Income Tax : The Finance Bill, 2026 clarifies that section 144C timelines govern final assessment orders. Sections 153 and 153B apply only up t...
Income Tax : The Finance Bill, 2026 fixes an incorrect reference in section 393 on TDS for property sales. The correction ensures the ₹50 lak...
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...
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...
Income Tax : Taxation on Income from Virtual Digital Assets i.e. Crypto/ Crypto Currency (Effective for the AY 2023-24) These are specific se...
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...
Income Tax : DTPA has made a representation to Finance Minister, Smt. Nirmala Sitharaman and requested for for recalling notices under section...
Income Tax : The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi gives ex-post facto approval for the Government amendments to ...
Finance : The Budget Session, 2021 of Parliament, which commenced on Friday, 29th January 2021, has been adjourned sine die today i.e. Thur...
Income Tax : The Finance Minister, Smt. Nirmala Sitharaman, has introduced ‘Notice of Amendments’ to the Finance Bill, 2021 in the Lok Sabh...
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...
Finance : Govt notifies CORRIGENDA to Finance Act, 2021 vide Notification No. 13 of 2021 Dated 29th December, 2021 and issued and rectified ...
Finance : MINISTRY OF FINANCE (Department of Financial Services) NOTIFICATION New Delhi, the 29th June, 2021 S.O. 2616(E).—In exercise of ...
Income Tax : MINISTRY OF LAW AND JUSTICE (Legislative Department) New Delhi CORRIGENDUM Dated: 15th April, 2021 THE FINANCE ACT, 2021 NO. 13 OF...
Excise Duty : Seeks to amend central excise notification No.28/2002-Central Excise, dated the 13th May, 2002, 11/2017-Central Excise, dated the ...
The Union Budget 2021-22 has brought out numerous enablers and catalysts which the AYUSH Sector can tap, and taken together, they place the Sector on a sustainable path of growth, according to a panel of experts who interpreted the Budget for the AYUSH Sector recently.
As the day progresses we professionals are going through lot of GST amendments, circulars, notifications etc .and yet we are finding it how to make it good and simple tax for our clients .In this budget, the main focus of government was to collect tax overruling all previous supreme court judgments or high courts judgements. […]
CHANGE IN PROVISION OF GOODS AND SERVICE TAX 1. A new clause proposed to inserted for availment of Input tax Credit (ITC). The input tax credit on invoice or debit note can be availed only if supplier furnish in statement of outward supplies i.e. GSTR 1. 2. Mandatory requirement of getting annual accounts audited and […]
Capping of interest on PF to disincentivise, demotivate & discourage savings & investment in PF The Finance Bill 2021 has introduced capping of tax free interest on PF above the contribution of 2.5 lacs in a financial year. In simple words it implies that if an assessee contributes more than Rs. 2.5 lakh in any […]
It is stated that proviso to sub-section (1) of Section 50 of the Central Goods and Service Tax, 2017 (CGST Act, 2017) is sought to be amended to substitute retrospectively with effect from the 1’st July, 2017, vide Clause 103 of Finance Bill, 2021, so as so as to charge interest on net cash liability […]
Tax Deducted at Source (TDS) under section 194-Q at 0.10% shall be applicable on aggregate Purchases over & above Rs 50 Lacs from a Supplier in India in a financial year.
Budget 2021 has brought cheers to many in the business & professional world. Sensex started rising even before budget from 29th Jan 2021 & gained 4,446 points and achieved it’s peak to 50,731 as on 05th Feb 2021. In fact IMF already projected 11.5 % growth for India before Budget as on 26th Jan 2021. […]
As On 1st Feb, 2021 and much to the expectation of all, our finance minister has infused capital expenditure much needed for the development. As much in a budget for income tax there was no change in slab rates as well as introduction of any covid cess which are doing rounds in social media. But […]
1. Amendments in Goods and Service Tax 1.1. Introduction: 1.1.1. A King/Ruler is the one who creates and acquires wealth, protects and distributes it for common good – is the opening statement for Part B of the Budget Speech. The instant changes are replica of the same. The changes have assured a full stop to […]
The Finance Minister has introduced the Union Budget 2021 (‘Budget’) in the Parliament amidst the panic and upheaval caused to the society globally by the pandemic. All governments have had to grapple with the human and economic havoc. The Budget aims to increase public spending to steer the economy from its worst contraction in decades.
