Union Budget 2020 introduced good news to Individual tax payers in a different way by offering an optional income tax regime. Against the expectations of Indian tax payers, there is no change in income tax slab rates in Budget 2020. Instead, a new tax regime is introduced if individual tax payer wish to opt for it. New tax regime offers reduced tax rates and it comes with a condition that no exemption or deduction is taken by tax payer
Conclusion of GST Council’s First Meeting – The Department of Revenue, Ministry of Finance vide Notification No. S.O. 2915 (E) – [F.No. 31011/09/2015-SO(ST)] dated 10th September 2016 had appointed.
The Central Government, in the Union Budget 2016, has introduced levy of Krishi Kalyan Cess on the value of taxable service for the purpose of financing and promoting initiatives to improve agriculture.
The above amendment is a sigh of relief for those LLP’s which have not filed their returns with Ministry of Corporate Affairs after closure of their business operations.