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Tag: 2020

Clause by clause analysis of changes in GST vide Finance Bill 2020

Clause by clause analysis of changes in GST vide Finance Bill 2020

  Clauses of the finance bill, 2020 Changes in the section Corresponding Act 116 Amendment of section 2 CGST Act 117 Amendment of section 10 CGST Act 118 Amendment of section 16 CGST Act 119 Amendment of section 29 CGST Act 120 Amendment of section 30 CGST Act 121 Amendment of section 31 CGST Act 122 Amendment of section 51 CGST Act 123 Amendment of section 109 CGST Act 124 Amendment of section 122 CGST Act 125 Amendment of section…

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TDS on Payment of certain sums by e-commerce operator to e-commerce participant

TDS on Payment of certain sums by e-commerce operator to e-commerce participant

As proposed in the budget 2020, in The Income-tax Act, the new section 194-O shall be inserted, namely: (1) ‘Notwithstanding anything to the contrary’ contained in any of the provisions of Part B of this Chapter, where ‘sale of goods or provision of services’ of an e-commerce participant is facilitated ‘by an e-commerce operator’ through its digital or electronic facility or platform (by whatever name called), ‘such e-commerce operator shall’, • at the time of credit of amount of sale…

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What is Taxpayer Charter?

What is Taxpayer Charter?

Union Finance Minister Nirmala Sitharaman in her Budget speech announced that CBDT will adopt a Taxpayer’s Charter. She went on to explain ‘an important aspect of both ease of living & ease of doing business is fairness & efficiency of tax administration. We wish to enshrine in the statutes an ‘Taxpayer charter’ through this budget . Our government would like to reassure taxpayers that we remain committed to taking measures so that our citizens are free from harassment of any…

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An overview of Direct Tax Proposals in Union Budget 2020

An overview of Direct Tax Proposals in Union Budget 2020

Here I am presenting the simplified and summarized version of Direct Tax Proposals in Union Budget 2020 presented by Honorable Finance Minister of India on Feb 1, 2020. This article will help you to grasp the new insertions/amendments without going into the depth of each and every section. Let’s Begin. In order to simplify the taxation structure, a new scheme “Vivaad se Vishwas Scheme” has been introduced which will reduce or simplify the litigations under which an assessee will not…

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Is the ‘new tax regime’ introduced by the Hon’ble Finance Minister beneficial?

Is the ‘new tax regime’ introduced by the Hon’ble Finance Minister beneficial?

On 1st February 2020, the Hon’ble Finance Minister (‘FM’) of India Mrs. Nirmala Sitharaman unveiled the first budget of the 3rd decade of the 21st century.  At a time when the Hon’ble FM was expected to extend benefits of lower income tax rates to individuals and mark the first steps to introducing a revamped Direct Tax Code (‘DTC’), she managed to surprise everyone by introducing Section 115BAC in the Income Tax Act, 1961 providing an optional scheme to individuals to…

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Synopsis: Union Budget 2020-2021

Synopsis: Union Budget 2020-2021

GENERAL: Finance Minister says: This Budget Theme: Aspiration, Development, Compassion National security is the top priority of the government A new and simplified GST return system coming this April 2020 Central govt’s debt has come down to 48.7% in March 2019 from 52.2% in March 2014 Government to incentivize farmers to go solar ‘TB Haarega, Desh Jeetega’ mission to be launched Swachch Bharat Abhiyan to get ₹12,300 crore Data is the new oil. A policy to be announced to enable…

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Key Highlights of Union Budget 2020

Key Highlights of Union Budget 2020

Presenting the first Union Budget of the third decade of 21st century, Finance Minister Smt. Nirmala Sitharaman, today unveiled a series of far-reaching reforms, aimed at energizing the Indian economy through a combination of short-term, medium-term, and long-term measures. The Key Highlights of Union Budget 2020-21 are as follows: Three prominent themes of the Budget •    Aspirational India – better standards of living with access to health, education and better jobs for all sections of the society •    Economic Development…

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Key Highlights of Economic Survey 2019-20

Key Highlights of Economic Survey 2019-20

The Union Minister for Finance & Corporate Affairs, Smt. Nirmala Sitharaman presented the Economic Survey 2019-20 in the Parliament today. The Key Highlights of the Economic Survey 2019-20 are as follows: Wealth Creation: The Invisible Hand Supported by the Hand of Trust India’s dominance as global economic power for three-fourths of economic history manifests by design. Kautilya’s Arthashastra postulates the role of prices in an economy (Spengler, 1971). Historically, Indian economy relied on the invisible hand of the market with…

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