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Budget 2021

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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 sp...

February 15, 2022 16185 Views 0 comment Print

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 t...

February 1, 2022 4725 Views 0 comment Print

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 se...

February 1, 2022 5370 Views 7 comments Print

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,...

August 3, 2021 9123 Views 0 comment Print

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 spec...

August 3, 2021 19188 Views 0 comment Print


Latest News


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 iss...

January 25, 2022 16749 Views 0 comment Print

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...

July 5, 2021 21126 Views 3 comments Print

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 ...

April 20, 2021 1656 Views 1 comment Print

Budget Session of Parliament adjourns sine die- 18 Bills Passed

Finance : The Budget Session, 2021 of Parliament, which commenced on Friday, 29th January 2021, has been adjourned sine die today i.e. Thur...

March 26, 2021 777 Views 0 comment Print

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 Sabh...

March 24, 2021 50859 Views 1 comment Print


Latest Notifications


CBIC notifies amendment in section 16 of CGST Act 2017 wef 01st October 2023

Goods and Services Tax : Learn about the provisions of section 123 of the Finance Act 2021 and the amendment of section 16 of CGST Act 2017. Effective date...

July 31, 2023 14931 Views 0 comment Print

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

Finance : Govt notifies CORRIGENDA to Finance Act, 2021 vide Notification No. 13 of 2021 Dated 29th December, 2021 and issued and rectified ...

December 29, 2021 948 Views 0 comment Print

Govt notifies applicability of section 128 of Finance Act, 2021

Finance : MINISTRY OF FINANCE (Department of Financial Services) NOTIFICATION New Delhi, the 29th June, 2021 S.O. 2616(E).—In exercise of ...

June 29, 2021 2703 Views 0 comment Print

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

Income Tax : MINISTRY OF LAW AND JUSTICE (Legislative Department) New Delhi CORRIGENDUM Dated: 15th April, 2021 THE FINANCE ACT, 2021 NO. 13 OF...

April 15, 2021 3501 Views 0 comment Print

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

Excise Duty : Seeks to amend central excise notification No.28/2002-Central Excise, dated the 13th May, 2002, 11/2017-Central Excise, dated the ...

April 8, 2021 993 Views 0 comment Print


Latest Posts in Budget 2021

CBIC notifies amendment in section 16 of CGST Act 2017 wef 01st October 2023

July 31, 2023 14931 Views 0 comment Print

Learn about the provisions of section 123 of the Finance Act 2021 and the amendment of section 16 of CGST Act 2017. Effective date: October 1, 2023.

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

February 15, 2022 16185 Views 0 comment Print

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 […]

Consequence for failure to deduct/collect or payment of tax

February 1, 2022 4725 Views 0 comment Print

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 […]

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

February 1, 2022 5370 Views 7 comments Print

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., Crypto Currencies. Summary […]

105 Union Budget 2021-22 Provisions implemented by Government

January 25, 2022 16749 Views 0 comment Print

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.

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

December 29, 2021 948 Views 0 comment Print

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, […]

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

August 3, 2021 9123 Views 0 comment Print

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 […]

Amendment in Charitable Trust- Finance Act 2021

August 3, 2021 19188 Views 0 comment Print

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 […]

Recall section 148 issued notice under old law after 31.03.2021

July 5, 2021 21126 Views 3 comments Print

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, Kolkata 700001 Ph 033-22420638 Ref. No. – DTPA/Rep/21-22 Date: 5th July, 2021 URGENT To, […]

New Regime of Income Tax Search & Seizure Assessments

June 30, 2021 50778 Views 1 comment Print

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.