"04 February 2021" Archive

Taxation of proceeds of high premium ULIP

Budget 2021- Taxation of proceeds of high premium unit linked insurance policy (ULIP) Clause (10D) of section 10 of the Act provides for the exemption for the sum received under a life insurance policy, including the sum allocated by way of bonus on such policy in respect of which the premium payable for any of […]...

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Posted Under: Income Tax |

Key Changes in GST Law: Budget 2021

GST Law came into effect from 1st July, 2017 and over the period of around 3 years it has undergone some major changes to simplify the interpretation and working of the Law. As the Law is new, changes are made to avoid difficulty in its enforcement and have a seamless tax system and flow of […]...

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Posted Under: Income Tax |

Proposed GST Amendments under Finance Bill 2021

Article explains Proposed GST Amendments under Finance Bill 2021. These amendments include GST on The activities or transactions, by a person, other than an individual, to its members or constituents or vice versa, for cash, deferred payment or other valuable consideration, New section 16(2)(aa), Omission of Requirement of GST Audit,  Am...

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Posted Under: Income Tax |

Processing of Returned income & issuance of Section 143(2) notice

Budget 2021- Rationalisation of the provision relating to processing of returned income and issuance of notice under sub-section (2) of section 143 of the Act The existing provisions of clause (a) of sub-section (1) of section 143 of the Act provides that at the time of processing of return of income made under section 139, […]...

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Posted Under: Income Tax |

Depreciation on Goodwill

Section 2 of the Act provides the definitions for the purposes of the Act. Clause (11) of the said section defines―block of assets‖ to mean a group of assets falling within a class of assets comprising, tangible assets, being buildings, machinery, plant or furniture and intangible assets, being know-how, patents, copyrights, trade-mar...

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Posted Under: Income Tax |

Provisional Income Tax attachment in Fake Invoice cases

Budget 2021 – Section 281B of the Act contains provisions which provide that in cases of assessment or reassess-ment the Assessing Officer may provisionally attach any property of the assessee, if necessary, in order to protect the interest of revenue. This can be done only with prior approval of Pr. Chief Commissioner or Pr Directo...

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Posted Under: Income Tax |

Impact of Union Budget 2021 on One Person Company (OPC)

Future is with One Person Company (OPC): Impact of Union Budget 2021-22 on One Person Company (OPC) Hon’ble Finance Minister proposed several tax and regulatory changes by the Union Budget with a focus on infrastructure development. This budget comes immediate following the covid-19 pandemic, so aim of the budget seems to shoring up the...

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Posted Under: Income Tax |

Highlights of Budget 2021-22

As we all are aware that the Budget for 2021-22 was announced on 1st February 2021. Here is the complete compilation of all major amendments. 1. Income Tax Act For Individual Taxpayers a) There is no change in Tax Rates. b) Exemption for LTC Cash scheme – Section 10(5) Due to COVID 19, many individuals […]...

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Posted Under: Income Tax |

Endeavours To Prohibit Insider Trading

Concept of Insider Trading If a person overhears material information from employees of the Company. As long as he has no connection with such employees, cannot regarded as Insider Trading. Mere Communication of Appointment or Removal of few directors or employees of the Company which does not affect the price and worth of the securities ...

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Posted Under: Income Tax |

Maharashtra Profession Tax- Govt amends FORM IIIB

Notification No. PFT-1221/C.R. 2/Taxation-3 (04/02/2021)

FINANCE DEPARTMENT Madam Cama Marg, Hutatma Rajguru Chowk, Mantralaya, Mumbai 400 032, Dated the 4th February 2021. NOTIFICATION THE MAHARASHTRA STATE TAX ON PROFESSIONS, TRADES, CALLINGS AND EMPLOYMENTS ACT, 1975. No. PFT-1221/C.R. 2/Taxation-3.— Whereas the Government of Maharashtra is satisfied that circumstances exist which render i...

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