Knowledge Base

Approval of Global Corporate Corporate Tax Rate to 15% to counter Tax Havens
G20 Finance Ministers summit was a much anticipated global event before the G20 Global Summit in October, 2021. Italy hosted the G-20 Finance Ministers’ meeting to discuss the fight against COVID-19 and how to speed up the recovery of the global economy.
By CA. Kavit Vijay
Last update on July 27,2021
Specific transactions for which an expatriate will be required to obtain PAN
PAN is an identity provided by the income tax authorities to each taxpaying individual , which is necessary for each one who is needed to file income tax return, and for people who wish to deal in the financial transaction. Expatriates wanting to work in India or to indulge in any business transaction with a company based in India would also need a PAN for such transactions.
By CA. Kavit Vijay
Last update on June 16,2021
No TDS on payment for software purchase from non-resident u/s 195
Payment made by INDIAN residents to either foreign non-resident distributor or manufacturer / supplier for further sale or use of such software through distribution agreements is not a royalty for use of copyright in the computer software. Hence are not liable to TDS under section 195 of Income tax act.
By CA. Kavit Vijay
Last update on April 19,2021
All about new Labour codes
One of the biggest impacts of the new labour law will be on the take-home salaries, which is expected to reduce, owing to the fact that the government is eyeing increasing contributions towards provident fund (PF) and other post-retirement schemes. The new laws are expected to come into play soon, which will force employers to modify their employee compensations
By CA. Sachin Jindal
Last update on April 14,2021
Clarification and explanation on Residential status of NRIs by various authorities for F.Y. 2020-21
CBDT via circular has explained following issues for FY 2020-21. How to determine residential status of NRIs. How income would be taxable in India in case of changing residential status of NRIs. How TIE Breaker rule of DTAA would play important role to avoid double taxation. In which country income would be tax for FY 2020-21 due to covid - 19.
By CA. Kapil Mittal
Last update on March 26,2021
Transfer of Pending Black Money Act Cases to Central Charge from jurisdictional Income Tax Authority
All cases which are pending under Black Money Act with jurisdictional Income Tax authority shall get transferred to respective Central Charges. However, cases pending with ADIT(Inv.)/DDIT(Inv.) shall remain in their jurisdiction only.
By CA. Kavit Vijay
Last update on March 16,2021
Amendment under Income Tax | Finance Bill, 2021-Union Budget
Following are the amendments proposals  in the Finance Bill 2021 1. TDS in case of specified senior citizen and exempt for filing ITR For the ease of compliance , the senior citizens of the country (aged 75 years or above) are proposed to exclude from filing of Income Tax Return subject to fulfilment of following […]
By CA. Kavit Vijay
Last update on February 25,2021
Changes proposed in Goods and Service Tax | Union Budget 2020-21
The Finance Minister has presented the Budget for the financial year 2020-21, on 1st of February 2021. Here are Extractions of amendments in Indirect Taxes of the Union Budget.
By CA. Kapil Mittal
Last update on February 25,2021
Equalisation levy on non-resident e-commerce operators | Mandatory to Have PAN
Vide Finance Act, 2020, Ministry of Finance amended the provisions related to Equalisation levy and has extended the scope of same to cover non-resident e-commerce operators operating in India without having any permanent establishment in India such as Zoom, netflix, ebay etc. The amendment was given effect from 1st April, 2020.
By CA. Kapil Mittal
Last update on November 6,2020
15 important changes in Income tax applicable from 2020 onwards
Hon’ble Finance Minister presented the Budget for the Year 2020-2021 on 1st February, 2020. This budget was a landmark budget so far as it introduced notable amendments providing major relief across all the sectors, ranging from individuals to the corporates. Amendments were provided for both Income Tax Act and Goods and Service Tax Act and various other important statues.
By CA. Kavit Vijay
Last update on October 26,2020



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