Insight on amendment to finance Bill 2021
The Lok Sabha has passed the Finance Bill 2021 on 23-03-2021 after some amendments. The Bill was not passed originally as presented on Budget day. Some amendment to the ...
CBDT notified manner to compute annual accretion related to excess contribution made by employer to welfare funds
Contribution by employer over and above 12% of salary to recognized provident fund (RPF) is treated as salary under section 17(1)(vi) in the hand of employee. Further as amendment brought ...
INSIGHTS ON DIRECT AND INDIRECT TAX PROPOSAL VIDE BUDGET 2021
The Hon’ble Finance Minister Smt. Nirmala Sitharaman has presented “The Finance Bill, 2021” on the 01st day of February 2021. Insights on broad proposals under Direct and Indirect Tax may ...
Atmanirbhar Package 3.0 – Effect on Income Tax & other Incentive.
On 12th of November 2020, Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman has announced 12 key measures, as part of the Government of India’s stimulus to ...
CBDT amends Tax Audit report, Transfer pricing report and ITR-6 pursuant to newly notified concessional tax regimes
CBDT vide notification number 82/2020 dated 01-10-2020 notifies amendments in Tax Audit Report in Form 3CD, Transfer Pricing audit report in Form 3CEB, Rule 5 relating to depreciation and ...
Clarification on TCS on sale of goods and TDS on E-Commerce operator by CBDT
Finance Act, 2020 inserted a new section 194-O in the Income-tax Act 1961 which mandates that with effect from 1st day of October 2020, an e-commerce operator shall deduct income-tax ...
FAQs on New Income Tax provision of TDS and TCS effective from 01-10-2020
The Finance Act 2020 has inserted three new provisions under TCS and one provision under TDS which will come into effect from 01-10-2020. The TDS provision is relevant on payment ...
Key highlights of “The Taxation and Other Laws (Relaxation and Amendment of certain provisions ) Bill, 2020”
On 18-09-2020, Finance Minister Smt. Nirmala Sitharaman introduced the “Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Bill, 2020” in the Lok Sabha for consideration. This bill seeks ...
Recent Amendment and Mandatory Compliance relating to Trust
Under the Income Tax Act 1961, all the existing charitable and religious institutions (Trusts) are registered/approved under the following sections: Section 10(23C) Section 12A (prior to 1996) Section 12AA (registered ...