This document discusses important amendments to consider while filing income tax returns for assessment year 2020-21 relating to rebates, surcharges, tax rates, deductions, depreciation, TDS provisions, capital gains exemption, and more. Key points include a reduced MAT rate of 15%, option to purchase two homes for capital gains exemption, increased standard deduction and TDS limits on rent and cash withdrawals.
The document outlines new reverse charge mechanisms for certain taxable services in India. Under the new rules:
1) For certain specified services like insurance agency, transportation of goods, sponsorship, legal services, and services provided from outside India, the recipient of the service will now be liable to pay 100% of the service tax, instead of the service provider.
2) For other services like renting of vehicles, supply of manpower, and service portion of works contracts, the service tax will be split between the provider and recipient.
3) The point of taxation for reverse charge services will now be the date of payment by the recipient, or earlier dates in some cases involving associated enterprises.
4)
This document provides the TDS and TCS rate charts for the financial year 2021-22 in India. It outlines the various sections where tax is deducted at source, the threshold limits, and applicable tax rates. Some key points include:
- TDS is deducted on interest, dividends, professional fees, rent, commission, contract payments, and withdrawals over certain thresholds at rates ranging from 1-30%.
- TCS is collected on scrap, tendu leaves, minerals, liquor, parking lots, motor vehicle sales, overseas tour packages, and goods sales over Rs. 50 lakhs at 0.1-5%.
- Higher rates of TDS/TCS apply to non-
The document discusses various aspects of income taxable under Section 56 of the Income Tax Act 1961 relating to "Income from Other Sources". It summarizes taxation of gifts, winnings, share premium in excess of fair market value, dividends, and other miscellaneous incomes. Specific items discussed include the taxability of gifts based on various limits and exceptions. Winnings from lotteries, races and other games are taxed at a flat 30% rate. Share premium received in excess of a company's fair market value may be taxed. Dividends from foreign companies and domestic companies over Rs. 10 lakhs are included.
This document provides an overview of accounting, reporting, and taxation aspects related to futures, options, and other derivatives in India. It discusses relevant accounting standards from the Institute of Chartered Accountants of India and draft tax accounting standards. It also covers key taxation issues around whether derivative transactions are speculative, how profits are taxed (as business income or capital gains), and whether losses can be set off. The document provides guidance on determining turnover for tax audit purposes and outlines provisions around speculative transactions in Section 43(5) of the Income Tax Act.
The document summarizes key changes to the Indian Income Tax law. Some of the major changes include:
- The corporate tax rate has been reduced to 25% for domestic companies with turnover less than 250 crores in FY 2016-17.
- Long term capital gains from equity shares exceeding 1 lakh will be taxed at 10%.
- Deductions have been increased for medical expenditures for senior citizens to Rs. 50,000 and Rs. 1 lakh for very senior citizens.
- Benefits have been extended to startups including a 100% deduction for 3 years for eligible startups incorporated between April 1, 2019 to March 31, 2021 with turnover less than 25 crores.
Income Computation and Disclosure StandardICDS IX – Borrowing CostsAdmin SBS
Introduction and Applicability of ICDS
Scope of ICDS – IX Borrowings Costs
Definitions
Recognition of Borrowing Costs
Eligibility for Capitalization of Borrowing Costs
Commencement of Capitalization of Borrowing Costs
Cessation of Capitalization of Borrowing Costs
Disclosures in Tax Audit Report
Basis of Differences
Conclusion
This is a presentation covering various sections of the Income Tax Act 1961, pertaining to Non - Residents. The presentation offers varying degree of coverage for the sections covered, and was presented before the Ghatkopar Study Circle of The Institute of Chartered Accountants of India - WIRC.
The document outlines new reverse charge mechanisms for certain taxable services in India. Under the new rules:
1) For certain specified services like insurance agency, transportation of goods, sponsorship, legal services, and services provided from outside India, the recipient of the service will now be liable to pay 100% of the service tax, instead of the service provider.
2) For other services like renting of vehicles, supply of manpower, and service portion of works contracts, the service tax will be split between the provider and recipient.
3) The point of taxation for reverse charge services will now be the date of payment by the recipient, or earlier dates in some cases involving associated enterprises.
4)
This document provides the TDS and TCS rate charts for the financial year 2021-22 in India. It outlines the various sections where tax is deducted at source, the threshold limits, and applicable tax rates. Some key points include:
- TDS is deducted on interest, dividends, professional fees, rent, commission, contract payments, and withdrawals over certain thresholds at rates ranging from 1-30%.
- TCS is collected on scrap, tendu leaves, minerals, liquor, parking lots, motor vehicle sales, overseas tour packages, and goods sales over Rs. 50 lakhs at 0.1-5%.
- Higher rates of TDS/TCS apply to non-
The document discusses various aspects of income taxable under Section 56 of the Income Tax Act 1961 relating to "Income from Other Sources". It summarizes taxation of gifts, winnings, share premium in excess of fair market value, dividends, and other miscellaneous incomes. Specific items discussed include the taxability of gifts based on various limits and exceptions. Winnings from lotteries, races and other games are taxed at a flat 30% rate. Share premium received in excess of a company's fair market value may be taxed. Dividends from foreign companies and domestic companies over Rs. 10 lakhs are included.
This document provides an overview of accounting, reporting, and taxation aspects related to futures, options, and other derivatives in India. It discusses relevant accounting standards from the Institute of Chartered Accountants of India and draft tax accounting standards. It also covers key taxation issues around whether derivative transactions are speculative, how profits are taxed (as business income or capital gains), and whether losses can be set off. The document provides guidance on determining turnover for tax audit purposes and outlines provisions around speculative transactions in Section 43(5) of the Income Tax Act.
The document summarizes key changes to the Indian Income Tax law. Some of the major changes include:
- The corporate tax rate has been reduced to 25% for domestic companies with turnover less than 250 crores in FY 2016-17.
- Long term capital gains from equity shares exceeding 1 lakh will be taxed at 10%.
- Deductions have been increased for medical expenditures for senior citizens to Rs. 50,000 and Rs. 1 lakh for very senior citizens.
- Benefits have been extended to startups including a 100% deduction for 3 years for eligible startups incorporated between April 1, 2019 to March 31, 2021 with turnover less than 25 crores.
Income Computation and Disclosure StandardICDS IX – Borrowing CostsAdmin SBS
Introduction and Applicability of ICDS
Scope of ICDS – IX Borrowings Costs
Definitions
Recognition of Borrowing Costs
Eligibility for Capitalization of Borrowing Costs
Commencement of Capitalization of Borrowing Costs
Cessation of Capitalization of Borrowing Costs
Disclosures in Tax Audit Report
Basis of Differences
Conclusion
This is a presentation covering various sections of the Income Tax Act 1961, pertaining to Non - Residents. The presentation offers varying degree of coverage for the sections covered, and was presented before the Ghatkopar Study Circle of The Institute of Chartered Accountants of India - WIRC.
- Individuals and companies with total income exceeding the maximum taxable limit must file an income tax return by the due date, which is July 31 for most assessees and September 30/November 30 for some.
- Those holding overseas assets or accounts must also file a return even if income is below the taxable limit. Late or revised returns can be filed within 1 year with penalties for failure to file on time.
- The return must be verified digitally in most cases. It must be signed by the individual, partner, director or other authorized person depending on the entity. Strict documentation and procedures must be followed for e-filing.
Rationale behind the Act
Effective date of new Act
Applicability of the Act
Its size and nature
49 Sections
6 Rules
25 Regulations
Other related matters
This document summarizes key provisions related to tax deducted at source (TDS) under the Indian Income Tax Act, including:
1) Sections related to TDS for salary (192), interest (193), dividends (194), rent (194I), professional fees (194J), and payments to contractors (194C).
2) The document outlines thresholds and exceptions for when TDS applies. For example, no TDS is required for dividends under Rs. 2,500 or interest under Rs. 5,000.
3) It discusses how the recipient can obtain a certificate for lower TDS rates under Section 197.
The document provides an overview of External Commercial Borrowings (ECB) regulations in India. It defines ECB as bank loans, trade credits beyond 3 years, bonds/debentures without convertibility, financial leases, and borrowings from multilateral institutions, among others. The regulator is the Government of India with support from the Reserve Bank of India. Indian companies can access foreign funds through ECB, FCCBs, preference shares/FCEB, and rupee denominated bonds overseas. Eligible borrowers include entities eligible for FDI, port trusts, SEZ units, SIDBI, oil marketing companies, and microfinance organizations. Recognized lenders must be residents of FAFT or IOSCO
The document discusses provisions related to non-residents under Indian law. It defines a non-resident individual as an Indian citizen who stays abroad for employment, business, vacation or uncertain duration. It also considers persons posted in UN organizations and on foreign assignments as non-residents. Further, it discusses tax rates and exemptions applicable to different types of investment and other income earned by non-residents.
Proposed Amendment in income tax finance bill 2019Mohd.Asif Khan
The document summarizes proposed amendments to the Indian Income Tax Act of 1961 in the Finance Bill 2019. Key changes include increasing the standard tax deduction from salaries to Rs. 50,000, allowing deduction of interest on loans for two self-occupied homes instead of one, and increasing thresholds for tax deducted at source on rental income and bank interest from Rs. 180,000 to Rs. 240,000 and from Rs. 10,000 to Rs. 40,000 respectively. The income tax rebate is also increased for individuals with annual income up to Rs. 500,000.
Objectives
Introduction
What is Remittance???
Who are Non-residents???
Relevant Notifications and Circulars
Which assets can be remitted?
How are assets remitted?
Legal Compliances (In special cases)
This document discusses various aspects of section 195 of the Indian Income Tax Act, which deals with tax deducted at source (TDS) for payments made to non-residents. Some key points discussed include:
- Section 195 mandates any person making payments such as interest, royalty or fees for technical services to non-residents to deduct TDS at the time of payment.
- The rate of TDS depends on factors such as whether a lower treaty rate can be applied based on a tax residency certificate.
- Non-compliance can attract penalties for the payer such as interest, fines and in some cases prosecution.
- Exceptions apply when a lower or nil withholding certificate is obtained
Practical issues in tax deduction at source uploaded by Simpletaxindia.netPSPCL
The document discusses various practical issues related to tax deduction at source under Section 194A to 194C of the Indian Income Tax Act of 1961. It addresses key questions on whether TDS applies to interest payments, commission, rent, professional fees, and payments to contractors. It analyzes case laws to determine if discounting charges, usance interest, delayed purchase price payments, deputation of employees, and franchise agreements fall under the TDS mandate. The document provides guidance on interpreting 'work', service contracts, and what payments are exempt from TDS like warehousing charges.
Section 35AD provides a deduction for capital expenditure incurred by an assessee engaged in
specified business. This section has been amended to:
1) Extend the list of specified businesses to include certain infrastructure facilities.
2) Clarify that deduction is available for capital expenditure other than on land, goodwill, and financial
instrument.
3) Provide that deduction is available for previous year in which asset is put to use for specified
business, instead of year of acquisition.
Taxmann’s Income Tax Act covers the annotated text of the Income-tax Act, 1961, in the most authentic, amended & updated format.
The Present Publication is the 66th Edition & Updated till the following:
• The Finance Act, 2021
• The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020
The noteworthy features of the book are as follows:
• [Bestseller Series] Taxmann’s Bestseller Book for more than Five-Decades
•[Zero Error] Follows the Six Sigma Approach to achieve the Benchmark of ‘Zero Error’
• [Legislative History of Amendments], since 1961
• [Relevant provisions of all other allied laws] referred to in the Income-tax Act
• Comprehensive Table of Contents
• [Quick Navigation] Relevant Section Numbers are printed in Folios for Quick Navigation
• Annotation under each section shows:
○ Relevant Rules & Forms
○ Relevant Circulars & Notifications
○ Date of enforcement of provisions
○ Allied Laws referred to in the Section
• The contents of the book are as follows:
○ Division One – Income-tax Act, 1961
• Arrangement of Sections
• Text of the Income-tax Act, 1961 as amended by the Finance Act, 2021 and Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020
• Appendix: Text of provisions of Allied Acts/Circulars/Regulations referred to in Income-tax Act
• Subject Index
○ Division Two – Finance Act, 2021 & Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020
• Text of the Finance Act, 2021
• Text of the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020
• Notifications issued under Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020
• Also available in Taxmann’s Virtual Book Format (An e-Book Initiative for un-interrupted reading experience).
• Now Claim 10% Cashback (when you purchase Taxmann’s Income Tax Act), Redeemable at Taxmann’s Online Bookstore.
The document summarizes key proposals in the Indian Budget 2013 relating to direct and indirect taxes. For direct taxes, it outlines changes such as increased surcharge rates for foreign companies, a new tax on commodities derivatives trading, increased royalty and technical fee rates, and incentives for manufacturing investments over $20 million. It also covers proposals relating to power sector incentives, dividend distributions, and taxation of alternative investment funds. For indirect taxes, it notes customs, excise, and service tax changes.
This document discusses taxation provisions for non-resident Indians (NRIs). It defines an NRI as an individual who is a citizen of India or person of Indian origin who is not a resident as per the Income Tax Act. Residential status is important for determining the scope of income taxable and availability of tax concessions. For NRIs, income earned in India from employment, house property, capital gains and other sources is taxable in India. Special provisions provide preferential tax rates for investment income and long-term capital gains from specified foreign exchange assets if reinvested in India. To claim relief under double taxation avoidance agreements, NRIs must obtain a tax residency certificate from their country of residence.
The document discusses the provisions for tax deducted at source (TDS) for non-salary income in India, including the types of non-salary payments that are subject to TDS, exemptions, procedures for depositing deducted taxes, and credits for taxes deducted at source. Key areas covered include interest, dividends, rent, professional fees, lottery winnings, and payments to contractors where TDS applies at prescribed rates.
TDS is required to be deducted from payments made to resident contractors or sub-contractors under section 194C of the Income Tax Act if the aggregate amount exceeds Rs. 75,000 in a financial year. TDS of 1% or 2% depending on the recipient must be deducted unless the PAN is not quoted, in which case the rate is 20%. The deducted TDS must be deposited with the government within 7 days of the end of the month in which the deduction was made.
Filing of income tax return including e filing - sanjeev patelSanjeev Patel
The document discusses various aspects of filing income tax returns in India, including:
1) Individuals, HUFs, AOPs, BOIs, and artificial juridical persons must file a return if their income exceeds the maximum amount not subject to tax.
2) Companies and firms must file returns regarding their income or loss for each previous year.
3) Returns can be filed in paper, electronically with digital signature, or electronically and later verified. E-filing provides advantages like convenience and faster processing.
This document discusses the changes to the Income Tax Return (ITR) forms for the Assessment Year 2018-19 compared to the previous year. It covers changes to the applicable ITR forms based on income type, the importance of correctly filing ITR to avoid penalties, changes in law that led to ITR form changes, and specific changes made to ITR forms 1 through 3. Key changes include additional reporting requirements for capital gains, section 50CA, and section 56(2)(x) income.
This document summarizes key aspects of the Wealth Tax Act of 1957 in India, including:
- Who is required to file wealth tax returns and by what deadline.
- The types of assets that are included in calculating net wealth and subject to the 1% wealth tax, such as residential/commercial property, jewelry, vehicles, and cash over a certain amount.
- Exceptions and exemptions to assets included in net wealth, such as one residential property or assets held in trust.
- How different types of assets are valued for wealth tax purposes, such as through capitalizing rental income for property or independent appraisals for jewelry.
The document summarizes direct tax proposals in the Indian Budget for 2016-2017, including:
- Threshold income limits and tax rates will largely remain the same, with some small increases to rebates and limits. Surcharge will be increased for higher income levels.
- New tax incentives are proposed for start-ups. Several deductions will be phased out over time, with lower percentages allowed until full removal.
- Changes also include increased TDS thresholds, taxation of dividends over Rs. 10 lakhs, and introduction of presumptive taxation schemes for professionals and businesses with income under Rs. 50-100 lakhs.
The document summarizes changes made to tax deducted at source (TDS) provisions by the Finance Act of 2020. Several existing sections related to TDS were amended and new sections for TDS on various types of payments were introduced. Key changes include amendments to TDS for dividends, interest, technical services fees, and mutual fund income. New sections introduce TDS for cash withdrawals, business trust unit income, and e-commerce participant payments. The changes are effective from financial years 2020-21 onward.
- Individuals and companies with total income exceeding the maximum taxable limit must file an income tax return by the due date, which is July 31 for most assessees and September 30/November 30 for some.
- Those holding overseas assets or accounts must also file a return even if income is below the taxable limit. Late or revised returns can be filed within 1 year with penalties for failure to file on time.
- The return must be verified digitally in most cases. It must be signed by the individual, partner, director or other authorized person depending on the entity. Strict documentation and procedures must be followed for e-filing.
Rationale behind the Act
Effective date of new Act
Applicability of the Act
Its size and nature
49 Sections
6 Rules
25 Regulations
Other related matters
This document summarizes key provisions related to tax deducted at source (TDS) under the Indian Income Tax Act, including:
1) Sections related to TDS for salary (192), interest (193), dividends (194), rent (194I), professional fees (194J), and payments to contractors (194C).
2) The document outlines thresholds and exceptions for when TDS applies. For example, no TDS is required for dividends under Rs. 2,500 or interest under Rs. 5,000.
3) It discusses how the recipient can obtain a certificate for lower TDS rates under Section 197.
The document provides an overview of External Commercial Borrowings (ECB) regulations in India. It defines ECB as bank loans, trade credits beyond 3 years, bonds/debentures without convertibility, financial leases, and borrowings from multilateral institutions, among others. The regulator is the Government of India with support from the Reserve Bank of India. Indian companies can access foreign funds through ECB, FCCBs, preference shares/FCEB, and rupee denominated bonds overseas. Eligible borrowers include entities eligible for FDI, port trusts, SEZ units, SIDBI, oil marketing companies, and microfinance organizations. Recognized lenders must be residents of FAFT or IOSCO
The document discusses provisions related to non-residents under Indian law. It defines a non-resident individual as an Indian citizen who stays abroad for employment, business, vacation or uncertain duration. It also considers persons posted in UN organizations and on foreign assignments as non-residents. Further, it discusses tax rates and exemptions applicable to different types of investment and other income earned by non-residents.
Proposed Amendment in income tax finance bill 2019Mohd.Asif Khan
The document summarizes proposed amendments to the Indian Income Tax Act of 1961 in the Finance Bill 2019. Key changes include increasing the standard tax deduction from salaries to Rs. 50,000, allowing deduction of interest on loans for two self-occupied homes instead of one, and increasing thresholds for tax deducted at source on rental income and bank interest from Rs. 180,000 to Rs. 240,000 and from Rs. 10,000 to Rs. 40,000 respectively. The income tax rebate is also increased for individuals with annual income up to Rs. 500,000.
Objectives
Introduction
What is Remittance???
Who are Non-residents???
Relevant Notifications and Circulars
Which assets can be remitted?
How are assets remitted?
Legal Compliances (In special cases)
This document discusses various aspects of section 195 of the Indian Income Tax Act, which deals with tax deducted at source (TDS) for payments made to non-residents. Some key points discussed include:
- Section 195 mandates any person making payments such as interest, royalty or fees for technical services to non-residents to deduct TDS at the time of payment.
- The rate of TDS depends on factors such as whether a lower treaty rate can be applied based on a tax residency certificate.
- Non-compliance can attract penalties for the payer such as interest, fines and in some cases prosecution.
- Exceptions apply when a lower or nil withholding certificate is obtained
Practical issues in tax deduction at source uploaded by Simpletaxindia.netPSPCL
The document discusses various practical issues related to tax deduction at source under Section 194A to 194C of the Indian Income Tax Act of 1961. It addresses key questions on whether TDS applies to interest payments, commission, rent, professional fees, and payments to contractors. It analyzes case laws to determine if discounting charges, usance interest, delayed purchase price payments, deputation of employees, and franchise agreements fall under the TDS mandate. The document provides guidance on interpreting 'work', service contracts, and what payments are exempt from TDS like warehousing charges.
Section 35AD provides a deduction for capital expenditure incurred by an assessee engaged in
specified business. This section has been amended to:
1) Extend the list of specified businesses to include certain infrastructure facilities.
2) Clarify that deduction is available for capital expenditure other than on land, goodwill, and financial
instrument.
3) Provide that deduction is available for previous year in which asset is put to use for specified
business, instead of year of acquisition.
Taxmann’s Income Tax Act covers the annotated text of the Income-tax Act, 1961, in the most authentic, amended & updated format.
The Present Publication is the 66th Edition & Updated till the following:
• The Finance Act, 2021
• The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020
The noteworthy features of the book are as follows:
• [Bestseller Series] Taxmann’s Bestseller Book for more than Five-Decades
•[Zero Error] Follows the Six Sigma Approach to achieve the Benchmark of ‘Zero Error’
• [Legislative History of Amendments], since 1961
• [Relevant provisions of all other allied laws] referred to in the Income-tax Act
• Comprehensive Table of Contents
• [Quick Navigation] Relevant Section Numbers are printed in Folios for Quick Navigation
• Annotation under each section shows:
○ Relevant Rules & Forms
○ Relevant Circulars & Notifications
○ Date of enforcement of provisions
○ Allied Laws referred to in the Section
• The contents of the book are as follows:
○ Division One – Income-tax Act, 1961
• Arrangement of Sections
• Text of the Income-tax Act, 1961 as amended by the Finance Act, 2021 and Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020
• Appendix: Text of provisions of Allied Acts/Circulars/Regulations referred to in Income-tax Act
• Subject Index
○ Division Two – Finance Act, 2021 & Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020
• Text of the Finance Act, 2021
• Text of the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020
• Notifications issued under Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020
• Also available in Taxmann’s Virtual Book Format (An e-Book Initiative for un-interrupted reading experience).
• Now Claim 10% Cashback (when you purchase Taxmann’s Income Tax Act), Redeemable at Taxmann’s Online Bookstore.
The document summarizes key proposals in the Indian Budget 2013 relating to direct and indirect taxes. For direct taxes, it outlines changes such as increased surcharge rates for foreign companies, a new tax on commodities derivatives trading, increased royalty and technical fee rates, and incentives for manufacturing investments over $20 million. It also covers proposals relating to power sector incentives, dividend distributions, and taxation of alternative investment funds. For indirect taxes, it notes customs, excise, and service tax changes.
This document discusses taxation provisions for non-resident Indians (NRIs). It defines an NRI as an individual who is a citizen of India or person of Indian origin who is not a resident as per the Income Tax Act. Residential status is important for determining the scope of income taxable and availability of tax concessions. For NRIs, income earned in India from employment, house property, capital gains and other sources is taxable in India. Special provisions provide preferential tax rates for investment income and long-term capital gains from specified foreign exchange assets if reinvested in India. To claim relief under double taxation avoidance agreements, NRIs must obtain a tax residency certificate from their country of residence.
The document discusses the provisions for tax deducted at source (TDS) for non-salary income in India, including the types of non-salary payments that are subject to TDS, exemptions, procedures for depositing deducted taxes, and credits for taxes deducted at source. Key areas covered include interest, dividends, rent, professional fees, lottery winnings, and payments to contractors where TDS applies at prescribed rates.
TDS is required to be deducted from payments made to resident contractors or sub-contractors under section 194C of the Income Tax Act if the aggregate amount exceeds Rs. 75,000 in a financial year. TDS of 1% or 2% depending on the recipient must be deducted unless the PAN is not quoted, in which case the rate is 20%. The deducted TDS must be deposited with the government within 7 days of the end of the month in which the deduction was made.
Filing of income tax return including e filing - sanjeev patelSanjeev Patel
The document discusses various aspects of filing income tax returns in India, including:
1) Individuals, HUFs, AOPs, BOIs, and artificial juridical persons must file a return if their income exceeds the maximum amount not subject to tax.
2) Companies and firms must file returns regarding their income or loss for each previous year.
3) Returns can be filed in paper, electronically with digital signature, or electronically and later verified. E-filing provides advantages like convenience and faster processing.
This document discusses the changes to the Income Tax Return (ITR) forms for the Assessment Year 2018-19 compared to the previous year. It covers changes to the applicable ITR forms based on income type, the importance of correctly filing ITR to avoid penalties, changes in law that led to ITR form changes, and specific changes made to ITR forms 1 through 3. Key changes include additional reporting requirements for capital gains, section 50CA, and section 56(2)(x) income.
This document summarizes key aspects of the Wealth Tax Act of 1957 in India, including:
- Who is required to file wealth tax returns and by what deadline.
- The types of assets that are included in calculating net wealth and subject to the 1% wealth tax, such as residential/commercial property, jewelry, vehicles, and cash over a certain amount.
- Exceptions and exemptions to assets included in net wealth, such as one residential property or assets held in trust.
- How different types of assets are valued for wealth tax purposes, such as through capitalizing rental income for property or independent appraisals for jewelry.
The document summarizes direct tax proposals in the Indian Budget for 2016-2017, including:
- Threshold income limits and tax rates will largely remain the same, with some small increases to rebates and limits. Surcharge will be increased for higher income levels.
- New tax incentives are proposed for start-ups. Several deductions will be phased out over time, with lower percentages allowed until full removal.
- Changes also include increased TDS thresholds, taxation of dividends over Rs. 10 lakhs, and introduction of presumptive taxation schemes for professionals and businesses with income under Rs. 50-100 lakhs.
The document summarizes changes made to tax deducted at source (TDS) provisions by the Finance Act of 2020. Several existing sections related to TDS were amended and new sections for TDS on various types of payments were introduced. Key changes include amendments to TDS for dividends, interest, technical services fees, and mutual fund income. New sections introduce TDS for cash withdrawals, business trust unit income, and e-commerce participant payments. The changes are effective from financial years 2020-21 onward.
The document provides an overview of key provisions under the Indian Income Tax Act. It discusses various heads of income like salary, house property, capital gains, and business income. It summarizes important points around deductions available for HRA, interest on housing loans, losses from house property rental, and capital gains from sale of art. The document also discusses key compliance requirements like TDS, advance tax payments, and income tax return filing due dates. It summarizes special provisions for new units in SEZs, additional depreciation, and deductions available for undertakings located in certain states.
The document summarizes key provisions of the Income Tax Act related to the classification and taxation of different types of income, capital gains, deductions, tax compliance requirements, and some special provisions. It discusses the heads of income including salary, house property, capital gains, business income, and income from other sources. It also outlines key points related to income from these different sources and compliance requirements such as TDS, advance tax payments, and tax return filings.
This document provides a summary of key changes to India's Income Tax laws in the Budget 2015-16. Some key points include:
- Deductions for medical insurance premiums have been increased for individuals and senior citizens. A new deduction of up to Rs. 30,000 has been introduced for medical expenditure on very senior citizens (over 80 years).
- The benefit of a deduction for additional wages has been extended to all companies rather than just corporates. The threshold has also been lowered to 50 employees.
- New rules have been introduced to facilitate taxation of Alternative Investment Funds and Real Estate Investment Trusts.
- The threshold for applicability of domestic transfer pricing has been raised to transactions exceeding Rs. 200
The document discusses India's introduction of an equalization levy through amendments to the country's Income Tax Act in 2016. The levy aims to tax digital services provided by non-resident companies that currently pay little tax relative to the profits earned in India. It introduces a 6% tax on online advertising and related digital services provided to Indian residents or companies with an Indian presence. The key aspects covered are charging of the levy, collection and recovery procedures, furnishing of statements, processing of statements, and penalty provisions for non-compliance. The levy is intended as India's implementation of OECD recommendations on taxing the digital economy and curbing base erosion and profit shifting.
The document summarizes key income tax proposals in India's Union Budget for the assessment year 2021-22. It outlines that income tax rates remain unchanged, with rates of 5%, 20%, and 30% applied to income slabs. It also introduces a new, optional tax regime with lower rates and removal of exemptions/deductions. Key benefits of the new regime include lower taxes but loss of deductions like HRA and standard deduction. The document also discusses changes to residential status rules and removal of dividend distribution tax.
The document summarizes key income tax implications in India for the financial year 2022-23 based on amendments made in the Finance Act 2022.
It outlines that income tax rates, health and education cess rates, and surcharge rates remain unchanged for FY2022-23. It introduces provisions for taxation of virtual digital assets at 30% and mandatory TDS of 1% on transfer of such assets. It also allows individuals to file an updated income tax return within 24 months of the assessment year on payment of additional tax. The document provides details of various deductions available under Chapter VI-A of the Income Tax Act.
The document summarizes the key changes made by the Central Board of Direct Taxes to Form 3CD, which is used for tax audits. There are now 6 amendments to existing clauses and 9 new clauses added. The changes require disclosure of additional information like GST registration number, details on capital asset deductions and deemed gains, transfer pricing adjustments, limitations on interest deductions from associated enterprises, and cash transactions over 200,000 rupees. Complying with the new clauses, especially those relating to impermissible tax avoidance and transfer pricing adjustments, will make the tax auditor's role more complex as it requires thorough investigation and understanding tax regulations.
This document provides an overview of input tax credit under the GST Act. It defines input tax and input tax credit, outlines the eligibility and conditions for claiming ITC, and discusses the time limit. It also covers apportionment of credit and blocked credits, availability of credit in special circumstances like new registration or exempt supplies becoming taxable. The document discusses ITC on capital goods, distribution of credit by an Input Service Distributor, and recovery of excess credit distributed. Overall it serves as a comprehensive guide to the key aspects of input tax credit under Indian GST law.
- Input tax credit (ITC) allows businesses to claim a credit for taxes paid on inputs against the GST charged on their outputs. This avoids double taxation.
- To claim ITC, businesses must be registered under GST and hold a valid tax invoice. The goods or services must have been received and taxes paid to the government. ITC can only be claimed for business purposes and not for exempt or personal supplies.
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This document provides an overview of key Indian tax rates, rules, and regulations for the assessment years 2021-22 and 2022-23. It summarizes income tax slabs and rates for individuals, HUF, firms, companies and cooperative societies. It also outlines key tax deducted at source provisions around applicable thresholds and rates for common income types like salary, interest, dividends, rent, professional fees, and payments to contractors.
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Income Tax Amendments Applicable to AY 2020-21 (FY 2019-20)
1. Some important amendments
to consider while Filing Income-
tax Return
for the
AY 2020-21 (FY 2019-20)
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INDEX
1. Rebate of income-tax in case of individuals [section 87A] .................................................. 3
2. Surcharge .................................................................................................................................3
3. Rates of income-tax in case of Domestic Company ............................................................. 3
4. Standard Deduction from Salary [section 16]........................................................................4
5. Rate of Depreciation [New Appendix I of the Income Tax Rules] ........................................4
6. TDS............................................................................................................................................5
7. Special provision for payment of tax by certain companies - Minimum Alternate Tax
(MAT) [section 115JB].................................................................................................................... 6
8. Capital gains exemption on profit on sale of property used for residence in certain
cases [section 54]........................................................................................................................... 7
9. Determination of Annual Value and deductions from Income from House Property
[section 23 and 24] ......................................................................................................................... 7
10. Electronic facility to be provided by certain persons [section 269SU]............................ 8
11. Buy Back of shares of listed company [section 115QA]................................................... 8
12. Mandatory Filing of Income Tax Return..............................................................................9
13. Prosecution - Increase in limit [section 276CC].................................................................9
14. Furnishing statement of Financial transaction - Removal of limit [section 285BA]........9
15. Penalty for furnishing inaccurate statement of specified financial transaction [section
271FAA] .........................................................................................................................................10
16. Claim of Refund .................................................................................................................. 10
17. Deduction of interest paid on loan used for purchase of electric vehicle [section
80EEB]...........................................................................................................................................10
18. Online filing of application under section 195 .................................................................10
19. Deduction for affordable housing ..................................................................................... 10
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1. Rebate of income-tax in case of individuals [section 87A]
A rebate is available to a resident individual assessee, if his total income does not exceed
INR 5,00,000. The amount of rebate shall be 100% of the income-tax payable or INR
12,500, whichever is less.
2. Surcharge
Surcharge will be levied on Income-tax in case of Individuals, HUF, Association of Persons,
Body of Individuals and Artificial Judicial Person as follows:
Nature of Income
Income
upto INR
50 Lakhs
Income
more than
INR 50
Lakhs upto
INR 1
Crore
Income
more than
INR
1 Crore
upto INR
2 Crore
Income
more than
INR 2
Crore upto
INR
5 Crore
Income
more than
INR
5 Crore
Short Term Capital Gain
u/s 111A & Long Term
Capital Gain u/s 112A
NIL 10% 15% 15% 15%
Income other than above NIL 10% 15% 25% 37%
3. Rates of income-tax in case of Domestic Company
Particulars Rate of Tax*
In case of Company whose turnover in the previous year 2017-18
does not exceed INR 400 Crore
25%
In case of Company who has opted section 115BA 25%
In case of Company who has opted section 115BAA 22%
In case of Company who has opted section 115BAB 15%
Any other Domestic Company 30%
(*Rates are exclusive of Health & Education Cess and Surcharge)
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4. Standard Deduction from Salary [section 16]
Standard Deduction from Salary from FY 2019-20 is INR 50,000 or the amount of salary
received, whichever is less.
5. Rate of Depreciation [New Appendix I of the Income Tax Rules]
As per the Notification No. 69/2019-Income Tax dated- 20th September, 2019,
amendments have been made in sub item (2) and paragraph (ii) of sub item (3) of Item III
relating to Plant and Machinery in Part A relating to Tangible Assets which are as follows:
Block of Assets Depreciation
Rate
(2) (i) Motor Cars, other than those used in a business of running
them on hire, acquired or put to use on or after the 1st day of April,
1990 except those covered under entry (ii);
(ii) Motor Cars, other than those used in a business of running
them on hire, acquired on or after the 23rd day of August, 2019 but
before the 1st day of April, 2020 & is put to use before the 1st day
of April,2020
15%
30%
(3) (ii) (a) Motor buses, motor lorries and motor taxis used in a
business of running them on hire other than those covered under
entry (b);
(b) Motor buses, motor lorries and motor taxis used in a business
of running them on hire, acquired on or after the 23rd day of
August, 2019 but before the 1st day of April, 2020 & is put to use
before the 1st day of April,2020
30%
45%
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6. TDS
a) TDS on Interest other than "Interest on securities" [section 194A]
The limit for TDS on Interest other than Interest on Securities is increased to INR 40,000
(INR 50,000 for Senior citizens) where payer is
Banking company or any bank or a banking institution
Co-operative society engaged in the business of banking
Post Offices
b) TDS on Payment in respect of LIP [section 194DA]
Any person responsible for paying to a resident any sum under a life insurance policy,
including the sum allocated by way of bonus on such policy, other than the amount not
includible in the total income under clause (10D) of section 10, shall, at the time of payment
thereof, deduct TDS at the rate of 5% on such payment (i.e. TDS on income component
and not on gross maturity value), if the amount of such payment or aggregate amount of
such payments exceeds INR 1,00,000.
(Under section 10 (10D), maturity proceeds received under a life insurance policy, other
than few policies mentioned therein, are exempt from tax.)
c) TDS on rent [section 194I]
Tax is now required to be deducted at source in case the payment of rent by certain persons
to a resident in case the rent exceeds INR 2,40,000.
d) TDS on cash withdrawals [section 194N]
Every registered banking company, cooperative society engaged in the business of banking
or post office:
- is required to deduct TDS at the rate of 2%,
- on cash withdrawal made by a person during previous year on or after 1
September 2019,
- if the aggregate cash withdrawal from all accounts with one bank exceeds INR 1
crore
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e) TDS by certain individuals or HUF [section 194M]
- Individual/ HUF whose books of accounts are not subject to tax audit as per section
44AB (a)/(b) during the immediately preceding financial year are liable to deduct TDS
under 194M.
- The same shall be applicable only if any sum is paid to a resident for carrying out any
work (including supply of labour for carrying out any work) in pursuance of a contract, by
way of commission (not being insurance commission referred to in section 194D) or
brokerage or by way of fees for professional services in a financial year exceeds INR 50
Lakhs.
- Tax is deductible at the rate of 5%, at the time of credit of such sum or at the time of
payment of such sum in cash or by issue of a cheque or draft or by any other mode,
whichever is earlier.
- Individual/HUF covered under section 194M shall be able to deposit tax deducted using
PAN and shall not be required to obtain TAN
- Individual/ HUF if required to get Books of Accounts audited, then section 194M is not
applicable to them i.e. they have to deduct TDS as per section 194C, 194H and 194J.
7. Special provision for payment of tax by certain companies - Minimum
Alternate Tax (MAT) [section 115JB]
- Income-tax rate under section 115JB(1) has been reduced from 18.5% to 15%.
- Further, a new clause has been added to 115JB(5A), as per which a person who has
exercised the option referred to under section 115BAA (Tax on income of certain
domestic companies) or section 115BAB (Tax on income of certain new domestic
manufacturing companies) would not be liable for MAT under section 115JB.
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8. Capital gains exemption on profit on sale of property used for residence
in certain cases [section 54]
- As per section 54, to claim exemption from Long Term Capital Gains on sale of
residential property, the assessee has to use the amount of capital gains for purchase or
construction of one residential house in India in accordance with the provisions of the
said section.
- Now, the assessee has the option to purchase or construct two residential houses
instead of one to claim exemption from Long Term Capital Gains on sale of residential
property, provided capital gains does not exceed INR 2 crore.
- If the assessee avails the above mentioned option during any assessment year, he shall
not be subsequently eligible to exercise the option for the same assessment year or any
other assessment year i.e. the assessee can exercise this option only once in his
lifetime.
9. Determination of Annual Value and deductions from Income from House
Property [section 23 and 24]
- Presently, an assessee is required to pay income-tax on a notional basis if he owns
more than one self-occupied house property.
- From now onwards, assessee will get exemption to two self-occupied house
properties owned by the assessee and thereby no need of paying tax on notional rent.
- However, the interest deduction is limited to INR 2 lakh for both the self-occupied
house property in aggregate.
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10. Electronic facility to be provided by certain persons [section 269SU]
- Every person carrying on business, whose total turnover or gross receipts exceeds
INR 50 crore, in immediately preceding previous year, has to provide electronic
facility for accepting payments, in addition to the facility for any other electronic mode of
payment already provided to customers by such person.
- The prescribed electronic modes are Debit Card powered by RuPay, UPI, BHIM-UPI,
UPI QR Code, BHIM-UPI QR Code.
- Penalty of INR 5,000 per day for failure to comply with above provisions.
11. Buy Back of shares of listed company [section 115QA]
- Section 115QA has been made applicable to all the companies, including listed
companies.
- The provisions of section 115QA doesn’t apply when all the below mentioned conditions
are satisfied:
The company is listed on recognized stock exchange; and
The company has buy-back its shares; and
The public announcement has been made on or before 5th
July, 2019; and
The public announcement has been made in accordance with the provisions of
Securities and Exchange Board of India (Buy-back of Securities) Regulations,
2018
- Post amendment, buy back will be taxable at Company level and exempt in hands of
shareholders in all cases
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12. Mandatory Filing of Income Tax Return
- Following persons have to mandatorily file Return of income:
A person who has deposited cash aggregating to more than INR 1 crore in one or
more current bank account
A person who has incurred foreign traveling expense aggregating to more than INR 2
Lakh for himself or any other person
A person who has incurred electricity expenditure aggregating to more than INR 1
Lakh.
- Also person, having total income before claiming deduction/exemption u/s 10(38), 10A,
10B, 10BA, 54, 54B, 54D, 54EC, 54F, 54G, 54GA and 54GB more than INR 2,50,000,
has to mandatorily file Return of income.
13. Prosecution - Increase in limit [section 276CC]
- Prosecution proceedings can be initiated against a person, not being company, for
failure to furnish in due time return of fringe benefits under sub-section (1) of section
115WD or return of income under sub-section (1) of section 139, only if outstanding tax
is more than INR 10,000
- Also, while determining outstanding tax, credit for prepaid taxes, self-assessment taxes,
advance taxes will be given
14. Furnishing statement of Financial transaction - Removal of limit [section
285BA]
- Earlier, reporting of specified financial transaction was mandatory only when the
aggregate value of transactions exceeded INR 50,000.
- The said limit has now removed, hence going forward all the specified financial
transaction needs to be reported irrespective of amount involved.
- Scope of persons who have to report such specified financial transaction has been
enhanced by including any other person as may be prescribed.
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15. Penalty for furnishing inaccurate statement of specified financial
transaction [section 271FAA]
Penalty of INR 50,000 is leviable in case of furnishing of inaccurate information by any
person as referred to in section 285BA.
16. Claim of Refund
It is now proposed that refund can be claimed only through filing return of income under
section 139 of the Act.
17. Deduction of interest paid on loan used for purchase of electric vehicle
[section 80EEB]
- Individual eligible to claim deduction for interest paid on loan utilised for purchase of
electric vehicle.
- Loan can be obtained from bank or specified NBFC or any other specified banking
institution.
- Amount of deduction not to exceed INR 1,50,000 per annum.
- No other deduction allowed for such interest expense under any other provisions of the
Act.
18. Online filing of application under section 195
Application for withholding tax certificate from tax officer would now be filed in online mode
in manner as may be prescribed.
19. Deduction for affordable housing
- Definition of affordable housing has been aligned with definition provided under GST Act.
- Additional deduction of INR 1,50,000 available for interest paid on loan to acquire
affordable house subject to fulfillment of certain conditions
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Address
601, 6th
Floor, Rajesh Rayon Bhavan,
Opp. Kakad Market, Kalbadevi Road,
Mumbai - 400002
Contact Details:
CA Priyank Shah : +91 9773568946
CA Amit Jain : +91 9773398194
CA Bharat Jain : +91 9920496581
Email ID:
office@shahjain.in