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India: Budget 2020 scheduled for 1 February; electronic payments requirement

India: Budget 2020 scheduled for 1 February

The KPMG member firm in India has prepared reports about the following tax developments (read more at the hyperlinks provided below).

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  • Budget scheduled for 1 February 2020: The India Union Budget for 2020 is scheduled to be presented on 1 February 2020. 
  • Requirement to accept electronic payments: A new income tax rule—section 269SU of the Income-tax Act, 1961—prescribes the electronic modes of payments by taxpayers with sales exceeding INR50 crore. The effective date is 1 January 2020. Read a January 2020 report [PDF 181 KB]
  • Social welfare surcharge must be paid, not debited: The High Court of Madras held that the social welfare surcharge is an independent levy and, accordingly, must be remitted in cash and cannot be discharged by debiting the merchandise exports from India scheme (MEIS) / services export from India scheme (SEIS) scrips.  Read a January 2020 report [PDF 334 KB]
  • Taxpayer failure to deposit tax withheld at source: The Karnataka High Court dismissed a writ petition filed by the taxpayers against prosecution proceedings initiated by the tax department for the company’s failure to deposit tax withheld at source. The case is: Dr. Viloo Patell and Avesthagen Limited. Read a January 2020 report [PDF 321 KB]

 

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