Newsletters

SECTION 269SU OF THE INCOME TAX ACT, 1961 – PENALTY @ RS 5,000- PER DAY WEF 1-2-2020

A new Section 279SU has been inserted with effect from November 1, 2019 by the Finance (No.2) Act, 2019. This Section is reproduced below.

Budget 2020-21 – Newsletter to IT and Services Companies :03-01-2020

Budget 2020-21 : Newsletter to IT/Services Companies..

MADRAS HIGH COURT HOLDS THAT NO SERVICE TAX IS LEVIABLE ON NOTICE PAY

In a land-mark judgment, the Hon’ble High Court of Madras has held that, no service tax is leviable on the notice pay recovered by the employer from the employee, holding further that, the employer cannot be treated as rendering a service to the employee, in respect of notice pay recovery. A copy of this judgment is attached

S3-newslette January 28, 2020

MADRAS HIGH COURT HOLDS THAT NO SERVICE TAX IS LEVIABLE ON NOTICE PAY

LOWER INCOME TAX RATES FOR DOMESTIC COMPANIES FROM FY 2019-10 ONWARDS

Eligibility : Section 115BAA has been inserted in the Income Tax Act,1961 to give the benefit of a reduced corporate tax rate for domestic companies. Section 115BAA states that domestic companies have the option to pay tax at a rate of 22% (plus applicable surcharge and cess) from the FY 2019-20 (AY 2020-21) onwards, if such domestic companies adhere to certain conditions specified.