All existing charitable trusts/institutions are required to apply for re-registration before December 2020: CBDT
The Central board of direct tax (CBDT) in its press release said that “It may be noted that The Finance Act 2020 rationalised the procedure relating to approval/registration/notification of certain entities referred to the section 10(23C), 12AA, 35 and 80G of the act, with effect from 1st June 2020. As per the new procedure, the…
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Do you know how MSP is finalized by the Government?
The Minimum Support Price or MSP is the rate at which the government buys grains from farmers. The aim of fixing MSP is to counter price volatility of agricultural commodities due to the factors like variation in their supply, lack of market integration and information asymmetry. It is fixed on the recommendations of the Commission…
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Why the Agriculture Bills recently introduced in the Parliament being opposed by the farmers?
The Farmers’ Produce Trade and Commerce (Promotion and Facilitation) Bill, 2020; The Farmers (Empowerment and Protection) Agreement of Price Assurance and Farm Services Bill, 2020 and The Essential Commodities (Amendment) Bill, 2020 – were introduced in the Parliament on September 14 to replace the ordinances issued during the lockdown. Lok Sabha has passed these bills…
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Income Tax 2020-21: Catalog of deductions excluded in new tax regime under Section 115BAC
For FY 2020-21, Salaried individuals, who have no business income, will have to choose between the existing and new tax regimes u/s 115BAC every financial year, as per their convenience. The new income tax rates are lower compare to old tax rate. However, anyone opting for the new tax regime will have to forego most…
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RBI asks full automation of Income Recognition, Asset Classification and Provisioning processes in banks
Reserve Bank of India today asked all the banks that they should ensure that the asset classification status is updated as part of day end process. Banks should also be able to generate classification status report at any given point of time with actual date of classification of assets as NPAs/NPIs. In any exceptional circumstance…
Taxability of various components of salary and perquisite benefits under finance Act 2020
[Nearly, 104 amendments are made either by amending/omitting existing sections or by insertion of new sections. In this article, the amendments, which are most relevant to salaried persons, are covered.] Your total salary income comprises both monetary income and non-monetary income. Monetary income means income chargeable under the salary but excluding perquisite value of all…
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