2 Budget 2021

Budget 2021 - Page 3

2nd CORRIGENDA to Finance Act, 2021 (No. 13 of 2021)

CORRIGENDA No. 2 to Finance Act, 2021 (No. 13 OF 2021) 15/04/2021

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 […]...

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Special Provisions for non-filers of income Tax Return (Higher Rates of TDS/TCS)

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-file...

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Posted Under: Income Tax |

CBIC amends 6 Excise notifications to give effect to Finance Act, 2021

Notification No. 08/2021-Central Excise [G.S.R. 252(E).] 08/04/2021

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, ...

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CBIC amends 6 Custom notifications to give effect to Finance Act, 2021

Notification No. 26/2021-Customs/G.S.R. 253(E) 08/04/2021

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, 202...

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CBDT rectifies 10 mistakes in FINANCE ACT, 2021

CORRIGENDA to THE FINANCE ACT, 2021 (No. 13 OF 2021) 06/04/2021

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 […]...

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Analysis of Amendments To The Finance Act 2021

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 […]...

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Posted Under: Income Tax | ,

Income tax changes effective from 1st April 2021

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 […]...

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Small Companies Under Companies Act 2013: Its Benefits/ Privileges

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 […]...

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Posted Under: Income Tax |

Income Tax TDS/TCS Amendments vide Finance Act, 2021

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 [&...

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Applicability of TDS on Purchase of Goods | Section 194Q

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, […]...

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Posted Under: Income Tax |

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