13 July 2020 at 14:43
Change in TDS on cash withdrawal from 1st July 2020!
Multilateral Instruments (MLI) is indeed the talk of the town in the world of International Taxation. Under the OECD*/G20 inclusive framework on Base Erosion and Profit Shifting (BEPS), more than 125 countries are collaborating to put an end to tax avoidance strategies that exploit the gap and mismatches in tax rules to avoid paying taxes.
Every domestic company can optionally choose to pay income tax @22% on its total income for any previous year relevant to the assessment year beginning on or after 01.04.2020
An assessee is not required to pay any tax on exempt incomes and hence any expenditure incurred for earning these types of income should not be allowed to be deducted from taxable profit of an assessee.
To claim a deduction in any year, it is necessary to invest in that year. Due to COVID Pandemic, Govt. has extended the date to 31.07.2020 for the financial year 2019-2020 to make an investment for deduction under chapter VI-A and section 54 to section 54GB.
Depending on the type of income, the category the taxpayer falls under (Individual, HUF, Company etc.), and the income that the taxpayer makes, there are different types of Income Tax Returns (ITR) Forms which needs to be filed.
Every seller of goods shall collect TCS @0.1% from buyer. Where buyer can’t provide PAN or Aadhaar Number to the seller TCS shall be collected @1% instead of 0.1%.
Floater Plan gives one coverage amount for the whole family whereas in Individual Plan every person will get his own coverage amount.
Scientific Researches play important role in development of any country. The industrial houses are encouraged to establish their own research house or to donate in various Universities, IITs and other education institutions.
TDS of 10% will be applicable only on dividend income earned by investors in mutual funds and capital gain on sale of mutual funds is not covered in this section
Live Course on Invoice Management System (IMS) - 2nd Batch(With Recording)
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