Income Tax deduction for procurements from MSMEs only upon actual payment
By Shaleen Shah | LinkedIn, assisted by Divyansh Jain Introduction This Note is relevant to computation of income under the head ‘Income
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Foreign companies may be required to file Tax Returns in India
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by Nexdigm Private Limited as published on mondaq.com Impact of increase in withholding tax on rates for Fees for Technical Services and Royalty
How Cryptocurrencies Are Taxed In India
July 14, 2022
[Source: forbes.com; Authors: Justin M Bharucha, Aashika Jain] Cryptocurrencies and non-fungible tokens (NFTs) are presently unregulated in India. While the Reserve Bank
Constitution Of The GST Appellate Tribunal – Need For Speedy Judicial Remedy
November 26, 2021
[Source: www.mondaq.com; Author: Smita Singh, Singh & Associates] Ambiguity and delay in any dispute resolution mechanism is undesirable for any system including
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December 3, 2020
Why succession & estate planning becomes important in the age of a pandemic
Rajmohan Krishnan in The Times of India With over 55 million cases across the world, the novel coronavirus pandemic continues to wreak
Govt planning to launch lottery offer under the GST from 1 April
[Source: www.livemint.com] We had earlier shared you a news item (Economic Times) that India should adopt Singapore’s ‘GST voucher scheme’ to help
India should adopt Singapore’s ‘GST voucher scheme’ to help lower, middle income groups
[Source: www.economictimes.com] Singapore’s Goods and Services Tax (GST) voucher scheme should be adopted in India to bring huge positive impact for those
March 11, 2018
Understanding The Benami Law In India: FAQs
[Source: www.mondaq.com; Article by Bharat Chugh and Kushank Sindhu, Luthra & Luthra Law Offices] In the last few months we have seen
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Earlier Posts
Higher rate of TDS in certain situations from 1st July 2021
June 21, 2021
[By Shaleen Shah (Partner), VNCA] Finance Act 2021, has introduced a new section 206AB effective from 1-Jul-2021 wherein a payer/buyer is responsible to deduct TDS at higher rate (i.e. twice the rate as specified under the relevant provision of the Income Tax Act or twice the rate/ rates in force;
TDS & TCS on purchase & sale above Rs.50 Lacs
June 17, 2021
[By Shaleen Shah (Partner), VNCA] A new section 194Q for Tax Deduction at Source (TDS) on purchase of goods is inserted by Finance Act – 2021 effective from 01/07/2021. Earlier section 206C(1H) was inserted by Finance Act, 2020 and was made effective from 01/10/2020 for Tax Collection at Source (TCS)
New Section 12AB: Re-Registration of Trusts / Institutions registered u/s 10(23C) / 12A / 12AA / 80G of Income Tax Act
May 8, 2021
[By Shaleen Shah (Partner), VNCA] All the existing charitable and religious institutions (including NGOs) which are registered or approved under section 12A, section 12AA, section 10(23C) & section 80G are compulsorily required to switch to section 12AB for fresh registration in order to continue availing exemption under section 10 or
Amendments to CSR provisions
January 28, 2021
The amendments to the CSR provisions now have been notified and has revamped CSR framework for companies. MCA issued a notification and notified certain provisions of the Act, one of the provisions relating to CSR. Section 27 of the Amendment Act, 2020 amends section 135 of the Act (relating to
Only 329 startups can claim tax holiday under Startup India
January 27, 2021
[Source: cnbctv18.com] Exactly five years since the launch of the Startup India program in January 2016, which aimed at several benefits for startups, not even a percent of the total registered startups can avail the benefits. The government had in Budget 2020-21 announced the deferral of taxation on employee stock
QRMP scheme launched for GST payers with turnover up to Rs.5 crore
December 19, 2020
The government has launched the Quarterly Return filing & Monthly Payment of Taxes (QRMP) scheme for small taxpayers under GST system. Taxpayers with aggregate annual turnover of up to ₹5 crore in the preceding financial year and have filed their October GSTR-3B (sales) return by November 30, 2020, are eligible
GST e-Invoice mandatory from 1-1-2021 for turnover more than Rs 100 Cr
November 21, 2020
Goods and Services Tax (GST) e-invoicing is the most discussed topic for businesses today. E-invoicing is a system wherein invoices are registered electronically by the Invoice Registration Portal (IRP) for use on the common GST portal. As per the latest notifications, suppliers having an annual turnover above Rs 500 crore
Ever increasing disclosure requirements in ITR forms for HNIs
October 21, 2020
[By Shaleen Shah (Partner), VNCA] Every year, the additional disclosure requirements in Income Tax Return (ITR) forms, invariably keep increasing. The increased disclosure requirement creates a huge compliance burden on taxpayers, who will require significant time to collate such information and to ensure proper reporting, besides increasing the risk of
Widening the scope of TCS (Tax Collection at Source) from 1st Oct 2020
September 30, 2020
[By Jyotish M Shah, Partner] Widening the scope of TCS (Tax Collection at Source) on foreign remittance, selling overseas tour package, and sale of goods over a prescribed limit from 1st October 2020. Section 206C providing for TCS has been amended to widen the scope to cover: Authorised Dealer who
Concessional Income Tax Rate of 22% for Domestic Companies
September 11, 2020
[Source: www.taxmann.com] Finance Minister Nirmala Sitharaman promulgated the Taxation Laws (Amendment) Ordinance, 2019 on 20 September 2019 to further reduce the corporate tax rate for companies not availing specified tax exemptions. The Ordinance was replaced by the Taxation Laws (Amendment) Act, 2019 (‘the Amendment Act’) on receiving the assent of
Recent Posts
- Income Tax deduction for procurements from MSMEs only upon actual payment
- Foreign companies may be required to file Tax Returns in India
- How Cryptocurrencies Are Taxed In India
- Constitution Of The GST Appellate Tribunal – Need For Speedy Judicial Remedy
- Higher rate of TDS in certain situations from 1st July 2021