Guide to .. Tax Management ,Tax Planning and Tax Saving
 

Amendments, Impact and Incidence of Tax in Budget 2020 (Page-2)


Dividend Distribution Tax (DDT) is Abolished from Assessment Year 2021-22

Government has proposed to move to the classical system of taxation of dividends in the hands of the shareholder only. Hence, no DDT shall be payable by the company or mutual fund on any dividend distributed on or after April 1, 2020.
Currently, no Dividend Distribution Tax (DDT) is payable in the following cases:

Continue Reading ...


‘TDS Provisions’ applicable on Distribution of ‘Dividend Income’ or ‘Income on Units’ from Assessment Year 2021-22

The Finance Bill, 2020 has proposed to revive the following sections relating to deduction of tax at source from dividend income:

 

Continue Reading ...


Amendment and Benefit to eligible ‘Start-Ups’ under Finance Bill 2020 (Applicable from Assessment Year 2021-22)

Turnover Limit to Claim Deduction under Section 80-IAC has been Increased - to Claim Deduction under Section 80-IAC has been Increased to 10 years - No Withholding Tax at the time of exercising ESOP by an employee of the eligible Start-Up
 

Continue Reading ...


Amendments of 'Tax Deductions and Exemptions' in Finance Bill 2020 [ Applicable from Assessment Year 2021-22]

Amendments of Tax Deductions and Exemptions in Finance Bill 2020 towards Section 80-IBA, 80EEA, 10(45), 80G, 80GGA etc..

 

Continue Reading ...


 

Amendments to 'Section 80G' in Finance Bill 2020 [Application from 01-06-2020]

The Income-tax Act allows deduction in respect of donations made for charitable purposes. Contributions made to certain relief funds and charitable institutions can be claimed as a deduction under Section 80G of the Act. The Finance Bill 2020 proposes following amendments to section 80G.
 

Continue Reading ...


Amendments of ‘Capital Gains’ in Finance Bill 2020 [ Applicable from Assessment Year 2021-22]

Amendments of ‘Capital Gains’ in Finance Bill 2020 (Budget 2020) towards Rationalisation of Provisions in respect of Segregated Portfolio of MFs and Fair Market Value of Land or Building Purchased before 01-4-2001 and also proposes to extend the Tolerable Limit from 105% to 110% in case of Sale of Immovable Property.
 Similar amendments have been made in Section 43CA and Section 56(2)(x).

 

Continue Reading ...


Amendment of TDS in Budget 2020 [Applicable from Assessment Year 2021-22]

Amendments of TDS towards Section 194LC, Section 194LD, Section 194J, Deduction of TDS by certain Co-opeative Society, Section 194-O, Turnover Limit for purpose of Deduction of Tax has been defined, Definition of 'Work' under Section 194C ...
 

Continue Reading ...


Scope of TCS Expanded in Finance Bill 2020 on Overseas Remittance , Sale of Overseas Tour Package and Sale of Goods

The Finance Bill proposes to widen the scope of TCS on overseas remittance, sale of overseas tour package and sale of goods.
The new TCS Rates for the sum received on or after 01-04-2020 shall be as under:

 

Continue Reading ...


 

Amendments of Charitable and Religious Trusts in Finance Bill 2020

The following Amendments have been proposed by the Finance Bill , 2020 towards Rationalisation of Provisions relating to Charitable and Religious Trusts. [ Applicable from 1st  June , 2020]
 

Continue Reading ...


 

Amendment in ‘Filing Return of Income’ in Finance Bill 2020

Amendment in Finance Bill 2020 on Filing Return of Income of Section 140 , Section 115A, Section 139 has been described in details ...
 

Continue Reading ...


Amendment in ‘Assessments and Appeals’ in Finance Bill 2020

Amendment in Section 254(2A) , Section 250, Section 133A, Reference to ‘Dispute Resolution Panel’ (DRP), Section 144, Section 288, Scope of Form 26AS in related to Assessements and Appeals in Fiance Bill 2020.
 

Continue Reading ...


Amendment in ‘Penalties and Prosecutions’ in Finance Bill 2020

Amendment in Finance Bill 2020 towards Section 274, Section 271AAD related to Penalties and Prosecutions are being discussed ....
 

Continue Reading ...


Amendment of Section 9A, Section 72AA, Section 115UA, Section 119A related to Taxation in Finance Bill 2020

Amendment in Finance Bill 2020 in Other Factors related to Taxation towards Section 9A, Section 72AA, Section 115UA, Section 119A which is applicable from Assessment Year 2021-22.
 

Continue Reading ...


 

Amendment of Section 94B towards Relaxation of Banking Cos. From Provisions of Thin Capitalisation from Assessment Year 2021-22

The Finance Bill 2020 proposed that the provisions of this section shall not apply to interest paid in respect of a debt taken from a lender which is a PE of a non-resident, being a person engaged in the business of banking, in India.
 

Continue Reading ...


Amendment of Section 90 and 90A on Agreement with Foreign Countries can be entered to Curb Practices like ‘Treaty Shopping’ from Assessment Year 2021-22

To understand the amendment proposed by the Finance Bill 2020 under Sections 90 and 90A, it is imperative to understand the following facts:

 

Continue Reading ...


 

Amendment on Attribution of Profits to PE (Permanent Establishment) to be within the scope of Safe Harbour Rules (SHR) and Advance Pricing Agreement (APA) from Assessment Year 2020-21

Section 92CB of the Act provides that the determination of arm’s length price under section 92C or section 92CA shall be subject to safe harbour rules (SHR) as prescribed by the Board. For this purpose ‘safe harbour’ means circumstances in which the Income-tax authorities shall accept the transfer price declared by the assessee.
 

Continue Reading ...


Provision to Tax Income Arising due to Significant Economic Presence in India is deferred
[Applicable from Assessment Year 2022-23]

Section 9 of the Act deals with the incomes which are deemed to accrue or arise in India. Section 9(1) creates a legal fiction to tax certain incomes by deeming them as accruing or arising in India. Section 9(1)(i) deems the following income to accrue or arise in India:
 

Continue Reading ...


 

Advertisement Income generated by Targeting Indian Customers shall be Taxable in India from Assessment Year 2021-22

The Finance Bill, 2020 proposes to cover the above gap keeping in view of international practices.

A distinction between taxability under this provision and applicability of equalisation levy has been given in the below table:

 

Continue Reading ...


Consequential Amendments in Finance Bill 2020 due to Substitution of SEBI (FPI) Regulations
[Effective from Assessment Year 2021-22]

The Finance Bill, 2020 proposes the consequential amendment to Section 9 on basis of new provisions prescribed in SEBI (FPI) Regulations, 2019 and restricts the applicability of above exception to only Category-I Foreign Portfolio Investors.

Continue Reading ...


Amendment in Finance Bill 2020 towards Income from Sale, Distribution or Exhibition of Cinematographic Films is Taxable in case of Non-Resident
[Effective from Assessment Year 2021-22]

Finance Bill 2020 proposes to amend the definition of royalty so as not to exclude consideration for sale, distribution or exhibition of cinematographic films from its meaning.

 

Continue Reading ...


Amendment of Section 295 in Finance Bill 2020 that CBDT to make Rules for Income Computation of Non- Residents from Operations Carried Out in India
[Effective from Assessment Year 2021-22]

The Finance Bill, 2020 proposes to amend Section 295 to empower the CBDT to make rules to provide for the manner, in which and the procedure by which the income shall be arrived in case:
 

Continue Reading ...


 
 



Get.. Tally.ERP9 Book + GST Practical Assignment @ Rs.550 Tally.ERP9 Book Online Order Tally.ERP9 Book Content

Tax Amendments in Finance Bill 2020

Tag ...



TDS, TCS, Advance Tax & Refunds
TDS, TCS, Advance Tax & Refunds

Guide & Taxation with Amendments made by the Finance Act. 2018 and the Rules as amended till Date.


TDS
TCS
Advance Tax & Refund
 
| About Us | Privacy Policy | Disclaimer | Sitemap |
© 2020 : IncomeTaxManagement.Com