Govt. Clarification-deeming Indian tax residency provisions as per Budget 2020 not to apply to bonafide workers abroad unless income  is derived from Indian business/profession   The Finance Bill, 2020 has proposed that an Indian citizen shall be deemed to be resident in India, if he is not liable …

Amendments made in CGST Act/ IGST Act and GST rates by the Union Budget 2020-21 Amendments carried out in the Finance Bill, 2020 will come into effect from the date when the same will be notified, as far as possible, concurrently with the corresponding amendments to the similar …

Provisions of Tax Residency in India amended. Days of stay reduced for visiting Indian Citizens/Persons of Indian Origin. Period shortened for not ordinarily residents Modification of residency provisions Section 6 of the Income Tax Act 1961 provide for different conditions/situations in which an individual is considered to be …

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 …