Section 7 – Taxation Laws (Amendment) Act, 2019
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 […]
Section 6 – Taxation Laws (Amendment) Act, 2019
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 […]
Section 194J
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 […]
Foreign Contribution (Regulation) Act (FCRA),2010
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 […]
Section 5 – Taxation Laws (Amendment) Act, 2019
Insertion of new section 115BAB After section 115BAA of the Income-tax Act, the following sections shall be inserted with effect from the 1st day of April, 2020, namely:— 115BAB. Tax on income of new manufacturing domestic companies.— (1) Notwithstanding anything contained in this Act but subject to the provisions of this Chapter, other than those mentioned under […]
Section 4 – Taxation Laws (Amendment) Act, 2019
Insertion of new section 115BAA After section 115BA of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2020, namely:— ‘115BAA. Tax on income of certain domestic companies.—(1) Notwithstanding anything contained in this Act but subject to the provisions of this Chapter, other than those mentioned under section […]
Reduction in Corporate Tax
Corporate tax refers to the tax that companies must pay on their profits. The tax rate and structure can significantly affect business operations, investment decisions, and economic growth. In India, corporate tax has undergone various changes over the years, aimed at making the business environment more competitive and encouraging investments. The reduction in corporate tax […]
Section 3 – Taxation Laws (Amendment) Act, 2019
Amendment of section 115BA In section 115BA of the Income-tax Act, with effect from the 1st day of April, 2020,— (a) for the marginal heading “Tax on income of certain domestic companies”, the marginal heading “Tax on income of certain manufacturing domestic companies” shall be substituted; (b) in sub-section (1), for the words […]
Section 2 – Taxation Laws (Amendment) Act, 2019
Amendment of section 92BA In section 92BA of the Income-tax Act, 1961 (43 of 1961) (hereafter in this Chapter referred to as the Income-tax Act), after clause (v), the following clause shall be inserted, with effect from the 1st day of April, 2020, namely:— “(va) any business transacted between the persons referred to in sub-section […]
Nirman Shramiko Ko Videsh Mai Rojgar Hetu Visa Per Hone Wale Vyay Ka Punarbharan Yojana
This scheme, launched by the Rajasthan Government’s Labor Department, is designed to alleviate the financial burden of visa expenses for construction workers seeking employment abroad. By reimbursing these costs, the scheme aims to encourage construction workers to pursue overseas employment opportunities and contribute to the state’s economy through foreign remittances. Eligibility Construction workers must be […]