In the current indirect tax regime, GST we already have a system whereby prior stage indirect taxes are taken into account and credit is given for taxes on inputs, and under the IGST Act exports are zero-rated
Finance Act 2021 made an amendment in sub-sections (11) and (12) of section 10 of the Income Tax Act to provide that interest accrued on a provident fund account of any person to the extent it relates to the contribution made by the employee over and above Rs. 2,50,000 (Rs. 5,00,000 in case where employer is not […]
The Lok Sabha has passed the Finance Bill, 2021 on March 23, 2021, with finance minister Nirmala Sitharaman introducing 127 amendments with a view to boost ease of doing business and easing compliance burden. Among the major changes is a tweak in the proposal to tax income on P.F. contribution above Rs. 2.50 lakhs in […]
