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Exemption in respect of certain income of Indian Strategic Petroleum Reserves Limited.
Section 10 of the Act provides for exemption in respect of certain incomes and activities under specific circumstances. Clause (48A) thereof, inserted by the Finance Act, 2016, provides that any incom...
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Exemption in respect of certain income of wholly owned subsidiary of Abu Dhabi Investment Authority and Sovereign Wealth Fund.
Section 10 of the Act provides for exemption in respect of certain incomes and activities under specific circumstances.In order to promote investment of sovereign wealth fund, including the wholly own...
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Withdrawal of exemption on certain perquisites or allowances provided to Union Pubic Services Commission (UPSC) Chairman and members and Chief Election Commissioner and Election Commissioners
Section 10 of the Act provides for exemption in respect of certain incomes and activities under specific circumstances. Clause (45) thereof, inserted by the Finance Act, 2011, provides that any allowa...
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Modification of concessional tax schemes for domestic companies under section 115BAA and 115BAB
TLAA inserted section 115BAA and section 115BAB in the Act to provide domestic companies an option to be taxed at concessional tax rates provided they do not avail specified deductions and incentives....
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Incentives to Individual and HUF.
In line with options provided to domestic companies under the TLAA and proposed to be provided to resident co-operative societies under this Bill, it is also proposed to provide similar option to indi...
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Incentives to resident co-operative societies.
The TLAA, which replaced The Taxation Laws (Amendment) Ordinance, 2019, sought to provide additional fiscal stimulus to attract investment, generate employment and boost the economy in the wake of eco...
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Rates for deduction of income-tax at source from “Salaries”, computation of “advance tax” and charging of income-tax in special cases during the FY 2020-21.
The rates for deduction of income-tax at source from “Salaries” during the FY 2020-21 and also for computation of “advance tax” payable during the said year in the case of all categories of assessees...
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Rates for deduction of income-tax at source during the financial year (FY) 2020-21 from certain incomes other than “Salaries”.
The rates for deduction of income-tax at source during the FY 2020-21 from certain incomes other than “Salaries” have been specified in Part II of the First Schedule to the Bill. The rates for all the...
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Rates of income-tax in respect of income liable to tax for the assessment year 2020-21.
In respect of income of all categories of assessees liable to tax for the assessment year 2020-21, the rates of income-tax have either been specified in specific sections (like section 115BAA or secti...
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Individual & HUF Taxpayers- Optional Tax rates for them from AY 2021-22
Section 115BACOn satisfaction of certain conditions, an individual or HUF shall, from assessment year 2021-22 onwards, have the option to pay tax in respect of the total income at following rates:- To...
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Taxpayers- Some incentives or exemptions contained in Budget 2020 for them
1. Relief for start-ups and its employees:Start-ups have been the focus both throughout the world and for the domestic Government. They face the challenges of absorbing the expenditure against income...
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Income Tax Amendments which are proposed by Finance Bill, 2020
1) INSERTION OF Section 115BACThe new Sec. 115BAC has proposed to be inserted to provide an option to Individual or HUF’s to pay tax at lower rate subject to certain conditions.This section is optiona...
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Direct Tax Proposals- BUDGET-2020
Tax Harassment Trusting every citizen, the aspirational youth, the hard-working women, the risk-taking entrepreneur, the ever hopeful and untiring farmer or the wise and old senior citizen. Many among...
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Some highlights of Budget 2020 in brief
Some highlights of Budget 2020 in brief Individual Slab Rate Tax for Financial Year 2020-21, an option to select either OLD or NEW Rate;Total Income (Rs.) in betweenOld Rate (%)New Rate (%)02,50,000NI...
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Govt clarifies on Tax on Income of Indian citizens working Overseas
Ministry of FinanceClarification regarding Proposal in the Finance Bill 2020Posted On: 02 FEB 2020 4:20PM by PIB DelhiThe Finance Bill, 2020 has proposed that an Indian citizen shall be deemed to be r...
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Penalty for fake invoice- Section 271AAD
Extract of Relevant Clauses of Finance Bill, 2020 Clause 98 “Clause 98 of the Bill seeks to insert a new section 271AAD in the Income-tax Act relating to penalty for false or omission of entry in book...
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Highlights with Major Amendements- Budget 2020
1. To remove Criminal liability from Companies Act, 2013, Govt. is proposed to make certain amendments in Companies Act, 2013. Similarly, other laws would also be examined, where similar provisions ex...
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New Income tax rate for individuals and HUFs- Section 115BAC
New Income tax rate for individuals and HUFs- Section 115BACAs per section 115BAC on satisfaction of certain conditions, an individual or HUF shall, from P.Y. 2020-21, A.Y. 2021-22 onwards, have the o...
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Lower Tax Rate for Individuals / HUF- IS it only a Myth?
New slab rates under the lower tax option is as below:- Total Income (Rs.) Rate Upto 2,50,000 NIL From 2,50,001 to 5,00,000 5% From 5,00,001 to 7,50,000 10% From 7,50,001 to 10,00,000 15% From 10,00,0...
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Comparative insight of amendment by Finance Bill 2020 in CGST Act
Provisions as per CGST Act 2017 Provisions as per amended CGST Act 2017 via Finance Bill 2020 (BILL No. 26 OF 2020) related to GST Act. Effect of amendment along with analysis as to comparison Section...