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Archive: 06 February 2021

Posts in 06 February 2021

Steps for Minimising Litigation: Faceless tax regime

February 6, 2021 6564 Views 0 comment Print

For the first time in the history of India, the Finance Minister presented a paperless Union Budget for FY 2021-22 through a Made in India tablet. The government also launched a Union Budget app for accessing the budget documents, showing that the Indian government is clearly taking various measures to go digital as much as […]

Budget 2021: TDS on payment towards purchase of goods

February 6, 2021 16560 Views 1 comment Print

Finance Bill 2021 proposes to introduce a new section, 194Q.  Section 194Q of the Income-tax Act, 1961 (‘Act’) would be effective from 1 July 2021.  Section 194Q provides for Deduction of tax at source (‘TDS’) on payment of for purchase of goods.

No tax exemption on Ulips with yearly premium above ₹2.5 lakh

February 6, 2021 2385 Views 0 comment Print

ULIP is a Unit Linked Insurance Policy. Until 31.1.21,all amount received with respect to ULIP on maturity/death/withdrawal is totally exempt u/s 10(10)(D). But in Budget 2021-22, an amendment has been introduced. So following points need to be considered w.e.f.1.2.21: 1. W.e.f.1.2.21 if any person takes a ULIP wherein the total premium for the policy is […]

Professional Approach Towards amendment in GST

February 6, 2021 3024 Views 0 comment Print

Article discusses Proposed Amendment in GST (CGST & IGST) vide Union Budget 2021. CGST Act, 2017 1. Insertion of clause (aa) to Section 7(1): Sec. 7(1)(aa) is sought to be inserted so as to ensure levy of tax on activities or transactions involving the supply of goods or services by any person, other than an […]

Notional interest earned on refundable security deposit is not ‘consideration’ for supply of renting services

February 6, 2021 3453 Views 0 comment Print

The Hon’ble AAAR Karnataka, in the matter of M/s. Midcon Polymers Pvt. Ltd. [Order No. KAR/AAAR/01/2020-21, dated January 11, 2021] held that the property tax paid to the Municipal Authority cannot be deducted from the monthly rental income for arriving at the value of supply of the renting service. However, the notional interest on the […]

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