Greetings! We are pleased to send you a copy of THE NEWSFLASH on “Corporate Tax Rate Cut- Fine Print Analysis” As a major step to revive India Inc. and to give impetus to the growth rate, the Finance Minister has announced a Corporate Tax rate cut along with several other fiscal benefits.

• Domestic companies have been given an option to pay income tax at the rate of 22%, provided, they do not avail any incentive/exemption offered under the Income Tax Act.
• New manufacturing domestic companies have been given an option to pay tax at the rate of 15 per cent, if they forego all incentives/exemptions available to them under the Act and commence commercial production on or before 31st March, 2023.
• Domestic companies, whether manufacturing units or otherwise, which have not opted for concessional tax rate can continue to avail exemptions and incentives offered under the Income Tax Act, have to pay MAT at a reduced rate of 15 per cent (existing 18.5%). 
• Companies that have made public announcement of buy-back before 5th July, 2019 have been exempted from the payment of buy-back tax.
• Enhanced surcharge shall not be apply on capital gains arising on sale of equity share in a company or a unit of an equity oriented fund or a unit of a business trust liable for securities transaction tax, in the hands of an individual, HUF, AOP, BOI and AJP
• Enhanced surcharge shall also not be applicable to capital gains arising on sale of any security including derivatives, in the hands of FPIs.

It is indeed a laudable and timely step by the Government to arrest the slowdown and give the much-needed push to set the Indian Economy on the track to becoming a 5 trillion economy by 2024! NEWSFLASH_ Corporate Tax Rate Cut- Fine Print Analysis

Greetings! The Department for Promotion of Industry and Internal Trade (DPIIT) has recently notified the decisions to relax FDI norms in sectors such single-brand retail trading, contract manufacturing, Digital media and Coal Mining. With a view to further liberalise and simplify FDI Policy and attract more foreign investment in India and in order to provide greater flexibility and ease of operations for foreign entities, Government of India has approved proposal for review of FDI in the above mentioned sectors. We are pleased to send you a copy of THE NEWSFLASH on “Government notifies changes in single brand retail and select sectors for FDI” Hope you will find it useful and informative. NEWSFLASH – Government notifies changes in single brand retail and select sectors for FDI

Greetings! We are pleased to send you a copy of THE NEWSFLASH on recent updates from Litigation perspective

• Prosecution procedure streamlined
• Compounding conditions relaxed
• E-assessment scheme launched

Prosecution procedure streamlined CBDT has issued guidelines for streamlining the prosecution procedure for identifying and examining the cases for initiating prosecution for offences under Income-Tax Act 1961 (‘the Act’). The Circular provides for two-layer procedure in the following categories of offences: Failure to pay TDS / TCS to the credit of the Government – Section 276B and 276BB of the Act Wilful attempt to evade tax etc. – Section 276C (1) of the Act Failure to furnish returns of income – Section 276CC of the Act Compounding conditions relaxed CBDT, in relation to past offences, has relaxed the condition of filing of compounding application within 12 months in a case where compounding application has to be filled before the Competent Authority on or before 31 December 2019. The Circular allows filing of compounding application with relaxed time limit in all cases where: Prosecution proceedings are pending before any court of law for more than 12 months; or Compounding application filed was withdrawn by the applicant solely for the reason that such application was filed beyond 12 months; or There was rejection of compounding application for an offence on account of technical reasons. However, this relaxation shall not be available in respect of offences which are not compoundable under the Current Guidelines. E-assessment scheme In order to bring transparency in the assessment procedures and provide a hassle-free tax environment to the taxpayers, the government has notified the e-assessment scheme, 2019, which shall come into force from September 12, 2019. The proposed scheme encompasses multiple nodal units such as national e-assessment centres along with regional centres, assessment units, verification unit, technical unit and review units. All the communications among the nodal units shall be carried out through the national e-assessment Centre via electronic mode only. Electronic records shall be authenticated by the originator by affixing his/her digital signature and also encompass the use of electronic authentication technique. Moreover, the government has emphasized that a person shall not be required to be personally present in relation to any proceeding under this scheme It shall be pertinent to note that the Centre may at any point of assessment transfer the case to the Assessing Officer having jurisdiction over such case. Hope you will find it useful and informative. NEWSFLASH – Litigation Update