Budget 2020 has proposed to insert Sub-Section 1G and 1H to Section 206C to expand the Scope of TCS for following transactions; A) Foreign remittance through Liberalized Remittance Scheme (LRS)B) Sale of overseas tour packageC) Sale of goods over a limit. Liberalized Remittance Scheme (LRS) - Section 206C (1G) An authorized dealer (AD Bank) receiving an amount or an aggregate of amounts of......

Key Highlights of Section 115BAA The new Section 115BAA has been inserted in the Income Tax Act, 1961for lower corporate tax rate for the domestic companies. Section 115BAA states that all domestic companies have the option to pay corporate tax at a rate of 22% from the FY 2019-20 (AY 2020-21) onwards if such domestic companies adhere to certain conditions specified under this section; Conditi......

What is Consolidated Financial Statements? Consolidated Financial Statements are the "Financial statements of a group in which the assets, liabilities, equity, income, expenses and cash flows of the parent company and its subsidiary companies, associate companies, partnership firms and Limited Liability Partnership (LLP) are presented at group level ", Scope of Consolidated Financial Statements ......

Applicability of Section 90 of Companies Act, 2013 The provision of Section 90 of Companies Act, 2013 is applicable to all the companies irrespective of Pubic Company, Private Company, Listed or Unlisted Company, Small or Section 8 Company. Who is Significant Beneficial Owner (SBO)? Only an individual who acting alone or together, or through one or more persons or trust holds majority stake in......