Amendment of Part II of First Schedule In the First Schedule of the Finance (No. 2) Act,— (A) in PART II, under the sub-heading “Surcharge on income-tax”, in paragraph (i), in clause (a), with effect from the 1st day of April, 2019,— (i) in sub-clauses I and II, after the words “aggregate of such […]
Amendment of Act No. 23 of 2019 In section 2 of the Finance (No. 2) Act, 2019 [hereafter in this Chapter referred to as the Finance (No. 2) Act], in sub-section (9), with effect from the 1st day of April, 2019,— (a) in the second proviso, for the words “First Schedule”, the words, figures
Money transfers have consistently been a major factor in the development of black money in the Indian economy. The government recently started several initiatives to reduce cash transaction limit and increase digital payments. Throughout this article, we examine the Income Tax Act’s cash transaction as well as the consequences of exceeding the limit. Income Tax
Amendment of section 115QA In section 115QA of the Income-tax Act, in sub-section (1), the following proviso shall be inserted and shall be deemed to have been inserted with effect from the 5th day of July, 2019, namely:— “Provided that the provisions of this sub-section shall not apply to such buy-back of shares (being the shares
India’s taxation system has evolved over the years. The latest significant development in this sphere is the Goods and Services Tax (GST). A crucial component of GST is the Input Tax Credit (ITC), which is designed to allow effortless credit flow. What is Input Tax Credit (ITC) under GST The amount of GST paid by
High Net Worth Individuals (HNWIs), Very High Net Worth Individuals (VHNWIs), and Ultra High Net Worth Individuals (UHNWIs) are classifications used in the financial and wealth management industries to categorize individuals based on the amount of wealth or assets they hold. HNIs need to invest and must have a long-term vision. Most HNIs are owners
Amendment of section 115JB In section 115JB of the Income-tax Act, with effect from the 1st day of April, 2020,— (a) in sub-section (1), the following proviso shall be inserted, namely:— ‘Provided that for the previous year relevant to the assessment year commencing on or after the 1st day of April, 2020, the
Amendment of section 115JAA In section 115JAA of the Income-tax Act, after sub-section (7), the following sub-section shall be inserted with effect from the 1st day of April, 2020, namely:— “(8) The provisions of this section shall not apply to a person who has exercised the option under section 115BAA.”. Practice area’s of B K
TDS Section 194J is seeing renewed attention after the passage of Finance Bill 2020, which includes amendments to Section 194J that took effect on April 1, 2020. Section 194J TDS of the Income Tax Act of 1961 contains rules for deducting TDS on payments for scientific and skilled services. What is Section 194J of Income
FCRA 2010 is a consolidating act passed by the Government of India in the year 2010. It seeks to regulate foreign contributions or donations and hospitality (air travel, hotel accommodation etc) to Indian organizations and individuals and to stop such contributions which might damage the national interest. It is an act passed for regulating and
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