With the advent of Financial Year 2020-21, dividend taxation in India has completely gone upside-down. The new provisions have again asked the recipient of dividend to pay taxes instead of the company who was distributing the dividends. The changes in…
Broadened TCS provisions In India
The Finance Act, 2020 has introduced several modifications in the Indian taxation thereby enlarging the scope of applicability of TCS provisions. AKGVG & Associates has summarized the amendments brought about in TCS provisions by the Finance Act, 2020 for ease…
Tax Benefits Under Section 80C Of Income Tax Act, 1961
Section 80C of Income Tax Act, 1961 has been structured specifically to state all about the deductions of tax. This particular section of the IT act reduces the taxable income. Due to this reduction, under Section 80C, the tax liability…
Transparent Taxation Platform Announced in India
The Indian Prime Minister Mr. Narendra Modi has rolled out a scheme to incentivize honest taxpayers on 13.08.2020 via video conference,entitled “Transparent Taxation – Honoring the Honest”. Recently, several initiatives have been taken by the Central Board of Direct Taxes…
Changes in MAP to implement guidelines under BEPS
Indian Tax litigation has always been in the limelight while talking about cross-border taxation due of numerous reasons. Sometimes it is because of the retrospective amendments and at other times because of special tax provisions like equalization levy. Despite of…
TDS on Dividends in India – Post Budget 2020
With the advent of Financial Year 2020-21, dividend taxation in India has completely gone upside-down. The new provisions have again asked the recipient of Dividend to pay taxes instead of the Company who was distributing the dividends. The changes in…
Relaxations in Income Tax Provisions on account of Covid-19 (post March 2020 ordinance)
Covid-19 has created a havoc worldwide and people are struggling hard to barely survive in this uncertain environment. People are stranded in different parts of the world on account of lockdown, quarantine and suspension of travel both domestic and international.…
TDS Deposit Due Date – 30 April or 30 June?
As per the provisions of the Indian Income tax law, Tax Deducted at Source (TDS) on payments/credits made during the month of March, needs to be deposited latest by 30 April. In wake of Covid-19, Indian government issued an ordinance…
Changes in Income tax Act proposed in Finance Bill, 2020
The Union Finance Minister Nirmala Sitharaman delivered budget speech breaking all previous records w.r.t. time. The budget speech began with a homage to late Mr Arun Jaitley with emphasis on Sabka Saath, Sabka Vikas, Sabka Vishwas. Synopsis of budget proposals…
Tax On Non-Monetary Perquisites
As a normal practice, it is the employee who bears the tax on the salary earned by it, while the employer withholds such tax on salary and deposits it with income tax authorities. However, sometimes employees move across borders and…