Interesting Faq’s on Vivad Se Vishwas Scheme
Posted on 15-12-2020
Importance of Documentation
A chemical company got trapped into a high-level Tax inquiry while claiming depreciation of a new unit. The tax office enquired about the date of commencement of the unit’s operation which was substantiated by a series of documents viz. excise passing, electric unit consumption, job cards, labor contractors invoices, etc It took 3 rounds of…
The Direct Tax Vivad Se Vishwas Scheme’2020
SILENT FEATURES OF THE SCHEME FAQ is silent on the coverage of genuine delay in filing of the appeal, which is pending for condonation of whether it should be covered considering the objective of the scheme. FAQ is silent on the coverage of miscellaneous applications filed against the order of tribunal. What still remains out…
Is 20% deduction of interest on Net taxable dividend?
As highlighted in Budget 2020, it proposes to allow deductions of interest expenses to the extent of 20% of dividend income. The author in this article is focusing on the significant aspect which is whether 20% deduction is on net taxable dividend (after deduction u/s 80M) or on gross dividend income. Proposal for sec…
Is Foreign dividend costlier as per Budget 2020
We have made an attempt to analyse proposed provision of section 80M of the budget 2020, which delivers benefit on one hand by removing structural barrier but costlier on the other hand by excluding foreign dividend from avoidance of cascading effect. Author has analysed it for the benefit of readers which can be read in…
What is relevant in Budget for you
Budget analysis for Individual;Trust;Corporate;NRI.etc Author has summarized on the basis of relevance to reader. Hope it will be useful. Will like to receive your feedback on same.