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Commissioner Has Power To Cancel Registration of Trust

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      Commissioner Has Power To Cancel  Registration of Trust Amendment of   Section 12AA of income tax act with effect from 1 st November 2019, provides that cancellation of registration can be on two grounds i.                      The Principal Commissioner or the commissioner is satisfied that activities of trust or institution   are not genuine or are not being carried out in accordance with its objects     AND & ii.                    Where a trust or an institution has been granted registration under section 12A and subsequently ,it is noticed that the trust or institution has violated requirements of any other law which was material for the purpose of achieving its objects , the principal commissioner or commissioner may, by...
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GOOD NEWS FOR SALARIED PERSON WHO EARN RS 50,000 P.M.

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IF INCOME OF RS 50,000 PER MONTH THEN NO TDS  A)STANDARD DEDUCTION FROM GROSS SALARY UNDER SECTION 16 (ia) of (“The Act”) As per the provision prior to amendment A deduction of  Rs  40,000  or   Amount of salary  (whichever is less). i.e.  Rs  40,000 As per amendment made in this provision w.e.t. A .Y. 2020-21 The deduction has been raised from Rs 40,000 to Rs 50,000 . i.e.  Rs 50,000 B)REBATE FROM INCOME TAX TO A RESIDENT INDIVIDUAL UNDER SECTION 87A of (“the Act”)   As per provision prior to amendment   Rebate u/s 87 A is available if – i) His total taxable income upto Rs 3,50,000          Quantum of rebate is –           Amount of income -tax payable or Rs 2500 (whichever is less)                            i.e  Rs 2500   As per amendment made in...
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CORPORATE TAX RATE REDUCED TO 22% AND 15% AND OTHER FISCAL RELIEF IN CONNECTION TO CAPITAL GAIN

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The Government has made some some certain Amendments in the Income Tax Act 1961 “The Act” and the Finance Act 2019. 1. FOR DOMESTICE COMPANIES -  Anew provision has been inserted in the Income Tax Act with effect from FY 2019-20. Which allows an option to pay income – tax at the rate of 22% . The effective tax rate for these companies shall be 25.17% inclusive of surcharge & cess. Also , such companies shall not be required to Pay Minimum Alternate Tax (MAT).             CONDITION            Domestic Company will not avail any exemption / incentive. 2. NEW DOMESTICE MANUFACTURING COMPANIES (Incorporate on or after 1st October 2019)   Another new provision has been inserted in the Income Tax Act with effect from FY 2019-20 allows an option to pay Income Tax at the rate of 15 % . the effective tax rate for these companies shall be 17 .01% inclusive of surcharge & cess . Also , such company...
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