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Mar24
2020
A year ago no one knew about Corona. Today, there is hardly anyone who does not know about it. Knowing is one thing. Countries and people face a bleak future in the post Corona devastated world. Apart from social distancing this malignant virus is nuking economics of countries in a way that has never happened before, not even during world wars. Life is grinding down to an excruciatingly painful slowdown. Stock markets have crashed to abysmal lows and the end is not in sight. Severe restriction on movement drastically affects daily wage earners. The economic effect of coronavirus is projected to have a ripple effect in the time to come. UNCTAD estimates the world as a whole will suffer a loss of over $ 1 trillion and that is a modest estimate. Even cryptocurrencies are bottoming out.
Mar23
2020
Q1: What does section 194K of the Income Tax Act says?
Any person responsible for paying to a resident any income in respect of:
shall, at the time of credit of such income to the account of the payee or at the time of payment thereof by any mode, whichever is earlier, deduct income tax thereon at the rate of 10 per cent.
Mar17
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.
Mar02
2020
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.
Feb24
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.
Feb06
2020
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.
