Article discusses Changes in GST Law, Changes in Income Tax Law, Certain benefits have been granted to specified sectors, Changes in Custom Law and Introduction of Agricultural Infrastructure and Development Cess vide Budget-2021 [Finance Bill, 2021]. Following changes has been made in Tax Laws vide Budget-2021 [Finance Bill, 2021]. Changes in GST Law: Vide Finance […]
Budget 2021 Highlights Finance Minister (FM) Nirmala Sitharaman has presented the Union Budget 2021 of India on the 1st of February, 2021. Here are the key Highlights from Budget 2021: ♦ Relief to senior citizen: for 75 years and above: Having only pension and interest income: exemption from filing ITR: Paying banks will do TDS […]
Any activity with respect to goods and services for cash between an organization like Club and its members is constituted as a supply. Also, an Explanation has been inserted to hold that the ‘Organisation’ and its members are two distinct persons under GST.
Government inserted new TDS Section 194Q which will be effective from 01-July-2021, which say Any person, being a buyer who is responsible for paying any sum to any resident (hereafter in this section referred to as the seller) for purchase of any goods of the value or aggregate of such value exceeding fifty lakh rupees in any previous year, shall, at the time of credit of such sum to the account of the seller or at the time of payment thereof by any mode, whichever is earlier, deduct an amount equal to 0.1 per cent. of such sum exceeding fifty lakh rupees as income-tax.
This Income Tax calculator is a very useful tool to calculate tax by using excel only. It contains the rate of Income tax for last 25 financial year (i.e Financial year 1997-98 to 2021-22) and income tax calculator for last 16 years (i.e Financial year 2006-07 to 2021-22) for Individuals (i.e including the rates proposed […]
Notes on Clauses to Finance Bill 2021 Clause 2 read with the First Schedule to the Bill, seeks to specify the rates at which income-tax is to be levied on income chargeable to tax for the assessment year 2021-2022. Further, it lays down the rates at which tax is to be deducted at source during […]
Honourable Speaker, the preparation of this Budget was undertaken in circumstances like never before. We knew of calamities that have affected a country or a region within a country, but what we have endured with COVID-19 through 2020 is sui generis.
Jaypee Powergrid Limited Vs ITO (ITAT Delhi) It is clear upon a perusal of the facts as found by the authorities below that the funds in the form of share capital were infused for the specific purpose of acquiring land and the development of infrastructure. Therefore, the interest earned on funds primarily brought for infusion […]
Finance minister Nirmala Sitharaman provided a major boost to healthcare and infrastructure in Union Budget 2021. However, there was no change in Income Tax slabs this year. FM Nirmala Sitharaman has announced FDI limit in insurance increase to be increased to 74% from now existing 49%. The govt will also launch a Securities Market Code […]
UNION BUDGET 2021 HIGHLIGHTS The analysis of Budget is divided into 2 major categories: (a) Direct Tax (b) MCA, Companies Act, LLP Act. The following are the Key Highlights from the Union Budget 2021, as presented by the Hon’ble Finance Minister. Direct Taxes Vivad Se Viswas Scheme Last Date of filing extended to 28th February, […]
