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Opinion

This tag is associated with 115 posts

Higher rate of TDS in certain situations from 1st July 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; or at the rate of […]

TDS & TCS on purchase & sale above Rs.50 Lacs

[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) on sale of goods. Refer […]

Amendments to CSR provisions

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 CSR). MCA has also issued […]

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 havoc globally. Apart from causing social and political instability, the pandemic has also upended the economic sector and markets across the world are still reeling from the impact of the first wave of […]

Ever increasing disclosure requirements in ITR forms for HNIs

[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 making mistake while filing ITR. […]

Concessional Income Tax Rate of 22% for Domestic Companies

[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 the President on 11 December […]

Scheme for manufacturing and Processing in a bonded facility – GST Impact

[Source: ICAI GST Newsletter; Author: CA Abhishek Agarwal] BONDED MANUFACTURING SCHEME Government along with CBIC in order to promote India as the manufacturing hub globally, to promote make in India initiative and to facilitate ease of doing business has come up with the bonded manufacturing scheme. Under this scheme any person undertaking manufacturing or other […]

COVID-19 will change how companies report earnings – 20 point checklist for CFOs

[Source: www.businessinsider.com] The COVID-19 pandemic has had an adverse impact on all aspects of the economy, be it earnings, supply chains, operational efficiencies and the stock markets. Since the financial year ends on March 31, 2020 in India, it falls amidst the COVID-19 pandemic. This will have an impact on the way companies report their […]

Covid19 relief on GST Rule restricting ITC to 10%

According to sub-rule (4) in Rule 36 of CGST Rules introduced w.e.f. 9-Oct-2019, a registered person can avail ITC in respect of the invoices, the details of which have not been uploaded by the suppliers and reflected in GSTR-2A of the registered person availing ITC, only to the extent of 20% of the total eligible […]

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 in the lower and middle income groups, say tax experts. “An interesting aspect of Singapore GST that can be adopted in India is the voucher system which provides benefits even to non-registered citizens […]