has already been introduced. Section 274 of the Act provides for the procedure for imposing …
Faceless e-appeal scheme for filing of appeals before Commissioner (Appeals). Amendment to section 250 Presently, most of the functions/ processes under the Income Tax Act, including e-assessment scheme, filing/processing of returns, issuance of refunds or demand notices are done electronically. Lately, the filing of appeals before Commissioner (Appeals) …
New TDS section 194O introduced to include E-commerce transactions. E-commerce operator to deduct tax for payments to e-commerce participant Union Budget 2020-21 has enlarged the scope of TDS through insertion of a new section 194O to provide for a new levy of TDS at the rate of one …
Scope for TDS on interest income u/s 194A widened to include co-operative societies Section 194A of the Act provides for TDS on interest other than interest on securities. It provides that any person not being individual or HUF who is responsible for paying to a resident any income …
Reduction in TDS rate on fees for technical services u/s Section 194J of the Income Tax Act Reduction in TDS rate u/s Section 194J Section 194J of the Income Tax Act provides that a person other than an individual or a HUF who is responsible for paying to …
Exemption non-resident from filing of ITR on royalty or FTS income on deduction of TDS Union Budget 2020 has provided for exemption to non-residents from filing of ITRs on fulfilling certain conditions. Presently, section 115A of the Act provides for the determination of tax for a non-resident whose …
New Optional basic income tax exemption slab and reduced tax rates announced in budget 2020-21 for AY 2021-22 / FY 2020-21 In order to provide significant relief to the individual taxpayers and to simplify the Income-Tax law, the Union Budget proposes to bring a new and simplified personal …
Live Key Highlights of tax proposals of Union Budget 2020-21 Union Finance Minister, Smt. Nirmala Sitharaman shall be presenting Union Budget 2020-21 in the Parliament on 1st February, 2020. Users may bookmark the page and revisit tomorrow at 11:00 AM to see the live telecast of the Union …