Budget 2021 - Page 2

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...

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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....

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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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Amendment in Income Tax Act through Finance Act 2021

Tax compliance season for Income Tax Return filing of A.Y. 2021-22 is on the way and thus, it is pertinent to note key amendments made in the Finance Act, 2021 which are applicable with effect from Assessment Year 2021-22. We have discussed some key amendments introduced in the Finance Act, 2021 in this article; which […]...

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Finance Act 2021 Analysis of Certain Provisions [Part 1]

In this document we have discussed the amendment relating to Goodwill, Slump Sale, ULIP and Taxability on Reconstitution/Dissolution of Firm/AOP/BOI.  We believe that you will find the same useful. > Depreciation on Goodwill of Business or Profession: Section Covered – 2(11), 32(1)(ii), 32(1) Explanation 3 (b), 43(6)(c)(ii) Definiti...

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Finance Act 2021 Analysis of Certain Provisions [Part 2]

In this document we have discussed the amendment relating to Tax on Interest earned on PF/RPF, Late Fee on delay filing of Income Tax Return, Liable to Tax viz-a-viz Residential Status, Amendment in Equalization Levy. Under Part 1 we had provided amendment relating to Goodwill, Slump Sale, ULIP and Taxability on assets/stock/money receive...

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Amendments in CGST & IGST Act 2017 by Finance Act, 2021

AMENDMENTS IN CENTRAL GOODS AND SERVICE TAX ACT, 2017,INTEGRATED GOODS AND SERVICE TAX ACT, 2017 AND AND CENTRAL SALES TAX  ACT BY THE FINANCE ACT 2021. The Finance Act 2021 has been passed by both the houses of parliament and the President has given assent on 29.3.2021. The Finance Act 2021 has amended the CGST […]...

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Snapshot of Various Time Limit Prior & after Finance Act 2021

Snapshot of Various Time Limit Prior to Finance Act 2021 and After Finance Act 2021 Finance Act 2021, has brought a series of amendment in the Income Tax Act 1961 making it simple and assessee friendly. With the advancement in technology and introduction of Faceless Assessment, various proceedings under the Act is getting streamlined and ...

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Cabinet approves Amendments to Finance Bill 2021

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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