Budget 2021- Taxation of proceeds of high premium unit linked insurance policy (ULIP) Clause (10D) of section 10 of the Act provides for the exemption for the sum received under a life insurance policy, including the sum allocated by way of bonus on such policy in respect of which the premium payable for any of […]
GST Law came into effect from 1st July, 2017 and over the period of around 3 years it has undergone some major changes to simplify the interpretation and working of the Law. As the Law is new, changes are made to avoid difficulty in its enforcement and have a seamless tax system and flow of […]
Article explains Proposed GST Amendments under Finance Bill 2021. These amendments include GST on The activities or transactions, by a person, other than an individual, to its members or constituents or vice versa, for cash, deferred payment or other valuable consideration, New section 16(2)(aa), Omission of Requirement of GST Audit, Amendment of Section 44 of […]
Budget 2021- Rationalisation of the provision relating to processing of returned income and issuance of notice under sub-section (2) of section 143 of the Act The existing provisions of clause (a) of sub-section (1) of section 143 of the Act provides that at the time of processing of return of income made under section 139, […]
Section 2 of the Act provides the definitions for the purposes of the Act. Clause (11) of the said section defines―block of assets‖ to mean a group of assets falling within a class of assets comprising, tangible assets, being buildings, machinery, plant or furniture and intangible assets, being know-how, patents, copyrights, trade-marks, licences, franchises or […]
Budget 2021 – Section 281B of the Act contains provisions which provide that in cases of assessment or reassess-ment the Assessing Officer may provisionally attach any property of the assessee, if necessary, in order to protect the interest of revenue. This can be done only with prior approval of Pr. Chief Commissioner or Pr Director […]
Future is with One Person Company (OPC): Impact of Union Budget 2021-22 on One Person Company (OPC) Hon’ble Finance Minister proposed several tax and regulatory changes by the Union Budget with a focus on infrastructure development. This budget comes immediate following the covid-19 pandemic, so aim of the budget seems to shoring up the economy. […]
As we all are aware that the Budget for 2021-22 was announced on 1st February 2021. Here is the complete compilation of all major amendments. 1. Income Tax Act For Individual Taxpayers a) There is no change in Tax Rates. b) Exemption for LTC Cash scheme – Section 10(5) Due to COVID 19, many individuals […]
Understanding the concept of insider trading: Learn about the legal framework and regulations aimed at prohibiting insider trading.
A brief analysis of the provisions and how it may impact: Depreciation on Goodwill has been one long debatable issue. Even after Supreme Court Judgment in the case of Smiff Securities Limited wherein the Supreme Court of India held that goodwill of a business is a depreciable asset, taxman have been issuing notices to companies […]
