File your Income Tax Return for FREE in 7 mins, ClearTax is used by 5 Mn Indians to file their taxes. For such taxpayers, the due date for tax audit has been extended to the 31st of October from the 30th of September. This website uses cookies to improve your experience while you navigate through the website. Practice questions for easy understanding of concepts. Powers provided to notify the time and manner of issuing an invoice for a specific category of supplies or services. Since 2017, the Union Budget is being presented on the first working day of February before that it was presented on the last working day of February. App-based financing loans will be introduced for MSMEsApp-based invoice financing loans product to be launched, to obviate the problem of delayed payments and cash flow mismatches for MSMEs. Further you can also file TDS returns, generate Form-16, use our Tax Calculator software, claim HRA, check refund status and generate rent receipts for Income Tax Filing. All PDF which are provided here are for Education purposes only. Budget Highlights 2020: Find here complete summary of Union Budget 2020 - 2020 and easily download Highlights of India Budget 2020 PDF for Upcoming Exams … This is the first Union Budget of the third decade of the 21st century and the second one presented by Ms. Nirmala Sitharaman. © 2020 ‐ Defmacro Software Pvt. Necessary cookies are absolutely essential for the website to function properly. Read GS SCORE'S to comprehensible UPSC IAS 2020. Provision to issue the removal of difficulty order by CBIC extended from earlier three-year limit to five years w.e.f 1st July 2017. Accordingly, these offences will be congnizable and non-bailable. Change in residential status: (Section 6), An individual, being a citizen of India, shall be deemed to be resident in India in any previous year, if he is not liable to tax in any other country, An individual being a citizen of India, or a person of Indian origin who, being outside India, comes on a visit to India in any previous year and is in India for 120 days or more, shall be resident in India, A person is said to be “not ordinarily resident” in India in any previous year, if such person is. File Income tax returns for free in 7 minutes, Get expert help for tax filing or starting your business, Curated Mutual Funds & plans for tax savings, I-T, e-TDS & Audit Software for CAs & Tax Professionals, Complete solution for all your e-invoicing needs, Employee health plan, incl. Previous year papers to understand the exam pattern and level of difficulty. Composition scheme restricted to taxpayers making the inter-state supply of service, supplies not leviable to GST and supplies through e-commerce operator where TCS is deductible. Amendments to be made to enable NBFCs to extend invoice financing to MSMEs. ‘Budget at a Glance’ offers a quick overview of the federal budget 2020-21 while information on fiscal deficit and financing has also been tabulated. You can download the most comprehensive yet concise and relevant summary and highlights of Union Budget 2020-2021, compiled by ixamBee for FREE. Refund due to Inverted tax prevalent for tobacco products is barred with a retrospective effect from 1st July 2017. The law has been amended to extend the imprisonment to the person ‘who causes to commit’ and ‘person retaining the benefit’. we doesn't Own any trademarks or copyrights of any institute. Contact Us. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. These cookies do not store any personal information. What is the Best Study Material for IAS Exam Preparation? But opting out of some of these cookies may have an effect on your browsing experience. Save taxes with ClearTax by investing in tax saving mutual funds (ELSS) online. Order for determining expense in special audit will not require the Board’s approval. This document is printed annually in Adopted and final form as follows: Before the amendment it was 105% instead of 110%. We request you to respect our Hard Work. The debt will count as quasi-equity. Eligible startups with a turnover of up to Rs 25 crore is permitted to deduct 100% of its profits for three continuous assessment years of seven years if the overall turnover is under Rs 25 crore. Box M40, Accra - Ghana GA-144-2024 +233 302-747-197 info@mofep.gov.gh Under Section 80EEA, the additional deduction of Rs.1.5 lakh for interest paid on home loans will now be allowed for the loans sanctioned till the 31st of March 2021. These cookies will be stored in your browser only with your consent. Just upload your form 16, claim your deductions and get your acknowledgment number online. Important questions series before the exam for quick revision. Robust mechanism is in place to monitor and ensure health of all scheduled commercial banks and depositors’ money is absolutely safe. ClearTax can also help you in getting your business registered for Goods & Services Tax Law. Amendments will be made to Factor Regulation Act, 2011. J&K will have its appellate tribunal. As per Article 112 of the Indian Constitution, the Union Budget is defined as a statement of the estimated receipts and expenditure of the government for that particular year. Vision IAS Summary Of Union Budget 2020-21 PDF All PDF which are provided here are for Education purposes only. Live doubt clarifying sessions with expert faculty. Finance Minister (FM) Nirmala Sitharaman has presented the Union Budget 2020 of India on the 1st of February, 2020. Download ClearTax App to file returns from your mobile phone. Special focus on Descriptive English (wherever applicable). Budget 2020 Highlights, Analysis and Summary - Union Budget 2020-21 PDF Download in iasscore . Tax audit threshold has been increased from Rs 1 crore to Rs 5 crore provided turnover/ gross receipts in cash does not exceed 5% during the previous year. The date of the debit note will be standalone considered for availing input tax credit, delinked from the date of invoice. CAs, experts and businesses can get GST ready with ClearTax GST software & certification course. Ministry of Finance Finance Drive, Accra. Summary of Union Budget 2020-21 New Delhi, 1st February, 2020 PART-A Presenting the first Union Budget of the third decade of the 21st century, Finance Minister Smt. Your email address will not be published. You can efile income tax return on your income from salary, house property, capital gains, business & profession and income from other sources. Why are ixamBee Online Courses so highly acclaimed? Geography Optional Course by Guidance IAS, GS Score Summary Of Union Budget 2020-21 PDF, GS Score Summary Of India Year Book 2020 Part 2 PDF, India Union Budget 2020 PDF Download in English, Insight IAS Insta Monthly Current Affairs October 2020 PDF, New India Samachar Monthly Current Affairs October 2020 PDF, New India Samachar Monthly Current Affairs September 2020 PDF, Raus IAS Mains Compass 2020 History and Culture PDF, Apti Plus Monthly Current Affairs October 2020 PDF, Apti Plus Monthly Current Affairs September 2020 PDF, Indian Polity by M Laxmikanth 6th Edition PDF, An Easy Guide for Prelims and Revision Techniques by IRS, IAS Preparation Tips for Working Professionals, My patience and dedication helped me reach my destination; says Nandini KR [AIR 1, CSE 2016], Why right attitude is the single most important thing to clear the exam – by Minal Karanwal IAS. Please utilize them for building your knowledge and don't make them Commercial. ClearTax is a product by Defmacro Software Pvt. Efiling Income Tax Returns(ITR) is made easy with ClearTax platform. Earlier the punishment is restricted to the person committed. Furthermore, the eligibility period to deduct is increased to 10 years from 7 years. ClearTax serves 2.5+ Million happy customers, 20000+ CAs & tax experts & 10000+ businesses across India. A provision inserted for cancellation of voluntary GST registration for distinct persons. This punishment is restricted to the person fraudulently availing ITC without an eligible invoice. COVID-19 cover with monthly payments, Highlights of Union Budget 2020 by Nirmala Sitharaman. Ltd. ClearTax offers taxation & financial solutions to individuals, businesses, organizations & chartered accountants in India. In the case of startups, employees possessing Employee Stock Option Plans (ESOPs) may defer paying taxes up to five years from the time of exercise, till the time they leave the startup, or until they sell their shares, whichever is earlier. ixamBee Online Courses are curated by experts after a thorough research and analysis. Our GST Software helps CAs, tax experts & business to manage returns & invoices in an easy manner. Our Goods & Services Tax course includes tutorial videos, guides and expert assistance to help you in mastering Goods and Services Tax. This category only includes cookies that ensures basic functionalities and security features of the website. This limit is now increased to Rs 100 crore. Under section 194J- fees for technical services, TDS has been reduced to 2% from 10%. Ltd. Budget 2020 Highlights : PDF Download, Key Takeaways, Important Points, This page is best viewed in Chrome, Firefox or IE 11. It is also referred to as the Annual Financial Statement as it details the account of the government finances for the financial year that starts from 1st April to 31st March. Nirmala Sitharaman, today unveiled a series of far-reaching reforms, aimed at energizing the Indian economy through a combination of short-term, medium-term, and long term measures As described in the Budget Summary, FINRA’s 2020 operating revenues are projected to be $868.9 million, flat Union Budget 2020 Highlights: PDF Download, Key Takeaways, Important Points: Get Union Budget 2020 Highlights & latest News Updates, Our Intention is to provide free Study Materials for all Aspirants and we believe Education Should […] We also use third-party cookies that help us analyze and understand how you use this website. The government has taken some measures towards reaching the target of a $5 trillion economy by the end of 2022. Provision of subordinated debt for MSMEs by Banks which is guaranteed by Credit Guarantee Trust. Ladakh has been included in the definition of Union Territory. Section 206AA: in relation to 194O has been amended to 5% instead of 20% in case of not furnishing the PAN. Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. The retrospective effect has been given for transition provisions from 01st July 2017, to nullify the decision of Gujarat High Court in case of Siddhartha Enterprises.
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