Knowledge Base

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.
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.
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.
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
Extension of due dates of Income Tax Return, Tax Audit and GST Annual Return
Vide press release dated 24th October, 2020, CBIC has extended the due date of filing of GST Annual return (GSTR-9/GSTR-9A) and Reconciliation Statement (GSTR-9C) for FY 2018-19 from 31st October, 2019 to 31st December, 2019.
By CA. Kavit Vijay
Last update on October 26,2020
Faceless Assessment scheme procedure under Income Tax Act
As per Faceless Assessment scheme procedure under Income Tax Act, National e-Assessment Center (NeAC) which shall act as the major managing authority and it will act as a mediator between Assessment Unit, Assessee and other parties.
By CA. Kavit Vijay
Last update on October 4,2020
TCS on sales of Goods| Section 206C(1H)| Applicable with effect from 01.10.2020
Under Section 206C, Sub-section (1H) has been inserted vide Finance Act, 2020. As per sub-section (1H), every seller of goods, who receives consideration or aggregate of consideration for sale of goods exceeding INR 50 Lacs in any year, shall collect TCS @ 0.1% of sales consideration from buyer for amount exceeding INR 50 Lacs.
By CA. Kavit Vijay
Last update on September 24,2020
Tax Avoidance Practices plugged by Department
This tax liability reduction practise, either through legitimate or illegitimate options, is known as “Tax Avoidance”, “Tax Evasion” and “Tax Planning. Although the words “Tax avoidance” and “Tax evasion” and “Tax planning” sound similar but in practical scenarios they are radically different.
By CA. Kavit Vijay
Last update on September 12,2020

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