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In a continuously changing business environment in a fast-developing country like India, there is a need to keep oneself abreast of the frequently changing and evolving regulatory mechanism. To assist our clients in keeping pace with these changes which are bound to be there in a developing economy, we keep analyzing the provisions/policies and express our views on the same as and when a need for the same arises.

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SNR – Income Tax Update  Issue No: /2020-21/08 Finance Act 2020 has inserted a new sub-section (1G) in TCS (Tax Collected at Source) under Section 206C of the Income Tax Act, 1961 to collect tax out of foreign remittance transactions under Liberalized Remittance Scheme (LRS) as well as amount received from buyer by a seller...

SNR – Income Tax Update Income Tax/2020-21/07 Tax Collected at Source (TCS) is the tax payable by a seller which he collects from the buyer. The rate of TCS is different for goods specified under different categories. Section 206C of the Income Tax Act, 1961 specifies the categories of goods on which seller has to...

   SNR – Income Tax Update    Income Tax/2020-21/05 In view of the challenges faced by taxpayers in meeting the statutory and regulatory compliance requirements across sectors due to the outbreak of Novel Corona Virus (COVID-19), the Government brought the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 [the Ordinance] on 31st March,...

SNR – Income Tax Update Income Tax/2020-21/04 Finance Act 2020 has introduced Section 285BB to the Income Tax Act, 1961 [the Act]. Section 285BB paves way for an Annual Information Statement [AIS] that shall be uploaded by the prescribed Income Tax Authority in the electronic filing account registered by the assessee at the designated income...

SNR – Income Tax Update Income Tax/2020-21/03 Central Board of Direct Taxes (CBDT), vide issuance of Income Tax (9th Amendment) Rules, 2020 has notified Safe Harbour Rules (SHR) for Assessment Year (AY) 2020-21. As per the notification, rates applicable from AY 2017-18 to 2019-20 will continue to apply for AY 2020-21. Introduced in 2009, safe...