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 ...
It is submitted that Section 7(1)(aa) is sought to be inserted retrospectively with effect from the 1’st July, 2017, vide Clause 99 of Finance Bill, 2021, so as to ensure levy of tax on ‘activities or transactions involving the supply of goods or services by any person, other than an individual, to its members or […]
Section 206AB and Section 206CCA – Special provision for deduction of tax at source (TDS) and collection of tax at source (TCS) for non-filers of income Tax Return at Higher Rates The new section 206AB and 206CCA are proposed to be inserted in the Income Tax Act, 1961 (“Act”) by the Finance Bill, 2021. The […]
There is a lot of confusion on the issue of taxability of interest on PF (Provident fund) on employee’s contribution in excess of Rs 2,50,000 P.A w.e.f FY 2021-22. Before going in to that let’s have a relook into the provisions brought by the Finance Bill 2021. “Taxability of Interest on various funds where income […]
The statement from the India Finance Minister about the Budget 2021 to be an exceptional one which India has not seen in past 100 years; had made all the business community and society at large expect it to be an optimistic one that would revive the Indian economy and boost the India growth story. And […]
Budget 2021- Taxation of proceeds of high premium unit linked insurance policy (ULIP) Clause (10D) of section 10 of the Act provides for the exemption for the sum received under a life insurance policy, including the sum allocated by way of bonus on such policy in respect of which the premium payable for any of […]
GST Law came into effect from 1st July, 2017 and over the period of around 3 years it has undergone some major changes to simplify the interpretation and working of the Law. As the Law is new, changes are made to avoid difficulty in its enforcement and have a seamless tax system and flow of […]
Article explains Proposed GST Amendments under Finance Bill 2021. These amendments include GST on The activities or transactions, by a person, other than an individual, to its members or constituents or vice versa, for cash, deferred payment or other valuable consideration, New section 16(2)(aa), Omission of Requirement of GST Audit, Amendment of Section 44 of […]
Budget 2021- Rationalisation of the provision relating to processing of returned income and issuance of notice under sub-section (2) of section 143 of the Act The existing provisions of clause (a) of sub-section (1) of section 143 of the Act provides that at the time of processing of return of income made under section 139, […]
Section 2 of the Act provides the definitions for the purposes of the Act. Clause (11) of the said section defines―block of assets‖ to mean a group of assets falling within a class of assets comprising, tangible assets, being buildings, machinery, plant or furniture and intangible assets, being know-how, patents, copyrights, trade-marks, licences, franchises or […]
Budget 2021 – Section 281B of the Act contains provisions which provide that in cases of assessment or reassess-ment the Assessing Officer may provisionally attach any property of the assessee, if necessary, in order to protect the interest of revenue. This can be done only with prior approval of Pr. Chief Commissioner or Pr Director […]
