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September 26, 2023
Update on Angel tax rules released via a notification dated 25th September 2023.
Update on Angel tax rules (draft rules were released in May 2023) released via a notification dated 25th September 2023. A few salient features:
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September 21, 2023
Show Cause Notice under Section 8 of PMLA has to be issued by a judicial member of Adjudicating Auth
Show Cause Notice under Section 8 of PMLA has to be issued by a judicial member of Adjudicating Authority
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September 16, 2023
To constitute cheating, the deception must be done with a dishonest or fraudulent intent
To constitute cheating, the deception must be done with a dishonest or fraudulent intent: Kerala HC observes while allowing regular bail application under PMLA (Prevention of Money Laundering Act).
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May 08, 2023
IFSC in India: GIFT-City
International Financial Service Centre (“IFSC”) is a hub of financial services within a territory which caters to deal with the flow of finance, financial products and services across borders outside the jurisdiction of the domestic economy. IFSC has been set up ...
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September 08, 2022
FOREIGN PORTFOLIO INVESTMENT: OVERVIEW AND TAX EFFECTS IN INDIA
Foreign Portfolio Investment (FPI) entails offshore investors buying into Indian financial assets. All the investments are passively held by the investors. The different types of securities into which such investment is funneled include but are ...
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August 05, 2022
TAXABILITY OF BENEFIT OR PERQUISITE-Section 194R
Budget 2022-23 introduced a new section in the Income-Tax Act -Section 194R. It requires the deduction of tax at source at 10% by any person who provides any benefit or perquisite exceeding Rs 20,000 in a ...
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February 21, 2022
Income Tax Slabs in India
Income tax is levied on the income earned by all the individuals, HUF, partnership firms, LLPs and Corporates as per the Income tax Act of India. In the case of individuals, tax is levied as per the slab system if their income is above the minimum threshold limit (known as ...
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November 15, 2021
Income Tax Return
ITR Instructions – Which Type of ITR Should I File? Different Types of ITR, How To File ITR – Which ITR Form to File Filing Income In Tax Return?
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August 13, 2021
Duty Scrips Granted Scrupulously By Designated Officer, Not To Be Rejected Subsequently
The Hon’ble Madras High Court has upheld that duty scrips
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August 08, 2021
New TDS Rule from July’21 - All You Need to Know New TDS Rates
Every year new provisions are introduced in the Union Budget on the first day of February
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May 11, 2021
Significant Economic Presence Rules
The concept of Significant Economic Presence (“SEP”) was introduced by Finance Act 2018 by amplifying the Scope of Business connection in India with the pursuit of bringing income of non-resident operating in the online/digital space within the ambit of ...
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March 09, 2021
Payments for Software not Taxable as Royalty
he Hon'ble Supreme Court in the case of Engineering Analysis Centre of Excellence Private Limited v.
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January 29, 2021
Budget Expectation 2021
As the Covid -19 is now under control, all eyes are now set on the upcoming Budget. Covid has hit everyone’s life and the government did announce various stimulus packages to give relief to the citizens and to boost the economy. However, there is an immediate need to ...
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October 02, 2020
Tax collection at source on sale of goods w.e.f Oct 1, 2020
The Finance Act, 2020 has made an amendment by insertion of sub-section (1H) in section 206C of the Income Tax Act, 1961 (hereinafter referred to as “the Act”) which is effective from 01.10.2020. As a result of the said amendment, a seller who receives any amount ...
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June 04, 2020
Equalization Levy Note
Globalization and expansion of Information Technology has increased the supply and procurement of digital services which had laid a significant impact on a country’s corporate income tax regimes. Profit base gets effectively eroded from the country of consumption due ...
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May 27, 2020
CBDT exempts B2B businesses from requirement of mandatory e-payment facility u/s. 269SU subject to c
To promote digital transactions in the economy, Government of India introduced section 269SU of the Income-tax Act. Under this section, a person having turnover exceeding Rs. 50 Crore (‘specified person’) in the immediately preceding previous year shall provide ...
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April 10, 2020
Taxability on Remuneration Paid to Directors Under GST
Recently in the matter of Clay Crafts India Private Limited [TS–218–AAR–2020–NT], the Rajasthan Authority for Advance Ruling (“AAR”) stated that consideration paid to directors is against the supply of services provided by them to the ...
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April 09, 2020
One Time Relaxation to Employers, Taxpayers and Business Entities
The outbreak of the Novel Corona Virus (COVID-19) across many countries of the world including India has caused immense economic and business loss. Amid this difficult situation, the Government has announced below one time relaxations for Employers, Taxpayers and Business ...
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March 03, 2020
Amendments to Vivad Se Vishwas Scheme
The Indian Finance Minister announced the introduction of the Vivad Se Vishwas scheme during her budget speech with a view to “provide for resolution of pending tax disputes”. The scheme was introduced after the success of “Sabka Vishwas ...
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January 23, 2020
Insertion of rule 119A, prescribing Electronic modes of accepting payments u/s 269SU
To encourage digital economy and move towards a less-cash economy, Section 269SU was introduced in Finance (No. 2) Act, 2019, whereby every person carrying on business, having a turnover of more than Rs.50 Cr. [‘specified person’] shall mandatorily provide ...
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January 18, 2020
Tax & Regulatory Updates: January 2020
Section 195 of the Income-tax Act had been amended to empower CBDT to prescribe the form and manner of filing of application to Assessing officer to determine the appropriate proportion of such sum upon which tax shall be liable to be deducted u/s 195. Further, CBDT was also ...
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October 11, 2019
Tax & Regulatory Updates: October- 2019
Exception to monetary limits for filing appeals specified in any Circular issued under Section 268A of the Income-tax Act, 1961-reg
In Circular No. 23/2019 dated 6th September 2019, CBDT has clarified regarding bogus Long-Term Capital Gain (LTCG)/Short Term ...
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October 06, 2019
Clarification on Availability of MAT Credit for Companies Opting for Lower Corporate Tax Rate
CBDT has provided clarification dated 2nd October, 2019 for the domestic companies regarding the decision to switch to the lower rate of 22% from the existing rate of 30%. Board has addressed the concerns in respect of option exercised under section 115BAA of the ...
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September 30, 2019
Tax & Regulatory Updates: September- 2019
In Circular No. 19/2019 dated 14th August 2019, CBDT has clarified regarding no communication shall be issued by any income tax authority relating to assessment, appeals, orders, statutory, exemptions, enquiry, investigation, verification of information, penalty, ...
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September 22, 2019
Major Tax Reforms in India announced on 20th Sept, 2019
Indian Government has come up with the Taxation Laws (Amendment) Ordinance 2019 to amend the Indian corporate tax rate and provide other major relief for certain companies on 20th September 2019.
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September 13, 2019
Measures By CBDT For Tax Friendly Regime
CBDT has come up with certain initiatives to make the regime more tax friendly and to ensure that the rigorous measures should be used in certain limited cases. One such measure is extension of compounding procedures and other is restriction on initiating prosecution ...
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August 31, 2019
Tax & Regulatory Updates: August -2019
In Circular No. 14 /2019 CBDT has clarified regarding taxability of income from investment made by the non –resident investor through these AIFs , outside India (off-shore investment).The Board is of the view that the investment made by category I or category II AIFs ...
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July 31, 2019
Tax & Regulatory Updates: July 2019
In Circular No. 13/2019 , CBDT has clarified that pensions granted to members of His Majesty 's naval, military or air forces who have been invalided for naval, military or air force service on account of bodily disability attributable to or aggravated by such service ...
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July 31, 2019
Tax & Regulatory Updates: June 2019
In this notification CBDT seeks to amend form 15H (To prevent TDS on your Income). This amendment seeks to clarify the filling procedure of Form 15H. Person shall accept declaration in case where his income is less than rebate available under 87A of income tax act. This ...
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May 31, 2019
Tax & Regulatory Updates: May 2019
In this notification, CBDT seeks to amend Form 16 (TDS certificate for salaries) and Form 24Q (quarterly TDS statement in respect of salaries). The amended forms seek more details especially about exempt allowance u/s 10. The amendments shall come into force on 12th day of ...
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October 31, 2016
Tax & Regulatory Updates: October 2016
The CBDT has issued a notification clarifying special provision regarding the determination of the cost of acquisition of shares received in different cases which are subject matter of buy-back. Such as shares received through employee stock option or sweat equity shares, ...