Tag: Tax Amendment 2020

Amendment to Section 9A, Section 72AA, Section 2(13A), Section 119A in Budget 2020

1. Amendment to Section 9A towards Modification in Conditions for Offshore Funds (Applicable from Assessment Year 2020-21] Section 9A of the Act provides for a special regime in respect of Offshore Funds which provides immunity to the funds created outside India from creating a business connection” in India after fulfilment […]

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Amendments for ‘Trading in Commodities Derivatives’ Budget 2020

[Applicable from Assessment Year 2020-211 Prior to 2015, derivative trading in commodities was regulated by the Forward Markets Commission (FMC) under the Forward Contracts (Regulation) Act, 1952 (FCRA). In 2015, the FCRA was repealed and the FMC was merged with the SEBI. As a result, trading in derivatives including commodity […]

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Amendments to Section 35 (Expenditure on Scientific Research) in Budget 2020

(Applicable from 01-06-2020] The deduction under section 35 is allowed for the expenditure incurred on in-house scientific research or for payment to outsiders. If expenditure is incurred on in-house research and development, the deduction is allowed for revenue and capital expenditure provided research is related to business. Weighted deduction is […]

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Forfeiture of AMT Credit if a Co-operative Society opts for Section 115BAD

The co-operative society opting for new taxation regimes of Section 115BAD has been given immunity from the provisions of AMT (Alternate Minimum Tax) . The Finance Bill proposes a consequential amendment to the provisions of Section 115JD relating to AMT Credit that this provision shall not be applicable to a […]

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Advertisement Income Targeting Indian Customers Taxable in India from AY: 2021-22

Digital transformation incentivize innovation, generates efficiencies, and improves services. However, at the same time the breadth and speed of this change introduces many challenges in rationalizing the tax policies. In many of the cases, physical presence of the person does not exist in the country from which the income is […]

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Amendment on Attribution of Profits to Permanent Establishment (PE) in Budget 2020

Section 92CB of the Act provides that the determination of arm’s length price under section 92C or section 92CA shall be subject to safe harbour rules (SHR) as prescribed by the Board. For this purpose ‘safe harbour’ means circumstances in which the Income-tax authorities shall accept the transfer price declared […]

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Amendment of Section 90 and Section 90A in Budget 2020

To understand the amendment proposed by the Finance Bill 2020 under Sections 90 and 90A, it is imperative to understand the following facts: India has signed the Multilateral Convention to implement tax treaty related measures to prevent Base Erosion and Profit Shifting (commonly referred to as MU). The MU is […]

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