Income Tax Archives

Income Tax

Verification of Pending ITRs AY 2015-16 to 2019-20
ITR
CA. Kavit Vijay

Verification of Pending ITRs AY 2015-16 to 2019-20

CBDT announced a one-time relaxation for the taxpayers for the verification of pending Income tax-returns for AY 2015-16 onwards. This relaxation is given for ITRs which are pending for processing and further action due to non-verification of the same by the taxpayer.

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Tax on Dividends
Dividend income
CA. Kavit Vijay

Income Tax on Dividends Income

Prior to the Finance Act, 2020, companies and mutual funds were liable to pay “Dividend Distribution Tax” on dividends declared or distributed. Therefore, Dividend income was exempted in the hands of shareholders. However, Finance Act, 2020 deleted the concept of Dividend Distribution tax and Tax on dividends income will be in the hands of shareholders for all the dividends paid or distributed by a Company on or after 1st April 2020. At par with other provisions of the Income tax Act, Finance Act, 2020 imposed liability to deduct TDS on dividend Income distributed/paid to shareholders. Hence, the Company will have

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All about Dividend Income and Dividend Distribution Tax i.e DDT
Income Tax
CA. Kavit Vijay

All about Dividend Income and Dividend Distribution Tax i.e DDT

Finance Act, 2020 has proposed to eradicate the provisions of DDT for dividend provided on or after 01.04.2020 and therefore, dividend income and income from units will be taxable in hands of recipients.
Domestic Companies and Specified Companies and Mutual Funds will not be liable to pay any DDT from 1st April 2020 onwards.

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TDS by E-Commerce
Blog
CA. Kapil Mittal

Union Budget 2020| TDS by E-commerce Operator

In Union Budget 2020 speech, Hon’ble Finance Minister Nirmala Sitharaman has proposed a new Tax deducted at source (“TDS”) provisions for e-commerce transactions. The newly proposed TDS provisions have been introduced with the goal of ‘widening and deepening’ the tax base across the country. With the introduction of this provision the e-commerce companies like Flipkart, Amazon will have to deduct an extra 1% of tax as TDS while paying the seller registered under them. While under the Goods and Services Act, the e-commerce companies were already deducting 1% TDS from the seller registered with them. 1. What is TDS? TDS

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Changes in Tax Audit Provisions
Blog
CA. Kavit Vijay

Union Budget 2020 | Increase in Threshold Limit of Tax Audit From INR 1 Crores to INR 5 Crores

Hon’ble Union Finance Minister Nirmala Sitaraman has proposed various changes in her Budget Speech 2020. Amendments in section 44AD is another significant part of the budget 2020 that requires a discussion. As the Budget 2020 releases, there is an increase in threshold limit of Tax Audit. Here in this article, we are going to talk about all the significant changes the finance minister has proposed in provisions of the tax audit. 1. Increase in threshold limit of tax audit from INR 1 crores to INR 5 crores Through Finance Act, 2020 Government has increased the threshold limit of tax audit

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