Introduction In theUnion Budget 2019-20, the Honourable Finance Minister Shrimati Nirmala Sitharaman announced the Sabka VishwasLegacy Dispute Resolution (SVLDR) Scheme, 2019, a one-time measure for liquidation of past disputes of Central Excise and Service Tax as well as to ensure disclosure of unpaid taxes by a person eligible to make a declaration. The scheme provides…
Category: Direct tax
Synopsis of Taxation Laws (Amendment) Ordinance, 2019
The Taxation Laws (Amendment) Ordinance, 2019 was promulgated by President on 20.09. 2019 which has amended the Income Tax Act, 1961, and the Finance (No. 2) Act, 2019. Compendium of major propositions: Income tax rate for domestic companies: Particular Old Tax rate New Tax rate (optional) Domestic companies with annual turnover of up to Rs…
POEM in India: A New Perspective (Part-1)
Taxation of business profits on the basis of economic adherence has always been the underlying basis of existing international taxation rules as both the residence and source countries claim the right to taxation. Economists gave primacy to the economic allegiance rather than physical location and made it clear that physical presence was important only to…
Form 16 (Part B): New Procedure, Format and Standards for Issuance
The provisions of Income tax Act, 1961 require an employer to file statement of tax deduction at source (TDS) with respect to its employees in Form 24Q, providing therein details of tax withheld in respect of his employees. Additionally, the employer is required to furnish certificate of TDS in Form 16 to its employees specifying…
Synopsis of Changes in Income Tax Form For AY 2019-20
The income-tax department has notified new income-tax return (ITR) forms for assessment year (AY) 2019-20. A synopsis of relevant changes have been presented herewith: S.No. ITR Form Relevant Change 1 ITR 2, 3 If the taxpayer is a director in a company, at any time during the tax year, following details need to be furnished:…