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 […]
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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
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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
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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
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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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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
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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
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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
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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
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