Today Finance bill 2020 being passed in Lok sabha and now only present approval pending.
following are the new changes.
following are the new changes.
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Section
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Amendments.
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13A
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Inserted Director General of Income Tax &
Principal General of Income tax. It means investigation commissioner have granted power in case of
trust.
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6
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Applicable to Indian
Origin person having income more than 15 Lakhs.
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11
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Inserted Trust
cannot accept corpus fund and applicable from 01.06.2020.
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10(34)
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Dividend income is
exempt if DDT paid
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80M
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Deduction for
dividend received from any domestic, foreign and trust.
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194K
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TDS not applicable on capital gain
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194N
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Change in rules of
cash withdrawl from bank
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206C
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Foreign tour
package- limit of 7 lakhs and
applicable from 01.10.2020. Further
TDS rate will be 1 ½ % in case of payment from education loan u/s 80E.
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206C
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No TCS on export of
goods.
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