Thursday, June 20, 2019

Beware: Finance Bill Proposal could affect your business

Once the proposal is assented, the payee is also liable for penal action against the receipt of his dues in cash. Thus, care should be taken to avoid unwanted penal action

Reminder: TDS on Rent payable by Individual and HUF

In order to widen the scope of TDS, section 194-IB has been inserted which provides that Individuals or a HUF (other than those covered under 44AB of the Act), responsible for paying to a resident any income by way of rent exceeding ₹ 50,000 for a month or part of month during the previous year, shall deduct an amount equal to 5% of such income as income-tax thereon.
Arun Jaitley

Highlights of Tax Proposal in Budget 2017

Today, Hon'ble Finance Minister Shri Arun Jaitley presents the Budget 2017. The highlights of tax proposal are
Senior Citizen

Benefits through Tax Proposal to Senior Citizen

Several changes have also been introduced to improve the horizontal equity of the tax system by providing relief to certain section of the society, in particular, senior citizens, keeping in view their personal circumstances like health, fixed source of income. These changes are discussed
Goods Carriage

Amendment in Presumptive Income u/s 44AE in case of goods carriage

The legislative intent of introducing sec. 44AE was to give benefit to small transporters in order to reduce their compliance burden. Even though the profit margins of large capacity goods carriages are higher than small capacity goods carriages
Equalisation Levy

Equalisation Levy

With the expansion of information and communication technology, the supply and procurement of digital goods and services have undergone exponential expansion everywhere, including India. The digital economy is growing at 10% per year, significantly faster than the global economy as a whole. Considering the potential of new digital economy and the rapidly evolving nature of business operations it is found essential to address the challenges in terms of taxation of digital transactions.

Highlights of Budget Proposal

Today, Hon'ble Finance Minister presented the interim budget. The highlights of the proposal in the context of direct tax are discussed

FAQ on Long Term Capital Gain

Under the existing regime, long term capital gains arising from transfer of long term capital assets, being equity shares of a company or a unit of equity oriented fund or a unit of business trust, is exempt from income-tax u/s 10(38). However, transactions in such long-term capital assets are liable to STT
Section 79

Section 79: Impact of Change in Shareholding on Carry Forward of Loss

In case of a closely held company, no loss shall be carried forward and set off against the income of the previous year, unless certain % of voting power are beneficially held by the same person(s), however, there are certain exceptions