Direct Tax provisions – Budget 2020

Income Tax The new Direct Tax regime proposed by our finance minister Smt. Nirmal Sitaraman is an optional scheme. However, a few taxpayers may not be able to switch back to the existing tax slab once they opt to follow…

Change in tax audit limit

The Finance Bill, 2020 has brought a major amendment to section 44AB of the income tax act. After insertion of such changes, Tax Audit limit has been increased from Rs 1 crore to 5 crores provided the taxpayer has Cash receipts which…

DDT has been Abolished

The Finance bill 2020 proposed to abolish dividend distribution tax (DDT) which may result in boost in dividend pay-outs in corporates. A dividend is the share, a company pays its shareholders from the profits it earns, and DDT is the…
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