KEY TO BUDGET DOCUMENTS BUDGET 2020-2021 1. The list of Budget documents presented to the Parliament, besides the Finance Minister’s Budget Speech, is given below: A. Annual Financial Statement (AFS) B. Demands for Grants (DG) C. Finance Bill D. Statements mandated under the FRBM Act:
PROVISIONS RELATING TO DIRECT TAXES Introduction The provisions of Finance Bill, 2020 (hereafter referred to as “the Bill”), relating to direct taxes seek to amend the Income-tax Act, 1961 (hereafter referred to as ‘the Act’), Prohibition of Benami Property Transactions Act, 1988 (hereafter referred
Download Budget speech of FM 2020 Tax rate slabs for 2020 Taxable Income Slab (`) Existing Tax Rates New Tax Rates 0-2.5 Lakh Exempt Exempt 2.5-5 Lakh 5% 5% 5-7.5 Lakh 20% 10% 7.5-10 Lakh 20% 15% 10-12.5 Lakh 30% 20% 12.5-15 Lakh 30% 25%
New simplified income tax regime(optional) New income tax slabs declared by FM are: Individual: With out deductions 0-2.5 Exempt 5% for income from Rs.2.5 to Rs.5 lac 10% for income from Rs. 5lac to 7.5 lac (currently 20%) 15% for income from Rs. 7.5 lac
Case covered: MEHTA LABORATORIES THROUGH PARTNER KAUSHIK MAYACHAND MEHTA Versus THE PRINCIPAL CHIEF COMMISSIONER OF INCOME TAX 2 Facts of the case: The short facts of the case are that the petitioner was a partnership firm and dealing in the business of lubricating oil and
Case covered: M/S PRADIP CHIMANLAL MEVADA Versus UNION OF INDIA Facts of the case: By this writ application under Article 226 of the Constitution of India, the writ applicant has prayed for the following reliefs: “(a) To issue writ or in the nature of a mandamus or any other appropriate writ, order, or direction the respondent to allow the petitioner to file the form GST ITC 01 in order to claim the input tax credit of the
Amendment in Section 67 of LLP Act Section 460 of companies Act 2013 was made applicable on LLP’s also.Amendment in Section 67 of the LLP Act introduced to give effect to this change. Notification in this regard issued on 30th January 2020. GOVERNMENT OF INDIA
