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Opinion

TDS & TCS on purchase & sale above Rs.50 Lacs

June 17, 2021
[By Shaleen Shah (Partner), VNCA] A new section 194Q for Tax Deduction at Source (TDS) on purchase of goods is inserted by Finance Act – 2021 effective from 01/07/2021. Earlier section 206C(1H) was inserted by Finance Act, 2020 and was made effective from 01/10/2020 for Tax Collection at Source (TCS) on sale of goods. Refer our earlier update – Widening

Foreign companies may be required to file Tax Returns in India

April 29, 2023
by Nexdigm Private Limited as published on mondaq.com Impact of increase in withholding tax on rates for Fees for Technical Services and Royalty As per Indian Tax laws1, payments made to Non-Residents/Foreign Companies for Fees for Technical Services (FTS) and Royalties were liable to tax at the effective tax rate of

Ever increasing disclosure requirements in ITR forms for HNIs

October 21, 2020
[By Shaleen Shah (Partner), VNCA] Every year, the additional disclosure requirements in Income Tax Return (ITR) forms, invariably keep increasing.  The increased disclosure requirement creates a huge compliance burden on taxpayers, who will require significant time to collate such information and to ensure proper reporting, besides increasing the risk of

Concessional Income Tax Rate of 22% for Domestic Companies

September 11, 2020
[Source: www.taxmann.com] Finance Minister Nirmala Sitharaman promulgated the Taxation Laws (Amendment) Ordinance, 2019 on 20 September 2019 to further reduce the corporate tax rate for companies not availing specified tax exemptions. The Ordinance was replaced by the Taxation Laws (Amendment) Act, 2019 (‘the Amendment Act’) on receiving the assent of

Covid19 relief on GST Rule restricting ITC to 10%

April 15, 2020
According to sub-rule (4) in Rule 36 of CGST Rules introduced w.e.f. 9-Oct-2019, a registered person can avail ITC in respect of the invoices, the details of which have not been uploaded by the suppliers and reflected in GSTR-2A of the registered person availing ITC, only to the extent of

What is Unregulated Deposit Scheme Ordinance, 2019?

March 2, 2019
[Source: www.taxmann.com; Editorial Team] The President of India has promulgated ‘The Banning of Unregulated Deposit Scheme Ordinance, 2019’ on February 21, 2019. The Ordinance aims to provide comprehensive and unified mechanism to ban the unregulated deposit schemes (or Ponzi schemes or Pyramid Schemes) and to protect the interest of depositors.
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