{"id":63,"date":"2015-05-02T12:29:53","date_gmt":"2015-05-02T06:59:53","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=63"},"modified":"2022-02-17T00:45:47","modified_gmt":"2022-02-16T19:15:47","slug":"highlights-direct-tax-proposals-of-union-budget-2015-16","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/highlights-direct-tax-proposals-of-union-budget-2015-16\/","title":{"rendered":"HIGHLIGHTS \u2013 DIRECT TAX PROPOSALS OF BUDGET 2020"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_58 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Page Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69e46b9354a1b\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #000000;color:#000000\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #000000;color:#000000\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69e46b9354a1b\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/carajput.com\/blog\/highlights-direct-tax-proposals-of-union-budget-2015-16\/#HIGHLIGHTS_%E2%80%93_DIRECT_TAX_PROPOSALS_OF_UNION_BUDGET\" title=\"HIGHLIGHTS \u2013 DIRECT TAX PROPOSALS OF UNION BUDGET\u00a0\">HIGHLIGHTS \u2013 DIRECT TAX PROPOSALS OF UNION BUDGET\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/carajput.com\/blog\/highlights-direct-tax-proposals-of-union-budget-2015-16\/#UNION_BUDGET_2020_FEATURES\" title=\"UNION BUDGET 2020 FEATURES\">UNION BUDGET 2020 FEATURES<\/a><ul class='ez-toc-list-level-2'><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/carajput.com\/blog\/highlights-direct-tax-proposals-of-union-budget-2015-16\/#INDIVIDUAL_TAX_RATES\" title=\"INDIVIDUAL TAX RATES \">INDIVIDUAL TAX RATES <\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/carajput.com\/blog\/highlights-direct-tax-proposals-of-union-budget-2015-16\/#NEW_SURCHARGE_RATES_APPLICABLE_FOR_THE_FINANCIAL_YEAR_2020-21\" title=\"NEW SURCHARGE RATES APPLICABLE FOR THE FINANCIAL YEAR 2020-21\">NEW SURCHARGE RATES APPLICABLE FOR THE FINANCIAL YEAR 2020-21<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/carajput.com\/blog\/highlights-direct-tax-proposals-of-union-budget-2015-16\/#Limit_for_tax_audit\" title=\"Limit for tax audit\">Limit for tax audit<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/carajput.com\/blog\/highlights-direct-tax-proposals-of-union-budget-2015-16\/#Intellectual_Property\" title=\"Intellectual Property\">Intellectual Property<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/carajput.com\/blog\/highlights-direct-tax-proposals-of-union-budget-2015-16\/#Rates_for_Real_Estate_Circle_and_Stamp_Duty_Variation\" title=\"Rates for Real Estate Circle and Stamp Duty Variation\">Rates for Real Estate Circle and Stamp Duty Variation<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/carajput.com\/blog\/highlights-direct-tax-proposals-of-union-budget-2015-16\/#TDS_DEDUCTION_BY_E-COMMERCE_OPERATORS_FOR_SALES_AND_SERVICES_THEIR_WEBSITE\" title=\"TDS DEDUCTION BY E-COMMERCE OPERATORS FOR SALES AND SERVICES THEIR WEBSITE.\">TDS DEDUCTION BY E-COMMERCE OPERATORS FOR SALES AND SERVICES THEIR WEBSITE.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/carajput.com\/blog\/highlights-direct-tax-proposals-of-union-budget-2015-16\/#Cooperative_Societies\" title=\"Cooperative Societies\">Cooperative Societies<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/carajput.com\/blog\/highlights-direct-tax-proposals-of-union-budget-2015-16\/#Abu_Dhabi_Investment_Authority_and_Sovereign_Wealth_Fund_Certain_Income_Exemption\" title=\"Abu Dhabi Investment Authority and Sovereign Wealth Fund Certain Income Exemption\">Abu Dhabi Investment Authority and Sovereign Wealth Fund Certain Income Exemption<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/carajput.com\/blog\/highlights-direct-tax-proposals-of-union-budget-2015-16\/#Electricity_generation_companies_under_the_concept_of_manufacturing\" title=\"Electricity generation companies under the concept of manufacturing\">Electricity generation companies under the concept of manufacturing<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/carajput.com\/blog\/highlights-direct-tax-proposals-of-union-budget-2015-16\/#DEPOSIT_INSURANCE_LIMIT_INCREASED_TO_RS_5_LAKH\" title=\"DEPOSIT INSURANCE LIMIT INCREASED TO RS. 5 LAKH\">DEPOSIT INSURANCE LIMIT INCREASED TO RS. 5 LAKH<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/carajput.com\/blog\/highlights-direct-tax-proposals-of-union-budget-2015-16\/#Non-residents_Definition_changes_taxability\" title=\"Non-residents Definition changes &amp; taxability\">Non-residents Definition changes &amp; taxability<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/carajput.com\/blog\/highlights-direct-tax-proposals-of-union-budget-2015-16\/#Taxability_of_non-tax_residents_anywhere_in_the_world\" title=\"Taxability of non-tax residents anywhere in the world\">Taxability of non-tax residents anywhere in the world<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/carajput.com\/blog\/highlights-direct-tax-proposals-of-union-budget-2015-16\/#Exemption_from_the_filing_of_an_income_tax_return_to_non-residents\" title=\"Exemption from the filing of an income tax return to non-residents\">Exemption from the filing of an income tax return to non-residents<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/carajput.com\/blog\/highlights-direct-tax-proposals-of-union-budget-2015-16\/#ETF_for_G-Sec_investment_for_the_retail_investor\" title=\"ETF for G-Sec investment for the retail investor\">ETF for G-Sec investment for the retail investor<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/carajput.com\/blog\/highlights-direct-tax-proposals-of-union-budget-2015-16\/#AMENDMENT_PROPOSED_FOR_CORPORATE\" title=\"AMENDMENT PROPOSED FOR CORPORATE \">AMENDMENT PROPOSED FOR CORPORATE <\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/carajput.com\/blog\/highlights-direct-tax-proposals-of-union-budget-2015-16\/#Dividend_Distribution_Tax\" title=\"Dividend Distribution Tax\">Dividend Distribution Tax<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/carajput.com\/blog\/highlights-direct-tax-proposals-of-union-budget-2015-16\/#Decriminalization_of_the_Rules_on_Corporations\" title=\"Decriminalization of the Rules on Corporations\">Decriminalization of the Rules on Corporations<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/carajput.com\/blog\/highlights-direct-tax-proposals-of-union-budget-2015-16\/#CELL_INVESTMENT_CLEARANCE\" title=\"CELL INVESTMENT CLEARANCE\">CELL INVESTMENT CLEARANCE<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-21\" href=\"https:\/\/carajput.com\/blog\/highlights-direct-tax-proposals-of-union-budget-2015-16\/#ESOP_ITS_TAXABILITY\" title=\"ESOP &amp; ITS TAXABILITY\">ESOP &amp; ITS TAXABILITY<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-22\" href=\"https:\/\/carajput.com\/blog\/highlights-direct-tax-proposals-of-union-budget-2015-16\/#FEW_OTHER_CHANGES_ARE_HEREUNDER\" title=\"FEW OTHER CHANGES ARE HEREUNDER: \">FEW OTHER CHANGES ARE HEREUNDER: <\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-23\" href=\"https:\/\/carajput.com\/blog\/highlights-direct-tax-proposals-of-union-budget-2015-16\/#TDS_Rates_%E2%80%93_Financial_Year_2020-21_ie_Assessment_Year_2021-22\" title=\"TDS Rates &#8211; Financial Year 2020-21 \u00a0i.e. Assessment Year 2021-22\">TDS Rates &#8211; Financial Year 2020-21 \u00a0i.e. Assessment Year 2021-22<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-24\" href=\"https:\/\/carajput.com\/blog\/highlights-direct-tax-proposals-of-union-budget-2015-16\/#New_Deadline_Dates_for_Return_filing_and_TDS_Payment\" title=\"New Deadline Dates for Return filing and TDS Payment :\">New Deadline Dates for Return filing and TDS Payment :<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-25\" href=\"https:\/\/carajput.com\/blog\/highlights-direct-tax-proposals-of-union-budget-2015-16\/#Basic_characteristics_of_our_Foreign_Tax_Consultant\" title=\"Basic characteristics of our Foreign Tax Consultant:\">Basic characteristics of our Foreign Tax Consultant:<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"HIGHLIGHTS_%E2%80%93_DIRECT_TAX_PROPOSALS_OF_UNION_BUDGET\"><\/span><span style=\"color: #3366ff;\"><strong>HIGHLIGHTS \u2013 DIRECT TAX PROPOSALS OF UNION BUDGET\u00a0<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-9110\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/05\/6.png\" alt=\"www.carajput.com; Budget\" width=\"971\" height=\"675\" \/><\/p>\n<h1><span class=\"ez-toc-section\" id=\"UNION_BUDGET_2020_FEATURES\"><\/span><span style=\"color: #000080;\"><strong><u>UNION BUDGET 2020 FEATURES<\/u><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p>The review of the budget is divided into two main categories: (a) Direct Tax (b) Indirect Tax, with a significant emphasis on the proposed change to the Direct Tax.<\/p>\n<p>The budget was very strong on the expectations of individual taxpayers, as the hopes for tax relief were very high. The key themes of this budget were the aspiration of India, economic growth, and the creation of a caring community.<\/p>\n<p>The budget statement was the largest speech recorded by any finance minister, but N. Sitharaman still failed to energise the stock market as the market responded negatively.<\/p>\n<p>In this report, the Government&#8217;s Direct Tax Plan, which is divided into different categories, will be discussed as follows:<\/p>\n<ul>\n<li>Individual taxpayers<\/li>\n<li>Corporate<\/li>\n<li>NRIs<\/li>\n<li>Foreign<\/li>\n<li>Others<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"INDIVIDUAL_TAX_RATES\"><\/span><span style=\"color: #000080;\"><strong><u>INDIVIDUAL TAX RATES <\/u><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The budget provided taxpayers a new choice to apply for a lower slab rate if they forgave any deductions or exemptions available under the Income Tax Act, 1961. The updated tariffs are as follows:<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-18094\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/05\/Highlights-of-Budget-2020-750x410....png\" alt=\"Highlights of Budget-2020\" width=\"821\" height=\"396\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/05\/Highlights-of-Budget-2020-750x410....png 746w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/05\/Highlights-of-Budget-2020-750x410...-300x145.png 300w\" sizes=\"(max-width: 821px) 100vw, 821px\" \/><\/p>\n<table width=\"565\">\n<tbody>\n<tr>\n<td width=\"46\"><strong>S.No<\/strong><\/td>\n<td width=\"122\"><strong>Income (Lakh)<\/strong><\/td>\n<td width=\"142\"><strong>Old Slab rate (%)<\/strong><\/td>\n<td width=\"113\"><strong>Income<\/strong><\/td>\n<td width=\"142\"><strong>New Slab rate (%)<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"46\">1<\/td>\n<td width=\"122\">2.50L-5.0L<\/td>\n<td width=\"142\">5<\/td>\n<td width=\"113\"><strong>2.50-5.0L<\/strong><\/td>\n<td width=\"142\">5<\/td>\n<\/tr>\n<tr>\n<td width=\"46\">2<\/td>\n<td width=\"122\">5.0-10L<\/td>\n<td width=\"142\">20<\/td>\n<td width=\"113\"><strong>5.0-7.5L<\/strong><\/td>\n<td width=\"142\">10<\/td>\n<\/tr>\n<tr>\n<td width=\"46\">3<\/td>\n<td width=\"122\">10L &amp; Above<\/td>\n<td width=\"142\">30<\/td>\n<td width=\"113\"><strong>7.5-10L<\/strong><\/td>\n<td width=\"142\">15<\/td>\n<\/tr>\n<tr>\n<td width=\"46\">4<\/td>\n<td width=\"122\"><\/td>\n<td width=\"142\"><\/td>\n<td width=\"113\"><strong>10-12.5L<\/strong><\/td>\n<td width=\"142\">20<\/td>\n<\/tr>\n<tr>\n<td width=\"46\">5<\/td>\n<td width=\"122\"><\/td>\n<td width=\"142\"><\/td>\n<td width=\"113\"><strong>12.5-15L<\/strong><\/td>\n<td width=\"142\">25<\/td>\n<\/tr>\n<tr>\n<td width=\"46\">6<\/td>\n<td width=\"122\"><\/td>\n<td width=\"142\"><\/td>\n<td width=\"113\"><strong>Above 15L<\/strong><\/td>\n<td width=\"142\">30<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>The Finance Bill gives taxpayers the opportunity to exercise the different choice of using new rates or staying under the old regime.<\/p>\n<p>Main change is that although the exemptions under section 10 of the Income Tax Act 1961 extend to new rates, the housing interest rate and principal deduction under section 24B and the deductions available under chapter VI-A cannot be used. As a result, no such benefit will be accessible under the proposed format.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"NEW_SURCHARGE_RATES_APPLICABLE_FOR_THE_FINANCIAL_YEAR_2020-21\"><\/span><span style=\"color: #000080;\"><strong><u>NEW SURCHARGE RATES APPLICABLE FOR THE FINANCIAL YEAR 2020-21<\/u><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"height: 370px;\" width=\"796\">\n<tbody>\n<tr>\n<td width=\"54\">S.No<\/td>\n<td width=\"262\">Assesse Type<\/td>\n<td width=\"163\">Net Income up to<\/td>\n<td width=\"132\">Surcharge Rate (%)<\/td>\n<\/tr>\n<tr>\n<td width=\"54\"><strong>1<\/strong><\/td>\n<td width=\"262\">Individual\/HUF\/AOP\/BOI<\/td>\n<td width=\"163\">Exceeds 50L upto 1Cr<\/td>\n<td width=\"132\">10<\/td>\n<\/tr>\n<tr>\n<td width=\"54\"><strong>2<\/strong><\/td>\n<td width=\"262\">An Individual\/HUF\/AOP\/BOI<\/td>\n<td width=\"163\">From 1 Cr to 2 Cr<\/td>\n<td width=\"132\">15<\/td>\n<\/tr>\n<tr>\n<td width=\"54\"><strong>3<\/strong><\/td>\n<td width=\"262\">Individual\/HUF\/AOP\/BOI<\/td>\n<td width=\"163\">From 2 Cr to 5 Cr<\/td>\n<td width=\"132\">25<\/td>\n<\/tr>\n<tr>\n<td width=\"54\"><strong>4<\/strong><\/td>\n<td width=\"262\">An Individual\/HUF\/AOP\/BOI<\/td>\n<td width=\"163\">Beyond 5 Cr<\/td>\n<td width=\"132\">37<\/td>\n<\/tr>\n<tr>\n<td width=\"54\"><strong>5<\/strong><\/td>\n<td width=\"262\">Domestic Company<\/td>\n<td width=\"163\">1 to 10Cr<\/td>\n<td width=\"132\">7<\/td>\n<\/tr>\n<tr>\n<td width=\"54\"><strong>6<\/strong><\/td>\n<td width=\"262\">The Domestic Company<\/td>\n<td width=\"163\">Exceeds 10Cr<\/td>\n<td width=\"132\">12<\/td>\n<\/tr>\n<tr>\n<td width=\"54\"><strong>7<\/strong><\/td>\n<td width=\"262\">Firm\/LLP\/Cooperative Society\/Local authority<\/td>\n<td width=\"163\">Exceeds 1Cr<\/td>\n<td width=\"132\">12<\/td>\n<\/tr>\n<tr>\n<td width=\"54\"><strong>8<\/strong><\/td>\n<td width=\"262\">Foreign Company<\/td>\n<td width=\"163\">1 to 10 Cr<\/td>\n<td width=\"132\">2<\/td>\n<\/tr>\n<tr>\n<td width=\"54\"><strong>9<\/strong><\/td>\n<td width=\"262\">The Foreign Company<\/td>\n<td width=\"163\">Exceeds 10Cr<\/td>\n<td width=\"132\">5<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2><span class=\"ez-toc-section\" id=\"Limit_for_tax_audit\"><\/span><span style=\"color: #000080;\"><strong><u>Limit for tax audit<\/u><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>Tax audit In compliance with section 44AB, the threshold is now increased to Rs. 5 Cr in order to promote small medium-sized enterprises that were needed to carry out such audits.<\/li>\n<li>The tax audit limit has been raised from Rs 1 crore to Rs 5 crore given that the turnover\/gross receipts in cash did not exceed 5 percent in the previous year.<\/li>\n<li>In addition, the payment made in P.Y. in cash does not exceed 5%. For such taxpayers, the time limit for the tax audit has been extended from 30 September to 31 October.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Intellectual_Property\"><\/span><span style=\"color: #000080;\"><strong><u>Intellectual Property<\/u><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>It is recommended that a digital network be set up to promote the smooth implementation and security of intellectual property rights.<\/li>\n<li>In comparison, it is suggested that the Center of the Institute of Excellence should be developed to work on the complexities and creativity of intellectual property.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Rates_for_Real_Estate_Circle_and_Stamp_Duty_Variation\"><\/span><span style=\"color: #000080;\"><strong><u>Rates for Real Estate Circle and Stamp Duty Variation<\/u><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>The Bill aims to expand the exemption by allowing for a difference of 10% between the real consideration and the circle rate as opposed to the existing 5% rate.<\/li>\n<li>This is a significant relief for the seller of the property for the measurement of profit and profit on the selling of immovable property.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"TDS_DEDUCTION_BY_E-COMMERCE_OPERATORS_FOR_SALES_AND_SERVICES_THEIR_WEBSITE\"><\/span><span style=\"color: #000080;\"><strong><u>TDS DEDUCTION BY E-COMMERCE OPERATORS FOR SALES AND SERVICES THEIR WEBSITE.<\/u><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>New section 194-O is intended to be introduced whereby &#8216;e-commerce operators&#8217; would be allowed to deduct tax at a source of 1% of the gross sum of sales and services promoted or delivered via their digital or electronic platforms.<\/p>\n<p>The person or HUF e-commerce participant with less than 5 lakhs of sales and his PAN shall not be liable.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Cooperative_Societies\"><\/span><span style=\"color: #000080;\"><strong><u>Cooperative Societies<\/u><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Cooperative Societies by new section 115BAD will be taxed at a tax concessions tax rate of 22 percent without exemptions compared to the current 30 percent.<\/p>\n<p>The taxability of the dividend in the hands of the beneficiary is increased to Rs. 5000 of Rs. 2500 Taxpayer\u2019s Charter in the Act.<\/p>\n<p>New section 119A of the Act under which the Board shall declare a Taxpayer\u2019s Charter and give such orders, directives, instructions or guidance to other revenue-tax authorities as it may find necessary for the administration of the Charter.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Abu_Dhabi_Investment_Authority_and_Sovereign_Wealth_Fund_Certain_Income_Exemption\"><\/span><span style=\"color: #000080;\"><strong><u>Abu Dhabi Investment Authority and Sovereign Wealth Fund Certain Income Exemption<\/u><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Section 10 of the Income Tax shall provide for the exemption of any income in the form of a dividend, interest or long-term capital gain arising from an investment made in India before 31.03.2024 and retained for a period of three years in respect of equity and debt investment, and such investment will be made in respect of any prescribed sector.<\/p>\n<p>The privileges provided to the assessee, with income and earnings from the business of establishing and building affordable homes subject to circumstances, can be deducted at a rate equal to 100% of the profits and earnings from that business.<\/p>\n<p>The requirements are that such business must be licensed by the competent authority during the period from 1 June 2016 to 31 March 2021. Enhancing the benefits of these kinds of projects to one more year pursuant to Section 80-IBA of the Act.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Electricity_generation_companies_under_the_concept_of_manufacturing\"><\/span><span style=\"color: #000080;\"><strong><u>Electricity generation companies under the concept of manufacturing<\/u><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>New Amendment of Section 115BAB to incorporate the generation of electricity as production as current domestic manufacturing companies formed on or after 1 October 2019 and which start production or production on or before 31 March 2023 and which do not gain from any concessional deductions or incentives may pay tax at a rate of 15%. The same section will now also provide a gain of adding the &#8220;electricity generation business&#8221; as described in the concept of output.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"DEPOSIT_INSURANCE_LIMIT_INCREASED_TO_RS_5_LAKH\"><\/span><span style=\"color: #000080;\"><strong><u>DEPOSIT INSURANCE LIMIT INCREASED TO RS. 5 LAKH<\/u><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>The other major announcement made was with respect to bank deposit insurance, which would be raised to Rs. 5 Lakhs from Rs. 1 lakhs, which was founded in May 1993.<\/li>\n<li>Cap will be raised by the Deposit Insurance and Credit Guarantee Company. This is a major relief for depositors in the recent case of Punjab and Maharashtra Cooperative Bank&#8217;s inability to pay and eventual RBI action on depositor and other issues.<\/li>\n<li>In the case of banks, the rise will mean further premium charges to insurance co. Hopefully, this would bring more relief to the depositor, however, the real problem is the Financial Resolution and Deposit Insurance Bill, 2017 the real devil for the depositor.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Non-residents_Definition_changes_taxability\"><\/span><span style=\"color: #000080;\"><strong><u>Non-residents Definition changes &amp; taxability<\/u><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>The third big reform is the concept of non-resident and the status of taxability if you are not taxed anywhere around the world.<\/li>\n<li>Now the non-resident is a person who has remained outside India for a period of not 182 days but 246 days. Thus a person has to stay a little later to claim the status of a non-resident otherwise as a resident and is liable to be taxed on both Indian and non-Indian income.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Taxability_of_non-tax_residents_anywhere_in_the_world\"><\/span><span style=\"color: #000080;\"><strong><u>Taxability of non-tax residents anywhere in the world<\/u><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>Further to the above, if a person is a citizen of India and is not liable for tax in any foreign country on the grounds of residency, that person would be a resident of INDIA and would be liable for tax on his or her global income in India.<\/li>\n<li>Hence the government widens the coverage of residents and targets Indian people who live or make arrangements where they do not pay tax elsewhere they will be liable to pay tax in India.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Exemption_from_the_filing_of_an_income_tax_return_to_non-residents\"><\/span><span style=\"color: #000080;\"><strong><u>Exemption from the filing of an income tax return to non-residents<\/u><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>Exemptions for non-residents from the completion of the <a href=\"https:\/\/www.caindelhiindia.com\/blog\/file-your-income-tax-return-itr\/\">Income Tax Return<\/a> under 139(1) by revising Section 115A, which now states that if the overall non-resident income contains royalties or fees for technical services (FTS) then they are not required to file the return.<\/li>\n<li>Existing provisions allow for relief only in the event of an interest or dividend income and TDS has been charged on that income.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"ETF_for_G-Sec_investment_for_the_retail_investor\"><\/span><span style=\"color: #000080;\"><strong><u>ETF for G-Sec investment for the retail investor<\/u><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>Retail investors now have a new investment door through the G-Securities ETF following the success of the Bharat Bond ETF, which expanded the scope for any further issues.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"AMENDMENT_PROPOSED_FOR_CORPORATE\"><\/span><span style=\"color: #000080;\"><strong><u>AMENDMENT PROPOSED FOR CORPORATE <\/u><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Dividend_Distribution_Tax\"><\/span><span style=\"color: #000080;\"><strong><u>Dividend Distribution Tax<\/u><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Currently, dividends paid by a corporation are subject to the DDT at an effective rate of 20.56%. Such Dividend Distribution Tax is applied to the company&#8217;s post-tax revenue, i.e. after the company has already suffered corporate tax on its profits.<\/li>\n<li>Although Dividend Distribution Tax is a tax liability of the distributing business i.e. it is not in the essence of the source tax deduction), such Dividend Distribution Tax is not available as a credit to the shareholder.<\/li>\n<li>The dividend so earned from the distribution company is excluded from tax on the part of the shareholders Excluding a few having a dividend income of Rs. 10L.<\/li>\n<li>DDT has been discontinued. Instead, the recipients of the dividend will have to pay tax at their applicable rate. The dividend Distribution Tax has been abolished. Instead, the recipients of the dividend will have to pay tax at the respective applicable Tax Rate.<\/li>\n<li>Currently the same would be being eliminated for companies and will be taxed after 31.03.2020 in the hands of the Shareholder but still the responsibility is to deduct TDS is on the Company, again making the compliance burden.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Decriminalization_of_the_Rules_on_Corporations\"><\/span><span style=\"color: #000080;\"><strong><u>Decriminalization of the Rules on Corporations<\/u><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>It is recommended that the Government expand its attempts to eliminate criminal liability under the Companies Act, 2013. The activities would be in line with the priorities of the Ease of Doing Business.<\/li>\n<li>Measures are already being taken with more new steps in the new FY that would pave the way for such decriminalisation of the provisions of the Companies Act, in particular those relating to directors and non-commissioned officers.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"CELL_INVESTMENT_CLEARANCE\"><\/span><span style=\"color: #000080;\"><strong><u>CELL INVESTMENT CLEARANCE<\/u><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>A proposal has been made to set up an Investment Clearance Cell through a portal that will provide &#8220;end to end&#8221; facilitation and support, including pre-investment guidance, information on land banks and facilitate clearance at central and state level.<\/li>\n<li>This initiative is in line with ongoing government efforts to make \u201cease of doing business\u201d in India.. This is to help the entrepreneur with the clearance and knowledge available in a free and hassle-free way.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"ESOP_ITS_TAXABILITY\"><\/span><span style=\"color: #000080;\"><strong><u>ESOP &amp; ITS TAXABILITY<\/u><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Start-ups and companies depend on ESOP to attract and retain talent, but the same ESOP is now becoming a source of a burden as tax provisions are complicated.<\/li>\n<li>But the Bill has made life easier as ESOPs are taxed earlier than 5 years or leave the Business or sell shares.<\/li>\n<li>Under the Section 80-IAC of the I Tax Act relating to special arrangements in respect of the prescribed business.<\/li>\n<li>It provides for the deduction of a sum equal to 100 percent of the income and benefits obtained from a qualified company by an eligible start-up for three consecutive assessment years out of 10 years at the option of the assessor and the gross turnover of its business does not exceed INR 100 Crore.<\/li>\n<li>The turnover cap for start-ups is then raised to INR 100 Crore from 25 Cr and also to 10 years.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"FEW_OTHER_CHANGES_ARE_HEREUNDER\"><\/span><span style=\"color: #000080;\"><strong><u>FEW OTHER CHANGES ARE HEREUNDER: <\/u><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>The Government has introduced a new income regulatory structure Section 115BAC, which entails a major improvement in the rate of tax levies.<\/li>\n<li>Taxpayers have been given a choice whether they want to pay taxes under the new scheme or whether they want to continue paying taxes under the old scheme.<\/li>\n<li>But a few taxpayers might not be able to go back to the old tax slab once they chose to adopt the latest one.<\/li>\n<li>Through Section 194J-Technical Services Fees, TDS was decreased from 10% to 2%.<\/li>\n<li>Section 80EEA, the incremental deduction of Rs.1.5 lakh for interest paid on home loans will also be given for loans approved prior 31 March 2021.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"TDS_Rates_%E2%80%93_Financial_Year_2020-21_ie_Assessment_Year_2021-22\"><\/span><span style=\"color: #000080;\"><strong><u>TDS Rates &#8211; Financial Year 2020-21 \u00a0i.e. Assessment Year 2021-22<\/u><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<table width=\"640\">\n<tbody>\n<tr>\n<td width=\"72\"><span style=\"color: #000080;\"><strong>Section<\/strong><\/span><\/td>\n<td width=\"240\"><span style=\"color: #000080;\"><strong>Particulars<\/strong><\/span><\/td>\n<td width=\"93\"><span style=\"color: #000080;\"><strong>Domestic Company (in %)<\/strong><\/span><\/td>\n<td width=\"78\"><span style=\"color: #000080;\"><strong>Other than domestic Company (in %)<\/strong><\/span><\/td>\n<td width=\"78\"><span style=\"color: #000080;\"><strong>TDS Rate Individual\/ HUF (Indian Resident)(in %)<\/strong><\/span><\/td>\n<td width=\"78\"><span style=\"color: #000080;\"><strong>TDS Rate for (NRI) in India (in %)<\/strong><\/span><\/td>\n<\/tr>\n<tr>\n<td width=\"72\"><strong>194H<\/strong><\/td>\n<td width=\"240\">Commission or brokerage<\/p>\n<p><strong>(Monetary Limit \u2013 Rs 15,000)<\/strong><\/td>\n<td width=\"93\">5<\/td>\n<td width=\"78\">\u2013<\/td>\n<td width=\"78\">5<\/td>\n<td width=\"78\">\u2013<\/td>\n<\/tr>\n<tr>\n<td width=\"72\"><strong>194-I<\/strong><\/td>\n<td width=\"240\">Rent<\/p>\n<p><strong>(Monetary\u00a0 Limit\u00a0\u00a0 \u2013\u00a0 Rs\u00a0 2,40,000)<\/strong><\/td>\n<td width=\"93\"><\/td>\n<td width=\"78\"><\/td>\n<td width=\"78\"><\/td>\n<td width=\"78\"><\/td>\n<\/tr>\n<tr>\n<td width=\"72\"><strong>\u00a0<\/strong><\/td>\n<td width=\"240\">a. Plant &amp;\u00a0 Machinery<\/td>\n<td width=\"93\">2<\/td>\n<td width=\"78\">\u2013<\/td>\n<td width=\"78\">2<\/td>\n<td width=\"78\">\u2013<\/td>\n<\/tr>\n<tr>\n<td width=\"72\"><strong>\u00a0<\/strong><\/td>\n<td width=\"240\">b. Land or\u00a0 building or\u00a0 furniture or fitting<\/td>\n<td width=\"93\">10<\/td>\n<td width=\"78\">\u2013<\/td>\n<td width=\"78\">10<\/td>\n<td width=\"78\">\u2013<\/td>\n<\/tr>\n<tr>\n<td width=\"72\"><strong>194-IA<\/strong><\/td>\n<td width=\"240\">Payment on transfer of certain\u00a0<strong>immovable\u00a0property<\/strong>\u00a0other than\u00a0agricultural\u00a0 land\u00a0<strong>(Monetary\u00a0 Limit\u00a0 \u2013Consideration exceeding Rs 50,00,000)<\/strong><\/td>\n<td width=\"93\">1<\/td>\n<td width=\"78\">\u2013<\/td>\n<td width=\"78\">1<\/td>\n<td width=\"78\">\u2013<\/td>\n<\/tr>\n<tr>\n<td width=\"72\"><strong>194-IB<\/strong><\/td>\n<td width=\"240\">A Payment of rent by an individual\u00a0\u00a0 or\u00a0 HUF not liable to tax audit<\/p>\n<p><strong>(Monetary Limit \u2013\u00a0Rent for the month or part of the month exceeds Rs\u00a0 50,000)<\/strong><\/td>\n<td width=\"93\"><strong>\u2013<\/strong><\/td>\n<td width=\"78\"><strong>\u2013<\/strong><\/td>\n<td width=\"78\"><strong>5<\/strong><\/td>\n<td width=\"78\"><strong>\u2013<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"72\"><strong>194K<\/strong><\/td>\n<td width=\"240\"><strong>Payment of any\u00a0<\/strong>income in\u00a0 respect of:<\/p>\n<p>a) Units of a\u00a0 Mutual Fund as\u00a0 per\u00a0 Section\u00a0 10(23D)<\/p>\n<p>b)The Units from\u00a0 \u00a0 the administrator<\/p>\n<p>c) Units from<br \/>\nthe specified company<\/td>\n<td width=\"93\"><strong>10<\/strong><\/p>\n<p><strong>(w.e.f. 01.04.\u00a02020)<\/strong><\/td>\n<td width=\"78\"><strong>\u2013<\/strong><\/td>\n<td width=\"78\"><strong>10<\/strong><\/p>\n<p><strong>(w.e.f. 01.04.2020)<\/strong><\/td>\n<td width=\"78\"><strong>\u2013<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"72\"><strong>194M<\/strong><\/td>\n<td width=\"240\">Payment of commission\u00a0 (not being insurance commission),\u00a0 brokerage,\u00a0 contractual fee, the professional fee to a resident person by an Individual or a HUF who are not liable to deduct TDS under section 194C, 194H, or 194J.<\/td>\n<td width=\"93\">5<\/td>\n<td width=\"78\">\u2013<\/td>\n<td width=\"78\">5<\/td>\n<td width=\"78\">\u2013<\/td>\n<\/tr>\n<tr>\n<td width=\"72\"><strong>194N<\/strong><\/td>\n<td width=\"240\">Cash withdrawal in\u00a0<strong>excess of Rs. 1 crore\u00a0<\/strong>during the previous year from\u00a0<strong>one or more\u00a0<\/strong>account maintained by a person with a banking company, co-operative society engaged in the business of banking or a post office<\/td>\n<td width=\"93\">2<\/td>\n<td width=\"78\">\u2013<\/td>\n<td width=\"78\">2<\/td>\n<td width=\"78\">\u2013<\/td>\n<\/tr>\n<tr>\n<td width=\"72\"><strong>194-O<\/strong><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/td>\n<td width=\"240\">Applicable for E-Commerce operator for sale of goods or provision of service facilitated by it through its digital or electronic facility or platform.<\/td>\n<td width=\"93\">1<\/p>\n<p><strong>(w.e.f.\u00a0 01.04.2020)<\/strong><\/p>\n<p>&nbsp;<\/td>\n<td width=\"78\">\u2013<\/td>\n<td width=\"78\">1<\/p>\n<p><strong>(w.e.f. 01.04.2020)<\/strong><\/td>\n<td width=\"78\">\u2013<\/td>\n<\/tr>\n<tr>\n<td width=\"72\"><strong>195<\/strong><\/td>\n<td width=\"240\">Payment of any other sum to a Non-\u00adresident<\/td>\n<td width=\"93\"><\/td>\n<td width=\"78\"><\/td>\n<td width=\"78\"><\/td>\n<td width=\"78\"><\/td>\n<\/tr>\n<tr>\n<td width=\"72\"><\/td>\n<td width=\"240\">a)Any other income<\/td>\n<td width=\"93\">\u2013<\/td>\n<td width=\"78\">41.60<\/td>\n<td width=\"78\">\u2013<\/td>\n<td width=\"78\">31.20<\/td>\n<\/tr>\n<tr>\n<td width=\"72\"><\/td>\n<td width=\"240\">b)Income by way of fees for technical services<\/td>\n<td width=\"93\">\u2013<\/td>\n<td width=\"78\">\u2013<\/td>\n<td width=\"78\">\u2013<\/td>\n<td width=\"78\">10.40<\/td>\n<\/tr>\n<tr>\n<td width=\"72\"><\/td>\n<td width=\"240\">c) Income in respect of investment made by a Non-resident Indian Citizen<\/td>\n<td width=\"93\">\u2013<\/td>\n<td width=\"78\">\u2013<\/td>\n<td width=\"78\">\u2013<\/td>\n<td width=\"78\">20.80<\/td>\n<\/tr>\n<tr>\n<td width=\"72\"><\/td>\n<td width=\"240\">d) Income by way of interest payable by Government or an Indian concern on money borrowed or debt incurred by Government or the Indian concern<\/td>\n<td width=\"93\">\u2013<\/td>\n<td width=\"78\">\u2013<\/td>\n<td width=\"78\">\u2013<\/td>\n<td width=\"78\">20.80<\/td>\n<\/tr>\n<tr>\n<td width=\"72\"><\/td>\n<td width=\"240\">e) Income by way of\u00a0<strong>long-term capital gains<\/strong>\u00a0as referred to in Section 112A<\/td>\n<td width=\"93\">\u2013<\/td>\n<td width=\"78\">\u2013<\/td>\n<td width=\"78\">\u2013<\/td>\n<td width=\"78\">10.40<\/td>\n<\/tr>\n<tr>\n<td width=\"72\"><\/td>\n<td width=\"240\">f) Income by way of short -term capital gains referred to in\u00a0Section 111A<\/td>\n<td width=\"93\">\u2013<\/td>\n<td width=\"78\">\u2013<\/td>\n<td width=\"78\">\u2013<\/td>\n<td width=\"78\">15.60<\/td>\n<\/tr>\n<tr>\n<td width=\"72\"><strong>192<\/strong><\/td>\n<td width=\"240\">Payment of salary<\/td>\n<td width=\"93\">\u2013<\/td>\n<td width=\"78\">\u2013<\/td>\n<td width=\"78\">Normal Slab Rate<\/td>\n<td width=\"78\">Normal Slab Rate<\/td>\n<\/tr>\n<tr>\n<td width=\"72\"><strong>194J<\/strong><\/td>\n<td width=\"240\">A Payment\u00a0 for<strong>\u00a0fees for\u00a0 Technical\u00a0 services,\u00a0<\/strong>\u00a0Professional services\u00a0\u00a0\u00a0 or royalty etc.\u00a0\u00a0<strong>(Monetary Limit \u2013Rs\u00a0 30,000 p.a)<\/strong><\/td>\n<td width=\"93\"><strong>\u00a0<\/strong><\/td>\n<td width=\"78\"><strong>\u00a0<\/strong><\/td>\n<td width=\"78\"><strong>\u00a0<\/strong><\/td>\n<td width=\"78\"><strong>\u00a0<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"72\"><\/td>\n<td width=\"240\">a. Fee for\u00a0 technical\u00a0 services<\/td>\n<td width=\"93\">2<\/p>\n<p><strong>(w.e.f. 01.04.\u00a02020)<\/strong><\/td>\n<td width=\"78\">\u2013<\/td>\n<td width=\"78\">2<\/p>\n<p><strong>(w.e.f. 01.04.2020)<\/strong><\/td>\n<td width=\"78\">\u2013<\/td>\n<\/tr>\n<tr>\n<td width=\"72\"><\/td>\n<td width=\"240\">b. Fee in other all cases as per Section 194J<\/p>\n<p><strong>Note:<\/strong> With effect from June 1, 2017, the rate of TDS would be 2% in case of payee engaged in the business of operation of the call center.<\/td>\n<td width=\"93\">10<\/td>\n<td width=\"78\">\u2013<\/td>\n<td width=\"78\">10<\/td>\n<td width=\"78\">\u2013<\/td>\n<\/tr>\n<tr>\n<td width=\"72\"><strong>194<\/strong><\/td>\n<td width=\"240\">Dividend<\/p>\n<p><strong>(monetary limit- Rs 5000)<\/strong><\/td>\n<td width=\"93\"><strong>10<\/strong><\/p>\n<p><strong>(W.e.f. 01.04.\u00a02020)<\/strong><\/td>\n<td width=\"78\">\u00a0\u2013<\/td>\n<td width=\"78\">\u2013<\/td>\n<td width=\"78\">\u2013<\/td>\n<\/tr>\n<tr>\n<td width=\"72\"><strong>194A<\/strong><\/td>\n<td width=\"240\">Income by way of interest other than \u201cInterest on securities\u201d<\/p>\n<p><strong>(Monetary\u00a0Limit \u2013 Rs\u00a040,000)<\/strong><\/td>\n<td width=\"93\">10<\/td>\n<td width=\"78\">\u00a0\u2013<\/td>\n<td width=\"78\">10<\/td>\n<td width=\"78\">\u2013<\/td>\n<\/tr>\n<tr>\n<td width=\"72\"><strong>194B<\/strong><\/td>\n<td width=\"240\">Income by way of winnings from lotteries, crossword puzzles, card games and other games of any sort<\/p>\n<p><strong>(Monetary Limit \u2013 Rs 10,000)<\/strong><\/td>\n<td width=\"93\">31.20<\/td>\n<td width=\"78\">\u2013<\/td>\n<td width=\"78\">30<\/td>\n<td width=\"78\">\u2013<\/td>\n<\/tr>\n<tr>\n<td width=\"72\"><strong>194BB<\/strong><\/td>\n<td width=\"240\">Income by way of winnings from horse races<\/p>\n<p><strong>(Monetary Limit \u2013 Rs 10,000)<\/strong><\/td>\n<td width=\"93\">31.20<\/td>\n<td width=\"78\">\u2013<\/td>\n<td width=\"78\">30<\/td>\n<td width=\"78\">\u2013<\/td>\n<\/tr>\n<tr>\n<td width=\"72\"><strong>194C<\/strong><\/td>\n<td width=\"240\">A Payment to contractor\/ sub\u00adcontractor<\/p>\n<p><strong>(Monetary Limit \u2013 Rs 30,000 per contract or Rs 1,00,000 for aggregate amount during the year)<\/strong><\/td>\n<td width=\"93\"><\/td>\n<td width=\"78\"><\/td>\n<td width=\"78\"><\/td>\n<td width=\"78\"><\/td>\n<\/tr>\n<tr>\n<td width=\"72\"><\/td>\n<td width=\"240\">a. HUF\/\u00a0Individuals<\/td>\n<td width=\"93\">1<\/td>\n<td width=\"78\">\u2013<\/td>\n<td width=\"78\">1<\/td>\n<td width=\"78\">\u2013<\/td>\n<\/tr>\n<tr>\n<td width=\"72\"><\/td>\n<td width=\"240\">b. Others<\/td>\n<td width=\"93\">2<\/td>\n<td width=\"78\">\u2013<\/td>\n<td width=\"78\">2<\/td>\n<td width=\"78\">\u2013<\/td>\n<\/tr>\n<tr>\n<td width=\"72\"><strong>194D<\/strong><\/td>\n<td width=\"240\">Insurance commission<\/p>\n<p><strong>(Monetary Limit \u2013 Rs 15,000)<\/strong><\/td>\n<td width=\"93\">10<\/td>\n<td width=\"78\">\u2013<\/td>\n<td width=\"78\">5<\/td>\n<td width=\"78\">\u2013<\/td>\n<\/tr>\n<tr>\n<td width=\"72\"><strong>194DA<\/strong><\/td>\n<td width=\"240\">Payment in respect of life insurance policy w.e.f. 1\/9\/2019, the tax shall be deducted on the amount of income comprised in insurance pay-out<\/p>\n<p><strong>(Monetary Limit \u2013 Rs 1,00,000)<\/strong><\/td>\n<td width=\"93\">\u2013<\/td>\n<td width=\"78\">\u2013<\/td>\n<td width=\"78\">5<\/td>\n<td width=\"78\">\u2013<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3><span class=\"ez-toc-section\" id=\"New_Deadline_Dates_for_Return_filing_and_TDS_Payment\"><\/span><span style=\"color: #000080;\"><strong>New Deadline Dates for Return filing and TDS Payment :<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<table width=\"642\">\n<tbody>\n<tr>\n<td rowspan=\"3\" width=\"111\"><span style=\"color: #000080;\"><strong>Month of Deduction<\/strong><\/span><\/td>\n<td colspan=\"2\" width=\"254\"><span style=\"color: #000080;\"><strong>Due dates for TDS payment through challan<\/strong><\/span><\/td>\n<td colspan=\"2\" width=\"139\"><span style=\"color: #000080;\"><strong>Quarter ending<\/strong><\/span><\/td>\n<td width=\"138\"><span style=\"color: #000080;\"><strong>Due Date for filing of Return for All Deductors<\/strong><\/span><\/td>\n<\/tr>\n<tr>\n<td width=\"109\"><span style=\"color: #000080;\"><strong>For Govt. Deductor<\/strong><\/span><\/td>\n<td width=\"144\"><span style=\"color: #000080;\"><strong>For Other Deductor<\/strong><\/span><\/td>\n<td width=\"134\"><\/td>\n<td colspan=\"2\" width=\"143\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" width=\"254\"><\/td>\n<td colspan=\"2\"><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td width=\"111\">April<br \/>\nMay<br \/>\nJune<\/td>\n<td colspan=\"2\" width=\"254\">7<sup>th<\/sup>\u00a0May<br \/>\n7<sup>th<\/sup>\u00a0June<br \/>\n7<sup>th<\/sup>\u00a0July<\/td>\n<td colspan=\"2\" width=\"139\">30<sup>th<\/sup>\u00a0June<\/td>\n<td width=\"138\">31<sup>st<\/sup>\u00a0July<\/td>\n<\/tr>\n<tr>\n<td width=\"111\">July August September<\/td>\n<td colspan=\"2\" width=\"254\">7<sup>th<\/sup>\u00a0August<br \/>\n7<sup>th<\/sup>\u00a0September<br \/>\n7<sup>th<\/sup>\u00a0October<\/td>\n<td colspan=\"2\" width=\"139\">30<sup>th<\/sup><br \/>\nSeptember<\/td>\n<td width=\"138\">31<sup>st<\/sup>\u00a0October<\/td>\n<\/tr>\n<tr>\n<td width=\"111\">October November December<\/td>\n<td colspan=\"2\" width=\"254\">7<sup>th<\/sup>\u00a0November<br \/>\n7<sup>th<\/sup>\u00a0December<br \/>\n7<sup>th<\/sup>\u00a0January<\/td>\n<td colspan=\"2\" width=\"139\">31<sup>st<\/sup><br \/>\nDecember<\/td>\n<td width=\"138\">31<sup>st<\/sup>\u00a0January<\/td>\n<\/tr>\n<tr>\n<td width=\"111\">January February March<\/td>\n<td width=\"109\">7<sup>th<\/sup>\u00a0Feb<br \/>\n7<sup>th<\/sup>\u00a0March<br \/>\n7<sup>th<\/sup>\u00a0April<\/td>\n<td width=\"144\">30<sup>th<\/sup>\u00a0April<\/td>\n<td width=\"134\">31<sup>st<\/sup><br \/>\nMarch<\/td>\n<td colspan=\"2\" width=\"143\">31<sup>st<\/sup>\u00a0May<\/td>\n<\/tr>\n<tr>\n<td width=\"111\"><\/td>\n<td width=\"109\"><\/td>\n<td width=\"144\"><\/td>\n<td width=\"134\"><\/td>\n<td width=\"5\"><\/td>\n<td width=\"138\"><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3><span class=\"ez-toc-section\" id=\"Basic_characteristics_of_our_Foreign_Tax_Consultant\"><\/span><span style=\"color: #000080;\"><strong><u>Basic characteristics of our Foreign Tax Consultant:<\/u><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Confidentiality and data protection of clients is accomplished by effective internal controls and risk policies.<\/li>\n<li>Focus on business specialisation in order to be well versed in the problems and challenges facing different industries.<\/li>\n<li>Qualified practitioners who serve as trusted consultants to corporate tax and regulatory clients.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">Hope the information will assist you in your Professional endeavors. For query or help, contact:\u00a0\u00a0 <a href=\"mailto:singh@carajput.com\">singh@carajput.com<\/a> or call at 9555-555-480<\/p>\n<p>More read:<\/p>\n<p><a href=\"https:\/\/carajput.com\/learn\/cbdt-issue-an-explanation-in-respect-of-direct-tax-vivad-se-vishwas-act-2020.html\">The CBDT issue an explanation in Vivad se Vishwas act,2020<\/a><\/p>\n<p><a href=\"https:\/\/carajput.com\/learn\/income-tax-department-hopes-to-finalize-all-faceless-eassessments-by-midseptember.html\">CBDT-Tax deptt. hopes to finalize all faceless e-assessment<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>HIGHLIGHTS \u2013 DIRECT TAX PROPOSALS OF UNION BUDGET\u00a0 UNION BUDGET 2020 FEATURES The review of the budget is divided into two main categories: (a) Direct Tax (b) Indirect Tax, with a significant emphasis on the proposed change to the Direct Tax. The budget was very strong on the expectations of individual taxpayers, as the hopes &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[2690,2692,5,2693,2688,6369,322],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/63"}],"collection":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/comments?post=63"}],"version-history":[{"count":6,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/63\/revisions"}],"predecessor-version":[{"id":21993,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/63\/revisions\/21993"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=63"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=63"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=63"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}