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Dividend Distribution Tax Change Analysis

Under the current tax regime (until March 31, 2020), companies distributing dividends are liable to pay tax at an effective rate of 20.56 percent directly to the government from their surpluses. Effectively, out of every Rs 100 in distributable profits, companies had to cough up Rs 20.56 as tax, with only Rs 79.44 left for distribution to shareholders.

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Budget 2020 Summary

We have given below a summary of the key changes in the Budget 2020 below PROPOSALS REGARDING CHANGES IN DIRECT TAXES Corporate Tax Dividend Distribution Tax of 15% payable by companies will not be payable for dividends declared after 31st March 2020

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A lesser-known Tool to Save on Tax

Sold a house recently for a profit? After some joy and relief, you would be worried about paying taxes. If the gains are long-term — property was held for over two years — there are three ways to avoid paying capital gain taxes.

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MCA to issue e-show cause notices

In relation to the below offences the Ministry of Corporate affairs has introduced an online Compliance Monitoring System ( https://mcacms.gov.in/ ) for issuing show cause notices and submitting replies from companies / directors for non-compliance under the Act.

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New Input Tax Credit Rules for GST

The Central Board of Indirect Taxes and Customs issued a notification on Wednesday amending the rules for claiming Input Tax Credit (ITC) under the Goods and Services Tax (GST).

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Effective Tax Rates in India Slashed

Indian Finance Minister made several announcements for the corporate sector. The minister announced cuts in corporation tax among a series of announcements. Here are a few highlights

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ECB End Use Norms Relaxed by RBI

In the earlier framework as covered in the Master Direction – External Commercial Borrowings, Trade Credit, and Structured Obligations (Master Directions), ECB proceeds could not be utilized for working capital purposes.

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Budget July 2019 Summary

Budget 2019 provides the implementation road map for the governments vision of transitioning India to a INR 5 Trillion economy. The focus is on tapping different sources of capital to kick start investment, strengthening infrastructure, encouraging entrepreneurs and deepening digitization.

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One Time Return of Outstanding Deposits – DPT 3

Every Company other than Government Company shall file a one time return of outstanding receipt of money/ loan taken by the company but not considered as deposits.

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ACTIVE Company Form INC 22A Due Apr 25, 2019

Continuing with its crackdown on shell entities through stringent KYC regulations, the government has made it mandatory for over 12 lakh active registered companies in India to upload all their particulars including details of registered offices in an e-filing to the government.

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MSME Dues Return Filing

Each company having the transactions with Micro and small enterprises as defined under MSME development Act, 2006 shall be required to file the detail of overdues payable to such Enterprises. Which Companies are required to file the Form: MSME-1? Specified Company: Any Company having payments outstanding to “Micro And Small Enterprises”, (Not Medium Enterprises), for […]

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Budget Boost for Home Owners

We were quoted in business line on February 4, 2019. Here is the link

More Flexibility can Reduce Tax outgo on Income from Property

The residents of Sunshine Apartments were having an informal get-together at the club house. The topic naturally turned to Budget and the tax changes that are applicable to home owners.

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All About Interim Budget 2019 India

The key changes, proposed in the interim budget 2019, are as follows:

1. Relief under Section 87A extended

Currently, the Section 87A provides relief of up to Rs. 2,500 to a resident individual if his total income does not exceed Rs. 3,50,000.The relief under Section 87A is proposed to be increased to Rs. 12,500, which shall be available to those resident individuals whose total income does not exceed Rs. 5,00,000 during the Previous Year 2019-20.

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Due Date Calender 2019

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Various Types Of Audits Under Goods And Service Tax

Introductory Implementation of ‘Goods and Service Tax’ has resulted in vast procedural and provisional changes. One of such new provisional change is the introduction of the GST audit. Present article highlights the different types of audit under Goods and Service Tax. Types of GST Audit Bifurcating into simple terms, the GST audit can be said […]

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