Prohibit Charitable Trusts to Accumulate Incomes u/s 11(2) of I T Act 1961 or transfer surplus unspent incomes to PM CARES Fund

At present, Charitable Trusts registered with the Income Tax Department are allowed to accumulate a portion of unspent Incomes u/s 11(2) of the Income Tax Act, 1961 without payment of Income Tax. One measure to nudge Charitable Trusts to spend more of their Accumulated Income and Reserves to fight the CoViD19 pandemic would be to prohibit them…

TDS ON CASH WITHDRAWLS

The Finance Bill, 2019 has introduced Section 194N in the Income Tax Act 1961 to provide for TDS @2% on cash withdrawls exceeding 1 crore from one or more bank accounts. 1. According to section 4(2) of the Income Tax Act, 1961, the charging section for TDS, “income tax shall be deducted at source in…

A suggestion : MRP Based GST Compensation Cess

I have a suggestion that can increase the GST Compensation Cess collected by Union Government as well as reduce the compliance burden of GST Compensation Cess on small and marginal traders. The place of supply rules under GST Law are important for determination and appropriation to respective states where actually consumption of goods and services…