In the backdrop of the global impact caused by the COVID pandemic, the much-anticipated Union Budget 2021 was presented in paperless form. The Finance Minister kept her promise of a ‘Budget like never before’ that was widely cheered for its focus on economic growth with key focus on infrastructure and healthcare.
The Hon’ble Finance Minister Mrs. Nirmala Sitharaman presented the Union Budget 2021 on 1st February. The Budget leads the way for various amendments in Companies Act, 2013 which are as follows: 1) Definition of Small Company The definition of Small Company under Clause (85) of Section 2 of Companies Act, 2013 has been changed vide […]
Key Highlights: ✓ Extension of scope of supply ✓ Legal validity of Rule 36(4) ✓ Removal of GST Audit ✓ Int on net tax liability from 01st July 2017 ✓ Customs Updates CHANGES IN GST 1. Retrospective amendment to include activities by an association to its members (Clause 99 and 113 of Finance Bill, 2021) […]
Do you wish to sell goods to the Government ? If yes, then you can do so by registering on GEM Portal which is a E-marketplace for selling goods to the government through Online bidding. To know more about this, read the complete article. Introduction E market place set up for procurement and selling of […]
आत्मनिर्भर भारत पर जोर देते हुए 1 फरवरी 2021 को वित्त मंत्री निर्मला सीतारमण ने लोकसभा में टैबलेट के जरिए बजट पेश किया। कोरोना संकट के इस दौर में लोगों को आशा थी कि मोदी सरकार मध्यम वर्ग को राहत देगी, जिससे नौकरी-पेशा तथा कम आय वाले करदाताओ को लाभ होगा, मगर बजट से नौकरी […]
Budget 2021 proposes Extending of due date for filing return of income in some cases, reducing time to file belated return and to revise original return and also to remove difficulty in cases of defective returns Section 139 of the Act contains provisions in respect of the filing of return of income for different persons […]
Union Budget 2021 proposed to relax Section 234C interest on Dividend income along with capital gains if shortfall in the advance tax payments and tax due has been paid in the subsequent advance tax instalments. Advance tax instalment for dividend income, Capital Gain etc. Section 234C of the Act provides for payment of interest by […]
It is proposed to increase the threshold limit for Tax Audit Under section 44AB from five crore rupees to ten crore rupees in cases listed above.
Changes Proposed In Goods And Services Tax – Union Budget-2021-22 The Finance Bill 2021, have proposed certain changes in CGST Act, 2017 & IGST Act, 2017 in order to curb input credit frauds and safeguard Government revenues. The amendments carried out in the Finance Bill, 2021 will come into effect from the date when the […]
Rationalisation of the provision of presumptive taxation for professionals under section 44ADA Section 44ADA of the Act relates to special provision for computing profits and gains of profession on presumptive basis. Sub-section (1) of the said section provides that notwithstanding anything contained in sections 28 to 43C, in case of an assessee, being a resident […]
