Budget

Analysis of Union Budget 2021-22

Finance - 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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Countrywise Withholding tax rates / Chart as per DTAA

Finance - Country wise Withholding tax rate on Dividend (not being covered under Section 115-O), Interest, Royalty and Fee for Technical Services ...

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Amendment in Income Tax Act through Finance Act 2021

Finance - 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]

Finance - 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]

Finance - 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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Cabinet approves Amendments to Finance Bill 2021

Finance - 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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Budget Session of Parliament adjourns sine die- 18 Bills Passed

Finance - The Budget Session, 2021 of Parliament, which commenced on Friday, 29th January 2021, has been adjourned sine die today i.e. Thursday, 25 March 2021....

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Govt proposes 127 amendments to Finance Bill, 2021

Finance - The Finance Minister, Smt. Nirmala Sitharaman, has introduced ‘Notice of Amendments’ to the Finance Bill, 2021 in the Lok Sabha on 22rd March 2021. Lok Sabha has passes the finance bill 2021 with all these changes on 23rd March 2021.  127 changes have been proposed to the original Finance Bill, 2021 which was introduced in […]...

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Lok Sabha Passes Finance Bill 2021 (Read Parliament Proceedings)

Finance - The Finance Bill, 2021 was passed in the Lok Sabha on 23rd March 2021. The salient features of the bill include: – Reduced compliance burden for senior citizens of age 75 years & above -Tax incentives for Affordable Housing and Affordable Rental Housing -Reduction in Time Limits of Re-opening of Assessment -Setting up of Dispute...

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Haryana Budget 2021 focuses on Health, Agriculture & infrastructure

Finance - Haryana Govt. Presents Rs 1.55 lakh Cr. Budget for the 2021 -22 Fiscal Year. Health, Agriculture, and infrastructure Are the Key Priority Areas Haryana government proposed Rs 1.55 lakh crore budget for the 2021-22 fiscal year on Friday. In the budget, the government kept health, agriculture, and infrastructure in the key priority areas in...

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Plea in Madras HC on Penalty on CAs for Filing Wrong Information- Section 271J

V. Venkata Siva Kumar Vs The Union of India (Madras High Court) - A petition has been filed in the Madras High Court challenging the section 271J of the Income Tax Act inserted vide Finance Act 2017. Madras High Court has admitted the plea and issued notice to Finance Ministry.Section 271J of Income Tax imposed a penalty of Rs. 10,000 on Chartered Accountants fo...

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In all cases where additional evidence is admitted, the CIT (A) should be considered to have exercised his powers u/s 250(4) is not acceptable

ACIT Vs. M/s Vimlesh Industries Pvt. Ltd. (ITAT Delhi) - U/s 250(4), the CIT (A) has the power to direct enquiry and call for evidence from the assessee. Under Rule 46A, the assessee has the right to ask for the admission of additional evidence. If the CIT (A) exercises his powers u/s 250(4) to call for additional evidence, the AO need not be given an opp...

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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...

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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 Febr...

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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.11/2...

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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. Li...

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Govt notifies Amendments to Industrial Development Bank (Transfer of Undertaking and Repeal) Act, 2003

Notification No. S.O. 1420(E) - (31/03/2021) - In exercise of the powers conferred by section 164 of the Finance Act, 2021 (13 of 2021), the Central Government hereby appoints the 1st day of April, 2021 as the date on which the provisions of Part XIII of Chapter VI of the said Act shall come into force....

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Recent Posts in "Budget"

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....

Read More
Posted Under: Corporate Law |

Countrywise Withholding tax rates / Chart as per DTAA

Country wise Withholding tax rate on Dividend (not being covered under Section 115-O), Interest, Royalty and Fee for Technical Services ...

Read More
Posted Under: Corporate Law |

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 […]...

Read More
Posted Under: Corporate Law |

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...

Read More
Posted Under: Corporate Law |

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...

Read More
Posted Under: Corporate Law |

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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Posted Under: Corporate Law |

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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Posted Under: Corporate Law |

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). ...

Read More
Posted Under: Corporate Law |

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: Corporate Law |

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