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 : 1. Section 139(1)(a) explanation has been amended which reads as under: – Explanation 2- In this sub section due date means,...
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...
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 ...
Union Budget 2021 proposes Raising of prescribed limit for exemption under sub-clause (iiiad) and (iiiae) of clause (23C) of section 10 of the Act. Clause (23C) of section 10 of the Act provides for exemption of income received by any person on behalf of different funds or institutions etc. specified in different sub-clauses. Sub-clauses (iiiad) […]
Amendments in CGST, IGST and UTGST Acts, 2017: Amendments carried out in the Finance Bill, 2021 will come into effect from the date when the same will be notified, as far as possible, concurrently with the corresponding amendments to the similar Acts passed by the States and Union territories with Legislature. 1. Reconciliation Statement – […]
The Union Budget 2021-22 was clearly growth focused with sharp increase in capex allocation (up ~26% YoY), and outlining manufacturing as the key pillar for the economy, while rightly allowing for higher fiscal deficit, given the low interest scenario. Union Budget has pegged the current years (FY20-21) fiscal deficit at 9.5% of the Gross Domestic […]
BUDGET HIGHLIGHTS 2021-22 -Voluntary vehicle scrap policy and vehicle fitness test of after 20 years in case of personal vehicle and 15 years in case of commercial vehicle. -The voluntary vehicle scrapping policy aims to remove inefficient vehicles so as to reduce vehicular pollution and oil import bills. -Computation Residential status for one person company, […]
► Key amendments proposed in Central Goods and Services Tax Act, 2017 (‘CGST Act’): -An additional condition inserted in Section 16 to specifically provide that ITC can be availed only if the invoices/ debit notes are furnished by the supplier in its GSTR-1 and such details have been communicated to the recipient as per section […]
A host of measures have been proposed in the Finance Bill 2021, which is targeted to provide relief to both the affordable house buyers as well as the developers of affordable housing projects. These specific and targeted measures would help to boost the activity in the real estate sector. a. Increase in tolerance limit upto […]
Union Budget 2021-Taxability of Interest on various funds where income is exempt Clause (11) of section 10 of the Act provides for exemption with respect to any payment from a provident fund to which the Provident Funds Act, 1925 (19 of 1925) applies or from any other provident fund set up by the Central Government […]
Rates of income-tax in respect of income liable to tax for the assessment year 2022-23 i.e. Financial Year 2021-22 The rates for deduction of income-tax at source from ‘Salaries’ or under section 194P of the Act during the FY 2021-22 and also for computation of ‘advance tax’ payable during the said year in the case […]
Rates of income-tax in respect of income liable to tax for the assessment year 2021-22 i.e. Financial Year 2020-21 In respect of income of all categories of assessee liable to tax for the assessment year 2021-22, the rates of income-tax have either been specified in specific sections (like section 115BAA or section 115BAB for domestic […]
Proposed Rationalisation of the provision concerning withholding on payment made to Foreign Institutional Investors (FIIs) under FInance Bill 2021 Section 196D of the Act provides for deduction of tax on income of FII from securities as referred to in clause (a) of sub-section (1) of section 115AD of the Act (other than interest referred in […]
