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Income Tax

This category contains 71 posts

CBDT notifies reduced TDS/TCS rates applicable from May 14, 2020

The Central Board of Direct Taxes (CBDT) has notified the reduced rate of TDS and TCS for the period from 14-05-2020 to 31-03-2021. The board has also clarified that the benefit of reduced rate shall not be available if tax is required to be deducted/collected due to non-furnishing of PAN/Aadhaar number. CBDT Notification – New […]

Some Important Relief Measures in view of COVID-19

In order to give effect to the announcements made by the Union Finance Minister vide Press Release dated 24.03.2020, regarding several relief measures relating to statutory and regulatory compliance matters across sectors in view of COVID-19 outbreak, the govt has brought in an Ordinance on 31.03.2020 which provides for extension of various time limits under […]

Direct Tax Vivad se Vishwas (Legacy Dispute Resolution Scheme)

Tax disputes consume time, energy and resources both on the part of the Government as well as taxpayers. Moreover, they also deprive the Government of the timely collection of revenue. The Finance Minister, Smt. Nirmala Sitharaman, in her budget speech, has proposed to bring a scheme similar to the Sabka Vishwas (Legacy Dispute Resolution) Scheme, […]

BUDGET 2020 Tax Rates & other proposals applicable to Individuals & HUFs

Download PDF Tax rates for Individuals/HUF Resident individual aged above 60 years but less than 80 years Total Income Tax Rate A.Y. 2020-21 Tax Rate A.Y. 2021-22 (Proposed) Upto Rs.3 Lacs Nil There are no changes to the slab rates. > Rs.3 Lacs upto Rs.5 Lacs 5% > Rs.5 Lacs upto Rs.10 Lacs 20% > […]

7 changes in income tax laws that come into effect from Sept 1

[Source: ET Online; Author: Preeti Motiani] Income tax related changes announced in the Budget usually come into effect from April 1. However, since the full Budget for FY 2019-20 was presented in July this year after the general elections, there are certain tax changes that will come into effect from September 1, 2019. Here are […]

Sabka Vishwas – Legacy Dispute Resolution Scheme, 2019

Govt. urges taxpayers to avail the benefit of Sabka Vishwas (LDR) Scheme, 2019, as it has just 4 months validity from 1-Sep-2019 Press Release, Dated 22-8-2019 In the Union Budget 2019-20, the Hon’ble Finance Minister announced the Sabka Vishwas – Legacy Dispute Resolution Scheme, 2019. The Scheme has now been notified and will be operationalized […]

Tax changes in 2018 that have affected your personal finances

[Source: economictimes.indiatimes.com; By Preeti Motiani, ET Online | Dec 19, 2018] As 2018 comes to an end, a quick run-down of the main tax changes implemented during the year would help us in our tax planning and saving efforts. Most tax changes are usually proposed in the Budget (presented in February) and they usually come […]

Profit On Transfer Of Shares Acquired Under Stock Option Plan Taxable As ‘Capital Gain’ Not ‘Salary’

[Source: www.mondaq.com; Article by Vinita Krishnan & Shabnam Shaikh, Khaitan & Co] The Chennai Bench of the Income Tax Appellate Tribunal (Tribunal) in a recent ruling in Dr. Muthian Sivathanu v Assistant Commissioner of Income-tax [ITA No. 553/2018] held that proceeds received on sale of shares acquired pursuant to exercise of an employee stock option […]

The tax that no one saw coming: A rude shock builds up for builders across India

[Source: www.economictimes.com] Builders across the country are in for a rude shock. They could be soon saddled with a tax burden that few, or probably none, of them have accounted for. Developers, according to changes in the law that have gone unnoticed so far, will have to pay tax on the entire fair value — […]

Prosecution under Income Tax: Section 278E carves out an exception to the rule of mens rea

[By Shaleen Shah (Partner), VNCA] ‘Mens rea’ can be loosely translated as ‘guilty mind’, and it is a vital component when attempting to assess the criminal liability of an individual.  The rule of mens rea says that an act itself does not make a person guilty of a crime, unless their mind is also guilty. […]