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 ...
MINISTRY OF LAW AND JUSTICE (Legislative Department) New Delhi CORRIGENDUM Dated: 15th April, 2021 THE FINANCE ACT, 2021 NO. 13 OF 2021 In the FINANCE ACT, 2021 (13 OF 2021), as published in the Gazette of India, Extraordinary, Part II, Section 1, dated the 28th March, 2021, Issue No. 15,— Page No. Line(s) No. For […]
Section 206AB:– Special provision for deduction of TDS for non-filers of income Tax Return at Higher Rates (Sec-51 of Finance Bill:-After section 206AA of the Income-tax Act, the following section shall be inserted with effect from the 1st day of July, 2021) Section 206CCA:– Special provision for collection of TCS for non-filers of income Tax […]
Seeks to amend central excise notification No.28/2002-Central Excise, dated the 13th May, 2002, 11/2017-Central Excise, dated the 30th June, 2017, 10/2018-Central Excise, dated the 2nd February, 2018 , 11/2018- Central Excise, dated the 2nd February, 2018, 12/2018- Central Excise, dated the 2nd February, 2018 and 13/2018- Central Excise, dated the 2nd February, 2018 to make […]
Seeks to amend customs notification No. 101/2007–Customs, dated the 11th September, 2007, notification No. 96/2008-Customs, dated the 13th August, 2008, notification No. 57/2009-Customs, dated the 30th May, 2009, notification No. 50/2018-Customs, dated the 30th June, 2018, notification No.11/2021-Customs, dated the 1st February, 2021 and notification No.13/2021-Customs, dated the 1st February, 2021to make changes consequential to enactment […]
MINISTRY OF LAW AND JUSTICE (Legislative Department) New Delhi, the 6th April, 2021 CORRIGENDA THE FINANCE ACT, 2021 No. 13 OF 2021 In the FINANCE ACT, 2021 (13 OF 2021), as published in the Gazette of India, Extraordinary, Part II, Section 1, dated the 28th March, 2021, Issue No. 15,— Page No. Line(s) No. For […]
INCOME TAX ♦ Income Tax Rates There is no change in the Rates of Income Tax for the AY 2022-23. . ♦ TDS and TCS Rates- No Further COVID Relief TDS and TCS Rates had been reduced by 25% during FY 2020-21 due to COVID-19. However, with effect from 1st April 2021, original TDS and […]
New financial year has begun and with this certain new income tax rules have come into effect. Let us discuss the changes applicable to individual tax payers related to Option to choose from Two tax regimes, Reduced period for filing the belated ITR or for revising your filed ITR, Inclusion of dividend income in ITR […]
In The Union Budget 2021, the Finance Minister Nirmala Sitharaman had proposed a major change in companies Act, which is related with Status of Small companies, which is being determined by its capital and turnover. Hence, in the budget, the limits of paid up capital and turnover had been raised from the existing, ruining lakhs […]
Amendments in TDS/TCS as notified vide Finance Act, 2021 as passed by Lok Sabha/Rajya Sabha and Assented by Hon’ble President on 28th March 2021: Hello readers, AS we know TDS /TCS proposals in Finance Bill 2021 notified on 23.03.2021. Let us understand in very simplified manner- Amendment in Section 194 – Exemption from TDS on […]
Extract of section 194Q from Finance Act, 2021 54. Insertion of new section 194Q. After section 194P of the Income-tax Act, the following section shall be inserted with effect from the 1st day of July, 2021, namely:–– Deduction of tax at source on payment of certain sum for purchase of goods. ‘194Q. (1) Any person, […]
