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Budget 2021 rationalises provisions of Equalisation Levy

February 4, 2021 9249 Views 0 comment Print

Under section 165A of Finance Act, 2016, as inserted by section 153 of the Finance Act, 2020, Equalisation Levy is to be levied at the rate of two per cent. of the amount of consideration received or receivable by an e-commerce operator from e-commerce supply or services made or provided or facilitated, by it- (i) […]

Budget 2021- Rationalises provision of slump sale

February 4, 2021 3609 Views 1 comment Print

Section 50B of the Act contains special provision for computation of capital gains in case of slump sale. Sub-section (42C) of section 2 of the Act defines ‘slump sale’ to mean the transfer of one or more undertakings as a result of sale for lump sum consideration without value being assigned to individual assets and […]

Transfer of capital asset to partner on dissolution or reconstitution

February 4, 2021 7089 Views 2 comments Print

Budget 2021- Rationalisation of provision of transfer of capital asset to partner on dissolution or reconstitution The existing provisions of section 45 of the Act inter alia, provides that any profits or gains arising from the transfer of a capital asset shall be chargeable to income-tax under the head Capital gains and shall be deemed […]

Budget eliminate possibility of double deduction to Charitable Trust & Institutions

February 4, 2021 1971 Views 0 comment Print

Budget 2021 – Rationalisation of the provision of Charitable Trust and Institutions to eliminate possibility of double deduction while calculating application or accumulation Exemption to funds, institutions, trusts etc. carrying out religious or charitable activities is provided under clause (23C) of section 10 of the Act and sections 11 and 12 of the Act. Section […]

Adjudicating authority under the PBPT Act

February 4, 2021 5604 Views 1 comment Print

Section of the 71 of the Prohibition of Benami Property Transactions Act (PBPT)  Act, inter alia, provides that the Central Government may, by notification, provide that until the Adjudicating Authorities are appointed and the Appellate Tribunal is established under the PBPT Act, the Adjudicating Authority appointed under sub-section (1) of section 6 of the Prevention […]

SEBI (Mutual Funds) (Amendment) Regulations, 2021

February 4, 2021 3231 Views 0 comment Print

1. These Regulations may be called the Securities and Exchange Board of India (Mutual Funds) ( Amendment) Regulations, 2021. 2. They shall come into force on 30th day from the date of their publication in the Official Gazette.

Waiver of Late fees on account of system down for Budget Update– reg

February 4, 2021 918 Views 0 comment Print

Late fees imposable in terms of Bill of Entry (Forms) Amendment Regulations, 2017 vide Notification No. 27/2017-Customs (N.T) dated 31.03.2017 is hereby waived off in respect of Bills of Entry, filed belatedly, which pertains to IGMs filed on 01.02.2021 and 02.02.2021.

Reduction of time limit for completing Income Tax assessment

February 4, 2021 18507 Views 0 comment Print

Budget 2021- Section 153 of the Act contains provisions in respect of time-limit for completion of assessment, reassessment and re-computation under the Act. The sub-section (1) of the said section provides that the time-limit for passing an assessment order under section 143 or 144 of the Act shall be 21 months from the end of […]

Discontinuance of Income-tax Settlement Commission

February 4, 2021 7362 Views 0 comment Print

Budget 2021- It is proposed to discontinue Income-tax Settlement Commission (ITSC) and to constitute Interim Board of settlement for pending cases. The various amendments proposed are as under: ITSC shall cease to operate on or after 1st February, 2021 No application under section 245C of the Act for settlement of cases shall be made on […]

Allowing prescribed authority to issue section 142(1)(i) notice

February 4, 2021 2706 Views 0 comment Print

Budget 2021- Allowing prescribed authority to issue notice under clause (i) of sub-section (1) of section 142 Section 142 of the Act provides for conduct of inquiry before assessment. Clause (i) of sub section (1) of the said section gives the Assessing Officer the authority to issue notice to an assessee, who has not submitted […]

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