40th GST Council meeting happened on 12th June wherein several big decisions were taken regarding waiving of late fee and reduction of interest, etc. In this alert these decisions are summarised.
CBDT has proposed to introduce a new Form 15E for application by payers to tax authorities to determine the appropriate proportion of sum on which tax should be withheld or tax should not be withheld at all on payments to non-residents. This will be different from Form 13, which is currently filed by recipients for NIL or lower withholding tax certification.
Clarification issued by CBDT with regard to allowability of set-off of brought forward losses attributable to additional depreciation and utilization of brought forward MAT credit, where a company opts for reduced tax rate of 22% under section 115BAA. In this alert we have discussed these clarifications.Download
Indian government has announced major fiscal relief by substantially reducing corporate tax rates to promote growth and investments in India through Taxation Laws (Amendment) Ordinance, 2019. In this alert we have discussed these fiscal benefits.Download
Description: Indian government announced major fiscal relief announce by Indian Government for all companies in general and manufacturing companies in particular to promote growth and investments in India through Taxation Laws (Amendment) Ordinance, 2019. In this alert we have discussed these fiscal benefits.Download