Income Tax 1. Basic exemption limit not increased to Rs.5,00,000 from present 2,50,000 but relief u/s 87A is increased from 2,500 to 12,500 upto income of Rs.5,00,000. So persons having income exceeding Rs.5,00,000 existing slabs will apply and no relief u/s 87A will be allowed. 2. Standard deduction for salaried class has increase from present Rs.40,000 to Rs.50,000 3. There will not deemed rent/ notional rent on second self occupied property. 4. Threshold Limit of

CASE LAWS   Any interest paid on account of late payment of TDS is available for deduction u/s 37(1) as allowable business expense from taxable income. STUP Consultants Pvt Ltd. v/s Additional commissioner of Income Tax, Mumbai.   Penalty u/s.271(1)(c) –If the details of the transactions through which the income has been received, was there in the P & L Account of the assessee, which inadvertently not there in the original return of income, however,

Angel tax exemption approval process relaxed for Startups. What is Angel Tax Angel tax means the tax on amount of investment brought in by the investors in a startup company in pursuance of section 56(2)(viib) of the Income Tax Act, 1961. What the industry says. “The current regulations provide angel tax exemption only if investors are accredited investors. If investors are not accredited, then the benefit of angel tax exemption is not available to a

CASE LAW While setting off losses relating to other non- eligible units (Deduction u/s 10A) – the stage of deduction would be while computing the gross total income of the eligible undertaking under chapter IV of the act and not at the stage of computation of the total income under chapter VI. WNS Global Services Pvt. Ltd. V/s IncomeTax Officer, Mumbai. While computing capital gain, if Expenditure incurred is wholly and exclusively in connection with

NOTIFICATION All companies, who gets supply of goods and services from MSME’s and whose payments to such suppliers exceed 45 days from the date of acceptance or deemed acceptance of goods and services, shall submit a half yearly return to MCA and fill the MSME FORM 1 stating the amount and reason for delay Vide Specified Companies (Furnishing of information about payment to micro and small enterprise suppliers) Order, 2019 – S.O. 368(E) – Companies