Introduction The Government of India in the recent budget, i.e. Finance Bill 2020 extended relief from filing income tax return to non-residents, whose total income consists income by way of royalty and/or fees for technical services [“FTS”] provided that such non-resident is not liable to pay tax other than the tax which has already been […]
With aim to provide fillip to the sluggish economy and promote growth and investment, the Government had by Ordinance made amendments in the Income Tax Act, 1961 (“the Act”) vide the Taxation Laws (Amendment) Ordinance, 2019 (‘the Ordinance’) which was promulgated by the President on 20.09.2019 since the Parliament was not in session. For discussion […]
Taxation Laws (Amendment) Ordinance, 2019 clarified by Circular No. 29 of 2019 The Taxation Laws (Amendment) Ordinance, 2019 (“the Ordinance”), promulgated by the President on 20.09.2019, had interalia introduced a new provision, viz., section 115BAA in the Income Tax Act, 1961 (“the Act”) providing for a lower rate of tax at 22% (plus applicable surcharge […]
With aim to provide fillip to the sluggish economy and promote growth and investment, the Government has by Ordinance made amendments in the Income Tax Act, 1961 (“the Act”) vide the Taxation Laws (Amendment) Act, 2019 which was promulgated by the President on 20.09.2019. Key features of the aforesaid amendments are as under: Section 115BAA […]
