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Taxbuzz | Amendments proposed by Lok Sabha – Finance Bill 2020 March 27, 2020
Published in: TaxBuzz
Disclaimer: While every care has been taken in the preparation of this TaxBuzz to ensure its accuracy at the time of publication, Vaish Associates Advocates assumes no responsibility for any errors which despite all precautions, may be found therein. Neither this bulletin nor the information contained herein constitutes a contract or will form the basis of a contract. The material contained in this document does not constitute / substitute professional advice that may be required before acting on any matter. All logos and trademarks appearing in the newsletter are property of their respective owners.
We are pleased to share with you the copy of our latest edition of “TaxBuzz”.
The Finance Bill, 2020 was introduced by the Finance minister while presenting this year’s Union Budget. Subsequently, several significant substantive changes in the Income-tax Act were proposed by way of amendments to the Finance Bill, 2020, which have been passed by the Lok Sabha on March 23, 2020.
These amendments include (i) extending Tax Deduction at Source (“TDS”) obligations imposed by the Finance Bill on e-commerce operators to all platform owners, (ii) expansion of the scope of equalization levy (“EL”) (iii) extension of lower withholding rate (made applicable for ‘fees for technical services’ under Finance Bill) to royalty payments, (iv) changes in the new tax residency rules, and several other amendments for addressing inconsistencies in respect of certain measures introduced by the Finance Bill, etc.
Our “TaxBuzz” containing a detailed analysis of the amendments to the Finance Bill, 2020 is attached.
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