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Income Tax : Learn about Section 194T introduced in Finance Bill 2024, covering TDS on payments to partners, its implications, and potential c...
Income Tax : Budget 2024 introduces significant amendments in trust-related provisions under the Income Tax Act, including registration timelin...
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CA, CS, CMA : ICAI President's August 2024 message highlights India's economic growth, recent exam results, and the Union Budget's role in achie...
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Income Tax : Budget 2024 extends the scope for lower deduction/collection certificates under Sections 197 and 206C, effective from October 2024...
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This document summarises the key highlights of the changes vide Union Budget 2021 related to Income Tax for easy digest.
Union Budget 2021 – Changes Under The Customs And Excise- This document summarises the Key changes made/ proposed under the Customs and Excise – Section wise in comparative manner for easy digest. CUSTOMS Unless otherwise stated, all changes in rate of Customs duty take effect from the midnight of 1st February/ 2nd February 2021. A […]
Finance Bill 2021 has proposed some amendments in CGST & IGST Act,2017. In this article, I would like to discuss these proposed amendments and it’s impact on day to day business/ procedure.
MAJOR INCOME TAX CHANGES PROPOSED IN UNION BUDGET, 2021 In this article we will take a look at all the major income tax changes proposed in Union Budget, 2021 presented by Hon’ble Finance Minister on 1st Feb, 2021. Direct Tax Proposals: 1. Relief to Senior Citizens from filing income tax return: In order to ease […]
Analysis of Union Budget 2021 – GST Finance Minister Nirmala Sitharaman has announced the Union Budget 2021 on 1st February 2021. Let’s discuss the amendments carried out in GST. There are totally 16 (99 to 114) sections in Finance Bill 2021 relating to GST. Out of 16 sections, let’s discuss 2 sections relating to “Supply […]
The Finance Bill, 2021 has introduced a spate of proposals on business taxation and personal taxation as well as proposals relating to assessment and dispute resolution. The significant proposals on direct taxes are briefed hereunder –
HIGHLIGHTS OF THE UNION BUDGET-2021 -22- Tax proposals- International Taxation – 1. Addressing mismatch in taxation of income from notified overseas retirement fund [Section 89A]
The budget proposals affecting salaried employees contributing toward Employee Provident Funds The finance minister has proposed to partially tax the interest accrued on the provident fund account of employees. Let us discuss the provision. Present Provisions Presently, any payment received by an employee from his provident fund account is fully tax free. The same may […]
The Finance minister has proposed amendments in the Income Tax Act in an attempt to make the taxation of money received from Unit Linked Insurance Policies (ULIP) of life insurance companies on par with equity mutual funds.
The budget has two proposals which intend to extend the tax benefits available to home buyers. Extension of time limit for availing home loan interest deduction to buy a house An individual is entitled to , under Section 80EEA, claim deduction of interest upto Rs. 1.50 lakh for loan taken from financial institutions to buy […]
