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2020

Key Highlights of the Direct Tax Vivad se Vishwas Bill 2020

Vivad se Viswas scheme is launched by Ministry of Finance in LokSabha on 5th February 2020.It is a tax dispute Redressal mechanism which is introduced in Direct Tax regime so that taxpayers whose tax demands and disputes related to Income Tax are pending as on 31st January, 2020 [irrespective of whether the demand is pending or has been paid], can pay their taxes and settle disputes by 31st March, 2020.

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2020

Disallowed Deductions Exemptions under New Income Tax Regime

The Budget 2020 has introduced a new Income Tax structure having six different slab rates. The current tax slab rates will also remain in place. This move will make tax structure more complex. If the tax payers wish to avail new structure, he/she will not be able to avail benefit of many of the deductions and exemptions available at present in old tax structure.The removal of tax exemptions and deductions certainly makes compliance less tedious, but tax planners who maximized their tax deductions will probably pay more tax under the new tax regime.

2020

Amendments in GST as Proposed in Budget 2020

The Article below summarizes the changes proposed in the CGST Act, 2017 and IGST Act, 2017 vide the Finance Bill, 2020 (‘Budget’). Post enactment of The Finance Act, 2020, these changes shall be applicable only when a notification is issued regarding their applicability.

2020

Key Highlights of Union Budget for Financial Year 2020 21

Finance Minister Nirmala Sitharaman presented the Budget for the Financial Year 2020-21 on 1st February 2020. The Budget has especially brought cheers for middleclass people in the form of Income Tax slab rate cuts as well as increase in insurance cover for deposits. Let us discuss the key points of the budget.

2020

Corporate Social Responsibility CSR of Companies in India

The Companies Act, 2013 lays down the provisions requiring corporate to mandatorily spend a prescribed percentage of their profits on certain specified areas of social upliftment in discharge of their social responsibilities. Broadly, Corporate Social Responsibility implies a concept, whereby companies decide to contribute to a better society and a clearer environment – A concept, whereby the companies integrate social and other useful concerns in their business operations for the betterment of its stakeholders and society in general.

2020

Important Announcements by CBDT in Relation to ITR 1 ITR 4 for AY 2020 21 

The Central Board of Direct Taxes notified the Income Tax returns ITR 1 and ITR 4 for the Assessment Year 2020-21 (FY 2019-20) on 3rd January 2020.

Afterwards on receipt of representations from tax payers, CBDT issued a press release on 9th January 2020 relaxing the eligibility criteria for filing ITR 1 and ITR 4. In this article we will discuss the key changes announced in relation ITR 1 and ITR 4.

Financial Management