The Ministry of Corporate Affairs (MCA) has issued a notification dated 16th February, 2015 announcing the Companies (Indian Accounting Standards) Rules, 2015 for phase-wise revised roadmap for adoption and applicability of all 39 Indian Accounting Standards (Ind AS) for companies other than Banking companies, Insurance Companies and NBFCs.
On Friday, 20 th September, 2019 everyone was ready for some announcement regarding discontinuance of GSTR 9 etc from our Finance Minister Nirmala Sitharam. However, to everyone’s surprise the meeting turned out to be an announcement on change in corporate tax rate in India and the headlines were that Corporate Tax rate has been reduced to 15% for manufacturing company and 22% for non.
Availing Benefits under the DTAA What is DTAA DTAA stands for Double Taxation Avoidance Agreement. It is an agreement between two countries with an objective to avoid taxation of the same income in both countries. India has comprehensive Double Taxation Avoidance Agreements (DTAA) with 86 (as per latest reports) countries as of now.
Further, the language of section 80JJAA lead to various interpretational issues due to multiplicity of conditions, vagueness of the definition of some terms and not providing definition of other terms. Due to these various conditions, the applicability of the section was limited. Thus, the incentive was not serving its intended purpose. However.
Non-Residents: Income Tax Slabs and Rates AY 2020-21 and AY 2021-22. The Income Tax rates in India are different for different categories and status of tax payers. The Income Tax rates for Individuals, HUFs, AOP, BOI and Co-operatives are progressive in nature, where a lower tax rate is imposed on low-income earners compared to those with higher income, making it based on the taxpayer's.
Section 80JJAA Deduction. Section 80JJAA is a facility for claiming a deduction for the recruitment of new or additional employees. The section has been made available in the Income Tax Act to encourage employers to recruit fresh employees on a periodic basis. This deduction of the Income Tax Act can be claimed by all assessees for creating.
Section 80GGC of the Income Tax Act deals with any contributions made by an individual to a political party. Under Section 80GGC Individuals can avail of tax deductions that range from 50% - 100% of the contribution amount. As per the Income Tax Act, an individual can donate as much as 10% of his or her gross earning to any political organisation of his or her choice.
However, a matter of constant debate is the applicability of section 56(2)(x) (erstwhile section 56(2)(viia)) in the hands of the company undertaking buyback. Section 56(2)(x) of the Act levies tax on any person who receives any property without consideration or for inadequate consideration. The tax is levied on the difference between the consideration received and the fair market value of the.
The existing provisions contained in section 80JJAA of the Income-tax Act provide for a deduction of an amount equal to thirty per cent of additional wages paid to the new regular workmen employed in any previous year by an Indian company in its industrial undertaking engaged in manufacture or production of article or thing. The deduction is available for three assessment years including the.
Section 80JJA and 80JJAA of Income Tax Act 1961 Deduction in respect of profits and gains from business of collecting and processing of bio-degradable waste Deduction in respect of employment of new workmen are defined under section 80JJA and 80 JJAA of Income Tax Act 1961. Provisions under these Sections are.
MAT applicability; Various exemption not available under Section 115BAA; Cash flows; Let’s understand the end result of a company with a simple example. Assuming a domestic company having the turnover less than Rs. 400 crore during the financial year 2017-18 and having a total income of Rs 20 lakh during the financial year 2019-20. His tax.
Q. 80JJAA applicability in case of family partition. 28 views. Question added Apr 16 Income Tax By Chandra Baid, CA, Hyderabad. Dear Sir, A family business between two brothers (almost 25 yeas old) have split between both the brothers in 2018. They are into retail business and had 4 stores. Both the brother got 2-2 stores as their share. Assets got transferred to the younger brother in new.
It is of relevance that sec.80JJAA specifically defines the term 'regular workmen' in clause (ii) of the 10 ITA Nos.713, 714,. Now we examine the applicability of the judgment of the Hon'ble Apex Court cited by the ld. AR of the assessee. In our considered opinion, the issue in dispute in that case was entirely different and therefore, this judgment is not applicable in the present case. 25.
Taxation Laws (Amendment) Ordinance, 2019 September 22, 2019 In brief The Government promulgated the Taxation Laws (Amendment) Ordinance 20191, announcing key changes to corporate tax rates in the Income-tax Act, 1961 (Act). While existing domestic companies have been provided an option to pay tax at a concessional rate of 22%2, new domestic companies set up on or after 1 October 2019, and.
SECTION 80JJAA. What is Section 80JJAA? The Government of India, to promote employment generation activities, had introduced Section 80JJAA under Chapter VIA of Income Tax Act, 1961 which allows for deduction in respect of employment of new employees. Applicability. All assessees Corporates and Non Corporates. Quantam of. Deduction. 30% of. Additional Employee Cost. incurred in P. Y. for.
DEDUCTION UNDER CHAPTER VI-A IN RESPECT OF 'CERTAIN INCOMES' 80-IA: Deduction in respect of Profit and Gains from Industrial Undertaking or Enterprises engaged in infrastructure Development (Section 80IA) All Assessee: 80-IAB: Deduction in respect of profits and gains by an undertaking or an enterprise engaged in development of Special Economic.
Budget 2018: The rates of income-tax in the case of companies have been specified in Paragraph E of Part III of the First Schedule to the Bill. In case of domestic company, the rate of income-tax.
Income Tax Case Laws Section Wise containing decisions of Supreme Court, High Court, Tribaul, CESTAT, CEGAT, AAR, Advance Ruling Authority etc. List of sections or provisions.
Govt. proposes to defer applicability of GAAR by two years New Delhi, Feb. 28: Union Finance Minister Arun Jaitley on Saturday proposed to defer the applicability of the General Anti Avoidance.