Sunday, 2 February 2020

Union Budget 2020- Analysis of Direct Tax Proposals

On 1st of Feb., 2020 Union Finance Minister Mrs. Nirmala Sitaraman has introduced the Finance Bill 2020. This year Government of India has introduced out of box proposals when we look into the direct tax proposals.  Some of the proposals are:- New optional Tax slabs for Individuals and HUF, Concessional Tax rates to co-operatives, Tax incentives to startups, widening of tax net, E-Appeals introduced, Very hard penalty provisions on fake invoices, Dividend Distribution Tax on corporate removed, Compliance provisions for trusts have been strengthened, significant change in threshold limit for tax audit, changes in return filing date, Modification in establishing residential status and the most important provision regarding taxation of an  Indian citizen who is not liable to tax in any other country or territory shall be deemed to be resident in India. 

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Union Budget 2020- Analysis of Direct Tax Proposals

Saturday, 1 February 2020

SUMMARY OF UNION BUDGET 2020-21

Finance Minister Smt. Nirmala Sitharaman, today unveiled a series of far-reaching reforms, aimed at energizing the Indian economy through a combination of short-term, medium-term, and long term measures.

Read More:SUMMARY OF UNION BUDGET

Source: Press Information Bureau, Government of India, Ministry of Finance

KEY HIGHLIGHTS OF UNION BUDGET 2020-21


Finance Minister Smt. Nirmala Sitharaman, today unveiled a series of far-reaching reforms, aimed at energizing the Indian economy through a combination of short-term, medium-term, and long-term measures.

Three prominent themes of the Budget
  1. Aspirational India - better standards of living with access to health, education and better jobs for all sections of the society
  2. Economic Development for all - “Sabka Saath , Sabka Vikas , Sabka Vishwas”.
  3. Caring Society - both humane and compassionate; Antyodaya as an article of faith. 


Three broad themes are held together by:

  • Corruption free, policy-driven Good Governance.
  • Clean and sound financial sector.
  • Ease of Living underlined by the three themes of Union Budget 2020-21.

SOURCE: Press Information Bureau, Government of India, Ministry of Finance

Sunday, 19 January 2020

DEDUCTION OF TAX AT SOURCE

INCOME TAX DEDUCTION FROM SALARIES UNDER SECTION 192 OF THE INCOME-TAX ACT, 1961 DURING THE FINANCIAL YEAR 2019-20
Central Board of Direct Taxes has released CIRCULAR NO 4/2020, dated 16th January, 2020, on deduction of Tax at source (TDS) on salary. 
The circular in itself is very detailed one, comprising rates of income-tax as per Finance Act, 2018, broad scheme of tax deduction at source from salaries, method of tax calculation, payment of tax on perquisites by employer, computation of average income tax, salary from more than one employer, relief when salary paid in arrear or advance, information regarding income under any other head, computation of Income under the head ―Income from House Property, adjustment for excess or shortfall of deduction, salary paid in foreign currency, persons responsible for deduction of tax and their duties, computation of income under the head ―salaries, rebate, TDS on payment of accumulated balance under recognized provident fund and contribution from approved superannuation fund, Drawing and Disbursing Officers (DDOs) to obtain evidence /proof of claims, calculation of income-tax to be deducted, and other miscellaneous issues like form no 12BA, form no 12BB, revised procedure for furnishing qtly E-TDS/TCS statement by deductors/collectors, the procedure of furnishing form 24G, person responsible for filing form 24G in case of state govt departments/central govt departments, procedure of preparation of quarterly statement of deduction of tax u/s 200 (3), and form no. 10 BA.

Circular No.4/2020, Dated 16/01/2020

Source: https://www.incometaxindia.gov.in/