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    Providing check on survey operations under section 133A of the Act.
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    Provision for e-appeal.
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    Amendment in Dispute Resolution Panel (DRP).
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    Modification of e-assessment scheme.
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    Widening the scope of Commodity Transaction Tax (CTT).
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    Enlarging the scope for tax deduction on interest income under section 194A of the Act.
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    Allowing deduction for amount disallowed under section 43B, to insurance companies on payment basis.
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    Amendment for providing attribution of profit to Permanent Establishment in Safe Harbour Rules under...
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    Allowing carry forward of losses or depreciation in certain amalgamations.
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    Deferring TDS or tax payment in respect of income pertaining to Employee Stock Option Plan (ESOP) of...
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    Exempting non-resident from filing of Income-tax return in certain conditions.
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    Providing an option to the assessee for not availing deduction under section 35AD.
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    Increase in safe harbour limit of 5 per cent. under section 43CA, 50C and 56 of the Act to 10 per ce...
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    NewsBills
    Providing check on survey operations under section 133A of the Act.
    Show AI Summary
    Survey approval requirements: amended hierarchy now mandates higher-level approval before conducting surveys under section 133A.
    Amendment introduces a tiered prior-approval regime for exercise of survey powers: where information is received from a prescribed authority, lower-ranked officers require prior approval from the intermediate supervisory tier; in other cases, officers below the senior administrative tier require prior approval from that senior tier. The change raises the approval threshold in non-prescribed-authority cases and takes effect from the stated effective date.
    NewsBills
    Provision for e-appeal.
    Show AI Summary
    E-appeal scheme to enable faceless electronic appellate proceedings and permit government to modify appellate procedure.
    A proposed insertion to section 250 empowers the Central Government to notify an e-appeal scheme to enable electronic disposal of appeals, eliminate in-person interface between Commissioner (Appeals) and appellants to the extent technologically feasible, optimise resource use through economies of scale and functional specialisation, and introduce an appellate system with dynamic jurisdiction. The power includes directing, by notification, that statutory provisions on jurisdiction and appellate procedure may not apply or may apply with specified exceptions, modifications and adaptations, and requires such notifications to be laid before both Houses of Parliament.
    NewsBills
    Amendment in Dispute Resolution Panel (DRP).
    Show AI Summary
    Dispute Resolution Panel expansion: added non-resident taxpayers can seek DRP review when AO proposes prejudicial assessment variations.
    Amendment expands the Dispute Resolution Panel (DRP) procedure to require the Assessing Officer to forward a draft assessment order when proposing any variation prejudicial to the assessee, permitting the taxpayer to file objections with the DRP whose binding directions govern the AO. The definition of eligible assessee is widened to include non-resident persons other than companies alongside foreign companies and cases with transfer pricing adjustments.
    NewsBills
    Modification of e-assessment scheme.
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    E-assessment scheme expanded to include best-judgement assessments and extend direction power through a temporary sunset period.
    Amendment expands the E-assessment Scheme, 2019 to include best judgement assessment within the scope of the scheme-making power under sub-section (3A) of section 143, and permits the Central Government to issue directions under the provision for a prescribed limited period, effective from the commencement of the stated assessment year.
    NewsBills
    Widening the scope of Commodity Transaction Tax (CTT).
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    Commodity Transaction Tax expansion: new tax coverage for options in goods and derivatives tied to other derivatives.
    Amendments expand the scope of Commodity Transaction Tax (CTT) to include sales of derivatives based on prices or indices of commodity derivatives and sales of an option in goods, and replace "recognised association" with "recognised stock exchange". The proposal allocates CTT liability by product and settlement mode-seller liability for derivatives based on derivatives' prices or indices, purchaser liability for exercised options in goods with different treatment for physical delivery versus non-delivery settlement-and updates statutory definitions, the CTT schedule, and value computation accordingly.
    NewsBills
    Rationalization of tax treatment of employer’s contribution to recognized provident funds, superan...
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    Employer contribution cap to retirement funds: excess employer contributions taxable and related accretions treated as perquisite.
    A combined upper limit is proposed on employer contributions to the National Pension Scheme, superannuation funds and recognized provident funds; employer contributions exceeding the combined cap in a year will be taxable, and annual accretions to the fund relating to such employer contributions shall be treated as a perquisite to the extent included in total income.
    NewsBills
    Widening the scope of section 206C to include TCS on foreign remittance through Liberalised Remittan...
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    Tax Collected at Source expanded to cover overseas remittances, tour packages and sales-based collections with specified exemptions.
    Amendments expand Tax Collected at Source (TCS) under section 206C to require authorised dealers to collect TCS on specified overseas remittances under LRS and sellers to collect TCS on sale of overseas tour packages, both with higher rates for non-PAN/Aadhaar cases and specified exemptions. Separately, sellers with turnover above a prescribed threshold must collect TCS on sale of goods above a set consideration limit, subject to notification-based exemptions and exclusions for certain government and diplomatic entities. Provisions take effect from 1 April 2020.
    NewsBills
    Widening the scope of TDS on E-commerce transactions through insertion of a new section.
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    TDS on e commerce transactions: operators must withhold on gross platform receipts and treat direct payments as operator credits.
    A new provision imposes TDS on e commerce transactions by requiring the e commerce operator to deduct tax on the gross amount of sales or services when credited to or paid to an e commerce participant; direct payments by purchasers are treated as operator payments. Low volume individual and HUF participants who furnish PAN or Aadhaar are exempt from withholding. The provision overrides other TDS liabilities for the same transactions, excludes operator receipts for unrelated advertising services, and includes definitions and consequential amendments to align withholding and procedural provisions.
    NewsBills
    Enlarging the scope for tax deduction on interest income under section 194A of the Act.
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    Tax deduction on interest income: large co-operative societies must withhold tax when turnover and per payee interest exceed specified thresholds.
    The amendment narrows exemptions in section 194A(3) so that a co operative society otherwise exempt under clause (v) or (viia) must deduct tax at source if it exceeds a specified turnover threshold in the preceding year and if the interest credited or paid to a payee in the financial year exceeds specified per payee thresholds, with separate thresholds for senior citizens and others.
    NewsBills
    Reducing the rate of TDS on fees for technical services (other than professional services).
    Show AI Summary
    TDS on technical services adjusted to reduce classification disputes and align withholding with work contract payments.
    To reduce classification disputes and litigation, the law prescribes a reduced withholding rate specifically for fees for technical services (other than professional services), aligning its TDS incidence more closely with that applicable to payments for execution of work contracts; withholding rates for other categories of fees remain unchanged and the amendment takes effect from the commencement date specified in the measure.
    NewsBills
    Allowing deduction for amount disallowed under section 43B, to insurance companies on payment basis.
    Show AI Summary
    Deduction timing for Section 43B: insured business expenses disallowed earlier permitted when actually paid.
    A proviso is proposed to Rule 5 of the First Schedule so that any sum added back under Section 43B in accordance with clause (a) of Rule 5 shall be allowed as a deduction in computing income under the rule in the previous year in which such sum is actually paid; the amendment takes effect from 1 April 2020 and applies to assessment year 2020-21 and onwards.
    NewsBills
    Amendment for providing attribution of profit to Permanent Establishment in Safe Harbour Rules under...
    Show AI Summary
    Attribution to Permanent Establishment now covered in safe harbour rules and advance pricing agreements, providing transfer pricing certainty.
    Amendments expand Safe Harbour Rules to permit acceptance of declared transfer prices that address attribution of profits to a Permanent Establishment, and amend Advance Pricing Agreement provisions to allow APAs to determine or specify the manner of determining such attribution, thereby extending transfer pricing certainty to both safe harbour and APA mechanisms for future and rollback years.
    NewsBills
    Modification of the definition of “business trust”
    Show AI Summary
    Business trust definition modified: listing requirement removed so tax pass-through and regime apply to unlisted trusts.
    The proposal amends clause (13A) of section 2 to remove the requirement that units be listed on a recognised stock exchange for a trust to qualify as a business trust, aligning the income tax definition with SEBI amendments that eliminated mandatory listing for InvITs; under section 115UA such trusts remain subject to taxation rules including pass through treatment for SPV interest and rent and filing and reporting obligations.
    NewsBills
    Allowing carry forward of losses or depreciation in certain amalgamations.
    Show AI Summary
    Carry forward of losses extended to statutory bank and government insurance company amalgamations under specified nationalisation schemes.
    Section 72AA's allowance for carry forward of accumulated losses and unabsorbed depreciation is extended to include amalgamations of corresponding new banks under the Banking Companies (Acquisition and Transfer of Undertakings) Acts and amalgamations of Government companies arising under the General Insurance Business (Nationalisation) Act, with defined terms to be read from those enactments and the extension operating notwithstanding specified exclusions in the Act.
    NewsBills
    Deferring TDS or tax payment in respect of income pertaining to Employee Stock Option Plan (ESOP) of...
    Show AI Summary
    Deferral of TDS on ESOP perquisites allows employers to delay tax deduction until sale or employment cessation.
    Amendments permit eligible start-ups to defer deduction or payment of tax on ESOP perquisites: tax must be deducted or paid within fourteen days of the earliest of (i) expiry of the prescribed post-allotment period, (ii) sale of the specified security or sweat equity share by the employee, or (iii) cessation of employment. Tax is computed using the rates applicable in the financial year when the security or share was allotted or transferred.
    NewsBills
    Exempting non-resident from filing of Income-tax return in certain conditions.
    Show AI Summary
    Non-resident return filing exemption extended to royalty and FTS when withholding tax is applied at prescribed rates.
    A statutory amendment will exempt a non-resident from filing an income-tax return where the non-resident's total income consists solely of dividend or interest, or specified royalty or fees for technical services, provided that withholding tax on such income has been deducted under Chapter XVII-B at rates not lower than the rates prescribed for tax determination under section 115A(1); the amendment takes effect from the stated commencement date and applies to the relevant assessment year and subsequent years.
    NewsBills
    Providing an option to the assessee for not availing deduction under section 35AD.
    Show AI Summary
    Optional 35AD deduction safeguards right to claim depreciation where assessee forgoes the investment allowance under amended rules.
    The amendment makes the 100% capital expenditure deduction under section 35AD optional and restricts the sub section (4) non allowance rule so that other deductions, including normal depreciation, are disallowed only if the section 35AD deduction has been claimed and allowed; the change applies prospectively to the assessment year beginning 1 April 2020.
    NewsBills
    Increase in safe harbour limit of 5 per cent. under section 43CA, 50C and 56 of the Act to 10 per ce...
    Show AI Summary
    Safe harbour threshold for stamp valuation adjustments increased, reducing valuation-driven recharacterisation of consideration for transfers.
    Increase of the safe harbour threshold from five per cent to ten per cent for valuation comparisons where declared consideration for transfer or receipt of immovable property is lower than the stamp valuation authority's value, so that a declared consideration within the safe harbour is treated as the full value for computing capital gains or income from other sources; effective from 1st April, 2021 and applying to the relevant assessment year and subsequent years.
    NewsBills
    Excluding interest paid or payable to Permanent Establishment of a non-resident Bank for the purpose...
    Show AI Summary
    Interest limitation carve-out excludes debt from permanent establishments of foreign banks from interest disallowance under amended rules.
    The amendment provides that the interest limitation will not apply to interest paid in respect of debt issued by a lender which is a permanent establishment of a non-resident engaged in banking in India, thereby carving out loans from branches of foreign banks from the section 94B restriction and avoiding application of the earnings based disallowance to such debt.
    NewsBills
    Amendment of section 194LD of the Act to extend the period of concessional rate of withholding tax a...
    Show AI Summary
    Concessional withholding tax extended and applied to municipal debt, enabling foreign investor interest relief within a renewed operative window.
    Amendment to section 194LD extends the concessional withholding tax regime and applies the concessional rate to interest on municipal debt securities by Foreign Institutional Investors and Qualified Foreign Investors, preserving the reduced TDS rate for eligible interest payments and changing the operative period so that interest paid within the newly prescribed window qualifies for the concession, with the amendment taking effect from the start of the specified fiscal period.

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      Modification of e-assessment scheme.

      1 February, 2020

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      Budget 2020-21 + FINANCE BILL, 2020

      Modification of e-assessment scheme.

      Section 143 of the Act provides the manner for processing and assessment of return of income (ITR) where a return has been made under section 139, or in response to a notice under sub-section (1) of section 142 of the Act.

      2. Sub-section (3A) of section 143 provides that the Central Government may make a scheme, by notification in the Official Gazette, for the purposes of making assessment of total income or loss of the assessee under sub-section (3) of section 143 so as to impart greater efficiency, transparency and accountability by certain means specified therein. Accordingly, E-assessment Scheme, 2019 was notified under sub-section (3A) of Section 143 of the Act.

      3. It is proposed to amend sub-section (3A) of section 143 of the Act to,-

      (i) expand the scope so as to include the reference of section 144 of the Act relating to best judgement assessment in the said sub-section;

      (ii) provide that Central Government may issue any direction under sub-section (3B) of the said section upto 31st March, 2022.

      This amendment will take effect from 1st April, 2020.

      [Clause 69]

       

       

      Budget 2020-21 + FINANCE BILL, 2020

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      ActsIncome Tax
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