Tariff Notification No. 13/2021-Customs (N.T.), Dated: 02.02.2021 in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver- Reg MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) NOTIFICATION New Delhi, the 2nd February, 2021 No. 13/2021-CUSTOMS (N.T.) S.O. 489(E).—In exercise of the […]
It was further alleged that the private persons in connivance with 02 then Superintendents of Customs, had indulged in smuggling of gold chains, gold bars and other goods in commercial quantities running into crores of rupees through SVP International Airport, Ahmadabad.
Proposed Rationalisation of the provision concerning withholding on payment made to Foreign Institutional Investors (FIIs) under FInance Bill 2021 Section 196D of the Act provides for deduction of tax on income of FII from securities as referred to in clause (a) of sub-section (1) of section 115AD of the Act (other than interest referred in […]
Exemption of deduction of tax at source on payment of Dividend to business trust in whose hand dividend is exempt Section 194 of the Act provides for deduction of tax at source (TDS) on payment of dividends to a resident. The second proviso to this section provides that the provisions of this section shall not […]
Section 115JB of the Act provides for MAT at the rate of fifteen per cent of its book profit, in case tax on the total income of a company computed under the provisions of the Act is less than the fifteen per cent of book profit. Book profit for this purpose is computed by making […]
Budget 2021- Addressing mismatch in taxation of income from notified overseas retirement fund Representations have been received that there is mismatch in the year of taxability of withdrawal from retirement funds by residents who had opened such fund when they were non-resident in India and resident in foreign countries. At present the withdrawal from such […]
Rationalisation of provisions related to Sovereign Wealth Fund (SWF) and Pension Fund (PF) in Unon Budget 2021 Clause (23FE) of section 10 of the Act provides for the exemption to specified persons from the income in the nature of dividend, interest or long-term capital gains arising from an investment made by it in India. Specified […]
Section 194P Conditional Relaxation for senior citizens who are of the age of 75 year or above from filing return of income-tax under Union Finance Bill 2021/ Budget 2021. Section 139 of the Act provides for filing of return of income. Sub-section (1) of the section provides that every person being an individual, if his […]
Increase in safe harbour limit of 10% for home buyers and real estate developers selling such residential units under Union Budget 2021 to 20% for certain transfer during the period from 12th November, 2020 to 30th June, 2021 Section 43CA of the Act, inter alia, provides that where the consideration declared to be received or […]
Proposed Extension of date of incorporation for eligible start up for exemption and for investment in eligible start-up under Finance Bill 2021 The existing provisions of the section 80-IAC of the Act, inter alia, provides for a deduction of an amount equal to hundred percent of the profits and gains derived from an eligible business […]
