Budget 2021

Changes in taxability of Partnership firms – Section 45(4) & 9B (Part-1)

Income Tax - Recent change in Finance Act 2021 in Section 45(4) and Section 9B will have far reaching impact on taxability of firm and other specified entities. We through, a series of articles, wish to discuss various issues. Reconstitution of Specified Entity – Firm, AOP, BOI- Liable for tax u/s 45(4) and 9B of ITA -Will impact […]...

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Consequence for failure to deduct/collect or payment of tax

Income Tax - Consequence for failure to deduct/collect or payment of tax – Computation of interest Section 201 of the of the Act deals with the consequences of persons who fail to deduct tax or after deducting, fail to deposit the same to the credit of the Central Government. Sub-section (1A) of the said section provides that if […]...

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Taxation on Income from Virtual Digital Assets i.e. Crypto/ Crypto Currency

Income Tax - Taxation on Income from Virtual Digital Assets i.e. Crypto/ Crypto Currency (Effective for the AY 2023-24)  These are specific sections i.e., 2(47A), 115BBH, & 194S are proposed to be inserted under Income-tax Act by Finance bill 2022-23 to tackle the taxation issues relating to the transactions of Virtual Digital Assets (VDA) i.e., ...

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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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105 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"

Changes in taxability of Partnership firms – Section 45(4) & 9B (Part-1)

Recent change in Finance Act 2021 in Section 45(4) and Section 9B will have far reaching impact on taxability of firm and other specified entities. We through, a series of articles, wish to discuss various issues. Reconstitution of Specified Entity – Firm, AOP, BOI- Liable for tax u/s 45(4) and 9B of ITA -Will impact […]...

Read More
Posted Under: Custom Duty |

Consequence for failure to deduct/collect or payment of tax

Consequence for failure to deduct/collect or payment of tax – Computation of interest Section 201 of the of the Act deals with the consequences of persons who fail to deduct tax or after deducting, fail to deposit the same to the credit of the Central Government. Sub-section (1A) of the said section provides that if […]...

Read More
Posted Under: Custom Duty |

Taxation on Income from Virtual Digital Assets i.e. Crypto/ Crypto Currency

Taxation on Income from Virtual Digital Assets i.e. Crypto/ Crypto Currency (Effective for the AY 2023-24)  These are specific sections i.e., 2(47A), 115BBH, & 194S are proposed to be inserted under Income-tax Act by Finance bill 2022-23 to tackle the taxation issues relating to the transactions of Virtual Digital Assets (VDA) i.e., ...

Read More
Posted Under: Custom Duty |

105 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: Custom Duty | ,

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: Custom Duty |

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: Custom Duty |

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...

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Posted Under: Custom Duty |

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....

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Posted Under: Custom Duty |

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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