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Income Tax

This category contains 78 posts

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. […]

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 a major crackdown on Benami properties and their owners by the Government. Specialised Anti-Benami units have been set up by the Income Tax department across the country and in almost every state and […]

Overview of restrictions on Cash Transactions under Income Tax law

[By Jyotish M. Shah (Partner), VNCA] Section Nature of restriction Consequence of Contravention 40A(3)/(3A) Expenditure in Cash exceeding Rs.10,000/- Expenditure will not be allowed. 43 Payment for Asset exceeding Rs.10,000/- in Cash This payment will not be considered as part of Actual cost of an Asset. 35AD Payment for Capital expenditure exceeding Rs.10,000/- in Cash […]

Equalisation Levy is going to create a huge problem for startups

[Source: www.forbesindia.com] Tax lawyer Nishith Desai believes the Equalisation Levy, also known as ‘Google Tax’, will have important repercussions for the Indian startup ecosystem As part of the continuing opposition from industry bodies to the ‘Equalisation Levy’ that came into effect earlier this year, the Internet and Mobile Association of India (IAMAI) and law firm […]