Income Tax

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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Relief to Business under Corona Stress
Blog
VJM & Associates LLP

COVID 19 Lockdown| Statutory & Regulatory Relief to businesses

Entire world is fighting against epidemic COVID 19 outbreak and Hon’ble Prime Minister of India Sh. Narendra Damodardas Modi has taken much need precautionary step of complete lockdown from midnight 12’o clock of 24th March, 2020 onwards for next 21 days and again extended to 3rd May, 2020 for another 19 days. In between various regular and financial year ended statutory and regulatory compliances are approaching and considering the situation, Hon’ble Finance Minister Smt. Nirmala Sitharaman held a press conference through video conferencing and announced various important reliefs measures taken by Government of India in the area of Income Tax, GST,

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Books of Accounts
Information
CA. Kapil Mittal

Books of Accounts under different Acts| Company Law| Income Tax Act| GST law

Maintenance of books of accounts in any business is one of the most crucial things as it records each and every transaction of company and reflects financial position of the company such as whether company is making profit or incurring losses, assets held by company, liabilities of the company etc. Therefore, for every statutory compliance purpose such as Companies Act, 2013, Goods & Service Tax Act and Income Tax Act, books of accounts is a pre-requisite. In this article, we will have a look at the requirement of different laws related to the maintenance of books of accounts. 1. Books

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union budget 2020
Blog
CA. Shilpi Goyal

UNION BUDGET 2020: KEY CHANGES | INCOME TAX ACT

Hon’ble Finance Minister Nirmala Sitharaman presented union budget 2020 – 21 in parliament on 1st February 2020 around 3 prominent themes – Aspirational India, Economic Development and Caring society. Apart from allocation of funds for different sectors such as education, railway, etc. she proposed various major amendments in Income Tax Act, 1961 and few amendments in Goods and Service tax law. In this article, we will go through around all major amendments in Income Tax Act, 1961. AMENDMENTS IN INCOME TAX ACT, 1961 proposes in Budget 2020 Amendments in Income Tax Act, 1961 proposed with objective of stimulate growth, simplified

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tds certificate
Blog
CA. Kavit Vijay

APPLICATION FOR NIL/LOWER RATE OF TDS DEDUCTION CERTIFICATE FOR FY 2020-21 CAN BE MADE FROM 28th FEBRUARY 2020

According to the Income Tax Act provisions, Tax deducted at Sources (TDS) deduction is mandatory while making payments. The taxpayer who is making the payment, has to deduct the TDS and deposit it to the Income Tax Department before the assigned due date of depositing TDS. At times TDS is deducted from the total revenue/ income of the taxpayer i.e receiver whereas the taypayer’s total tax liability is computed on the profit of that financial year. It is in accordance with the prevailing Income Tax Rates/Rules, which may be less than the total amount of deducted TDS. In such cases,

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tcs on foreign remittances
Blog
CA. Kapil Mittal

TCS on Foreign remittances through Liberalised Remittance Scheme (LRS) and on Selling of Overseas Tour Packages @ 5%

Your foreign trips are going to be costlier very soon. As the finance minister Nirmala Sitharaman announced Budget 2020, TCS on Foreign Remittances through Liberalised Remittance Scheme (LRS) and on Selling of Overseas Tour Packages @ 5% has been imposed under Budget 2020 from 1st April 2020. 1. Let’s understand what foreign remittances are covered under LRS of RBI Under LRS, RBI allows individual to remit a certain amount in a financial year to outside India under automatic route for which no permission is require up to define limits. The current prescribe limit is USD 2,50,000 per financial year. Permissible

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Blog
CA. Kavit Vijay

Vivad Se Viswas: Tax Dispute Settlement Scheme | No Penalty or Interest

The Government has approved the Direct Tax Vivad Se Viswas bill for providing resolutions to multiple pending tax litigations and collecting cash before the year-end.  1. What is Vivad Se Viswas Scheme? Budget 2020 introduced a bill in the Parliament containing details of the Direct Tax Dispute Settlement Scheme- Vivad Se Viswas.  This bill proposes discounted or less payment for the dispute settlement. The condition is- only if the taxpayer makes the payment before or on 31st March 2020.  If any taxpayer wants to avail the benefit of this bill after or on April 1st, 2020, he/she has to pay

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