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Budget 2021

Amendments in Return of Income (ITR) – Finance Act 2021

Income Tax - 1. Section 139(1)(a) explanation has been amended which reads as under: – Explanation 2- In this sub section due date means, – a) Where the assesse is i. A company ii. A person other than company whose accounts are required to be audited under this Act or any other law for the time being in […]...

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Amendment in Charitable Trust- Finance Act 2021

Income Tax - 1. Section 11(1)(d) has been amended which reads as under: – Income in the form of voluntary contribution made with the specific direction that they shall form part of the corpus of the trust or institution subject to the condition that such voluntary contributions are invested or deposited in one or more of the forms […]...

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New Regime of Income Tax Search & Seizure Assessments

Income Tax - In this article, the author has attempted to highlight the significant changes brought in by the virtue of the Finance Act’2021 in context to the Income Tax assessments to be made in pursuance to an Income Tax Search and Seizure Action conducted u/s 132 of the income tax Act’1961 and its implications thereupon....

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Quick Insight of Income-tax implications for Financial Year 2021-22

Income Tax - RBI has recently issued a Circular by which it released Quick Insight of Income-tax implications for Financial Year 2021-22  detailing the various tax implications for the current financial year, in accordance with the amendments made in the Finance Act, 2021. Full Text of the same is as follows:- Finance Act, 2021 The Honourable Finance...

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Analysis of Union Budget 2021-22

Income Tax - On 29 Jan. 2021, the current Budget Session was presented by Prime Minister Narendra Modi to satisfy the political dissidents' desires. To deal with COVID-19 induced lockdowns, several mini-budget-like packages were announced last year....

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80 Union Budget 2021-22 Provisions implemented by Government

Income Tax - Finance Act, 2021 has inserted specific section 89A in the Income-tax Act, 1961 to provide relief to NRI taxpayers who have an issue with respect to their accrued incomes in their foreign retirement accounts due to mismatch in taxation period....

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Recall section 148 issued notice under old law after 31.03.2021

Income Tax - DTPA has made a representation to Finance Minister, Smt. Nirmala Sitharaman and requested for for recalling notices under section 148 issued as per old provisions after 31st March 2021. Full text of their representation is as follows:- DIRECT TAXES PROFESSIONALS’ ASSOCIATION Income Tax Building, 3, Govt. Place West, Ground Floor, K...

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Cabinet approves Amendments to Finance Bill 2021

Income Tax - The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi gives ex-post facto approval for the Government amendments to the Finance Bill, 2021 (enacted on 28th March, 2021 as the Finance Act, 2021). ...

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Budget Session of Parliament adjourns sine die- 18 Bills Passed

Income Tax - The Budget Session, 2021 of Parliament, which commenced on Friday, 29th January 2021, has been adjourned sine die today i.e. Thursday, 25 March 2021....

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Govt proposes 127 amendments to Finance Bill, 2021

Income Tax - The Finance Minister, Smt. Nirmala Sitharaman, has introduced ‘Notice of Amendments’ to the Finance Bill, 2021 in the Lok Sabha on 22rd March 2021. Lok Sabha has passes the finance bill 2021 with all these changes on 23rd March 2021.  127 changes have been proposed to the original Finance Bill, 2021 which was introduced in […]...

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Govt notifies CORRIGENDA to Finance Act, 2021- 9 Mistakes corrected

Notification No. 13 of 2021 - (29/12/2021) - Govt notifies CORRIGENDA to Finance Act, 2021 vide Notification No. 13 of 2021 Dated 29th December, 2021 and issued and rectified mistakes at 9 Places.  MINISTRY OF LAW AND JUSTICE (Legislative Department) New Delhi, the 29th December, 2021/ Pausa 8, 1943 (Saka) CORRIGENDA THE FINANCE ACT, 2021 NO....

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Govt notifies applicability of section 128 of Finance Act, 2021

Notification No. S.O. 2616(E) - (29/06/2021) - MINISTRY OF FINANCE (Department of Financial Services) NOTIFICATION New Delhi, the 29th June, 2021 S.O. 2616(E).—In exercise of the powers conferred by section 128 of the Finance Act, 2021 (13 of 2021) (hereafter in this notification referred to as the said Act), the Central Government hereby appo...

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2nd CORRIGENDA to Finance Act, 2021 (No. 13 of 2021)

CORRIGENDA No. 2 to Finance Act, 2021 (No. 13 OF 2021) - (15/04/2021) - MINISTRY OF LAW AND JUSTICE (Legislative Department) New Delhi CORRIGENDUM Dated: 15th April, 2021 THE FINANCE ACT, 2021 NO. 13 OF 2021 In the FINANCE ACT, 2021 (13 OF 2021), as published in the Gazette of India, Extraordinary, Part II, Section 1, dated the 28th March, 2021, Issue No. 15,— Page No...

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CBIC amends 6 Excise notifications to give effect to Finance Act, 2021

Notification No. 08/2021-Central Excise [G.S.R. 252(E).] - (08/04/2021) - Seeks to amend central excise notification No.28/2002-Central Excise, dated the 13th May, 2002, 11/2017-Central Excise, dated the 30th June, 2017, 10/2018-Central Excise, dated the 2nd February, 2018 , 11/2018- Central Excise, dated the 2nd February, 2018, 12/2018- Central Excise, dated the 2nd Febr...

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CBIC amends 6 Custom notifications to give effect to Finance Act, 2021

Notification No. 26/2021-Customs/G.S.R. 253(E) - (08/04/2021) - Seeks to amend customs notification No. 101/2007–Customs, dated the 11th September, 2007, notification No. 96/2008-Customs, dated the 13th August, 2008, notification No. 57/2009-Customs, dated the 30th May, 2009, notification No. 50/2018-Customs, dated the 30th June, 2018, notification No.11/2...

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Recent Posts in "Budget 2021"

80 Union Budget 2021-22 Provisions implemented by Government

Finance Act, 2021 has inserted specific section 89A in the Income-tax Act, 1961 to provide relief to NRI taxpayers who have an issue with respect to their accrued incomes in their foreign retirement accounts due to mismatch in taxation period....

Read More
Posted Under: Finance | ,

Govt notifies CORRIGENDA to Finance Act, 2021- 9 Mistakes corrected

Notification No. 13 of 2021 29/12/2021

Govt notifies CORRIGENDA to Finance Act, 2021 vide Notification No. 13 of 2021 Dated 29th December, 2021 and issued and rectified mistakes at 9 Places.  MINISTRY OF LAW AND JUSTICE (Legislative Department) New Delhi, the 29th December, 2021/ Pausa 8, 1943 (Saka) CORRIGENDA THE FINANCE ACT, 2021 NO. 13 OF 2021 In the FINANCE ACT, [&hellip...

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Amendments in Return of Income (ITR) – Finance Act 2021

1. Section 139(1)(a) explanation has been amended which reads as under: – Explanation 2- In this sub section due date means, – a) Where the assesse is i. A company ii. A person other than company whose accounts are required to be audited under this Act or any other law for the time being in […]...

Read More
Posted Under: Finance |

Amendment in Charitable Trust- Finance Act 2021

1. Section 11(1)(d) has been amended which reads as under: – Income in the form of voluntary contribution made with the specific direction that they shall form part of the corpus of the trust or institution subject to the condition that such voluntary contributions are invested or deposited in one or more of the forms […]...

Read More
Posted Under: Finance |

Recall section 148 issued notice under old law after 31.03.2021

DTPA has made a representation to Finance Minister, Smt. Nirmala Sitharaman and requested for for recalling notices under section 148 issued as per old provisions after 31st March 2021. Full text of their representation is as follows:- DIRECT TAXES PROFESSIONALS’ ASSOCIATION Income Tax Building, 3, Govt. Place West, Ground Floor, K...

Read More
Posted Under: Finance |

New Regime of Income Tax Search & Seizure Assessments

In this article, the author has attempted to highlight the significant changes brought in by the virtue of the Finance Act’2021 in context to the Income Tax assessments to be made in pursuance to an Income Tax Search and Seizure Action conducted u/s 132 of the income tax Act’1961 and its implications thereupon....

Read More
Posted Under: Finance |

Govt notifies applicability of section 128 of Finance Act, 2021

Notification No. S.O. 2616(E) 29/06/2021

MINISTRY OF FINANCE (Department of Financial Services) NOTIFICATION New Delhi, the 29th June, 2021 S.O. 2616(E).—In exercise of the powers conferred by section 128 of the Finance Act, 2021 (13 of 2021) (hereafter in this notification referred to as the said Act), the Central Government hereby appoints the 30th day of June, 2021 as the [...

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Quick Insight of Income-tax implications for Financial Year 2021-22

RBI has recently issued a Circular by which it released Quick Insight of Income-tax implications for Financial Year 2021-22  detailing the various tax implications for the current financial year, in accordance with the amendments made in the Finance Act, 2021. Full Text of the same is as follows:- Finance Act, 2021 The Honourable Finance...

Read More
Posted Under: Finance |

Analysis of Union Budget 2021-22

On 29 Jan. 2021, the current Budget Session was presented by Prime Minister Narendra Modi to satisfy the political dissidents' desires. To deal with COVID-19 induced lockdowns, several mini-budget-like packages were announced last year....

Read More
Posted Under: Finance |

PLI – Incentivising Food Industry in India

Background: In the Union Budget 2021-22, presented on 1st February 2021, the Finance Minister announced an outlay of INR 1.97 Lakh Crores for the Production-Linked Incentive (PLI) Schemes for 13 key sectors, to create national manufacturing champions and generate employment opportunities for the country’s youth. This means that minimum ...

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Posted Under: Finance |

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