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total receipts and total payments made during the year. 15. Overall ceiling of exemption in respect of employers contribution to PF, Superannuation fund and National Pension Scheme restricted time Rs 7.50 lakhs. 16. Survey under section 133A now only with the approval of CIT or DIT. 17. E Appeals system for appeal before CIT(A). 18. E Penalty system before AO. 19. Electricity Generation included as eligible for lower corporate tax rate of 15% under section 115BAB. 20.Due date of filing of Tax Audit report de linked from filing of return . Tax Audit filing by 30th September Return filing by 31st October.

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Revised Quick analysis of Salient Features of Budget 2020-21 by OHO TRADING Tax Rates 1.No change in Tax Rates. Surcharge and Cess to continue as existing. 2.However a new Section 115 BACis being introduced wherby an individual and HUF can opt to pay tax as per new tax rates in case it forgo all exemptions and deductions which include deduction under section 80C of PF, LIP etc., standard deduction, LTC, House Rent Allowance, minor income exemption under section 10(32), interest deduction on Home loan under section 24(b) in respect of self occupied house, deduction under section 57(iia) of 1/3rd of Family Pension and also other deductions available under the act. This option to be exercised while filing return in case onew doesnot have business income. For others optionis required while filing return for asstt year 2021-22 and once exercised it will be irreversible. 3.Dividend Distribution Tax being abolished wef 1.4.2020. Dividend income now to be taxed as normal income in the hands of shareholder. Benefit of section 80M will be available to a company in respect of dividend income received by it during the previous year and distibuted by it, one month before the due date of filing return. No deduction of expenditure against dividend income will be allowed under section 57 except interest which will not exceed 20% of dividend income. 4. All Indian Citizens to be deedmed resident of India if they are not resident of any other country. Accordingly if any Indian is holding Indian passport he needs to establish residential status of othe country if he claims to be a non resident. Such Indian Citizen shall be required to pay tax on global income. 5. Further for the purpose of determining residential status, the number of days for stay in India will be 120 days as against 182 days. For Resident but not ordinary resident now test will be of non resident in 7 out of 10 preceding years as against present condition of 9 out of 10 preceding years. 6. TCS at the rate of 0.1% will be applicable on sale of goods if total sales to one person is more than Rs 50 lakhs by a person having turnover of more than Rs 10 crore. 6. TCS in foreign remittance under LRS exccding Rs 7.00 lakh at the rate of 5%. Also on oversea tour package &5%. 7. TDS on e-commerce payment to e commerce participant at the rate of 1% TDS on FTS reduced under section 194J to 2% 9. Charitable Trust Registration and 80 G exemption to be for 5 years . All existing trust to apply again. 80 G exemption holder to submit annual statement of donation received . Failure to submit such statement fee of Rs 200 per day for each day of default under section271G and penalty of Rs 10000 to Rs 1.00 lakh under new section 271J. 7. Penalty for false entry of invoice or omitted invoice @100% of such transactions under new section 271AAD. 10. Vivad se Vishwash Scheme to reduce litigation. Only tax amount to be paid . Full waiver of interest and penalty . In case of penalty and interest dispute which is not related to income only 25% of such interest and penalty to be paid. In case payment is made after 31.3.2020 the amount to be paid is 110% of tax in dispute and 30% in case of penalty. This will help all taxpayers having issues on penny stock. Share capital etc. to pay just tax and get out of the dispute. Scheme has not been out in public domain but in the Annexure to the budget speech some clarity is coming out. Apparently there is no rider and no exclusion. It should be applicable to all type of defaults and additions. 11. DRP forum not to be limited to TP issues only but to be allowed to non residents for all disputes. 12. Circle rate value adjustment for computing capital gain, sale proceeds and income in the hands of buyer allowed up to 10% of amount paid as against 5% at present. 13. Fair market value of immovable property under section 55 as on 1.4.2001 for computing cost of acquisition not to exceed circle rate value. 14. Tax Audit thresholds increased from Rs 1 crore to Rs 5 crore with a rider that total receipts and total payments in cash should not exceed 5% of such

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