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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...
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W.e.f. 2nd Feb 2020- 5% Health Cess on Import of Medical Devices
HEALTH CESS – Clause 139 : Fourth Schedule to Finance Bill, 2020 139(1) In the case of goods specified in the Fourth Schedule being goods imported into India, there shall be levied and collected for t...
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Finance Bill 2020- A brief summary
Incorporation of New Personal Taxation Regime of Reduced Tax Rates with No Deductions in Case of Individuals & HUFs. In line with the new regime of reduced corporate tax rates, introduced by the Taxat...
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Budget speech- Some important elements
Under the proposed tax regime Individuals and HUF will be given two options to opt for taxation, one is current scheme with no changes and other by way of option Section 115 BAC: Option (1): Current S...
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Startups- Then and now taxability related to ESOP
The Employer Company issues the rights (stock options) to an employee with a pre determined lock-in period, vesting period, number of options , exercise price(price on which the employee can purchase...
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5% TDS on interest on Municipal Debt Securities- Section 194LD
Extract of Relevant Clauses of Finance Bill, 2020 Clause 83 “Clause 83 of the Bill seeks to amend section 194LD of the Income-tax Act relating to income by way of interest on certain bonds and Governm...
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5% TDS on bonds listed in stock exchanges in IFSC- Section 194LC
Extract of Relevant Clauses of Finance Bill, 2020 Clause 82 Clause 82 seeks to amend section 194LC of the Income-tax Act relating to income by way of interest from Indian company. Sub-section (1) of t...
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Individuals & HUF- New scheme of Income Tax Rates
Applicability of new scheme of Income Tax rates The new Scheme will be applicable from Asst Year 2021-22 (i.e. Financial Year 2020-21).New Scheme of Income Tax ratesUnder the new Scheme, Tax Rate will...
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Tax Audit Limit 5 Crore, Return filing date 31st October- Budget 2020
Extract of Relevant Clauses of Finance Bill, 2020 Clauses 7 “Clause 7 of the Bill seeks to amend section 10 of the Income-tax Act relating to incomes not included in total income. First proviso to cla...
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Tax exemption withdrawn for UPSC Chairman, EC Members & Commissioners
Extract of Relevant Clauses of Finance Bill 2020 Clause 7 Clause 7 of the Bill seeks to amend section 10 of the Income-tax Act relating to incomes not included in total income. First proviso to clause...
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TDS on certain Payment by e-commerce operator- Section 194O
Extract of Relevant Clauses of Finance Bill, 2020 Clause 84 “Clause 84 of the Bill seeks to insert a new section 194-O in the Income-tax Act relating to payment of certain sums by e-commerce operator...
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80JJAA / 80M- Domestic companies can claim deduction under these sections
Extract of Relevant Clauses of Finance Bill 2020 Clause 51 Clause 51 of the Bill seeks to amend section 115BAA relating to tax on income of certain domestic companies. It is proposed to amend sub-clau...
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Individual / HUF- New optional Income Tax Slab Rate for FY 2020-21
Individual / HUF- New optional Income Tax Slab Rate for FY 2020-21 Extract of Relevant Clauses of Finance Bill 2020 Clause 53 – “Clause 53 of the Bill seeks to insert new sections 115BAC in the Income...
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Resident co-operative societies- New Income tax rate for FY 2020-21
Resident co-operative societies- New Income tax rate for FY 2020-21Extract of Relevant Clauses of Finance Bill 2020 a) Clause 53 “Clause 53 of the Bill seeks to insert new sections 115BAD relating to...
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Deduction of TDS during financial year 2020-21 - Rates
(1) Surcharge applicable— The amount of tax so deducted, in the case of a non-resident person (other than a company), shall be increased by a surcharge,— (a) in the case of every individual or HUF or...
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FY 2019-20 / Assessment year 2020-21- Income-tax rates
(1) Surcharge on income-tax The amount of income-tax shall be increased by a surcharge for the purposes of the Union,— (a) in the case of every individual or HUF or association of persons or body of i...
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Synopsis of amendment proposed by Finance Bill 2020 related to GST
Central Goods and Services Act. 1. Clause 116 of the Bill seeks to amend clause (114) of section 2 of the Central Goods and Services Tax Act so as to align the definition of “Union territory” in line...