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]
Clause (4) (d) of Article 279A of the Constitution of India (Constitution) provides that the Goods and Services Tax Council shall make recommendations to the Union and the States on “the threshold limit of turnover below which goods and services may be exempted from goods and services tax”. In my personal opinion, the said provision […]
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 […]
Confucius said: Choose a job you love and you will never work a day in your life. If you are one of those who has decided to build a Career in Finance, these are some useful tips:- 1. Obtain a Professional Qualification- CA, CMA, CPA, ACCA, FRM are some premium qualifications, that provide a cutting […]
1. Section 7 – Scope of Supply Schedule II Activities to be treated as Supply of Goods or Supply of Services Supply of Goods or Services provided by any Association or any person other than an individual to its members for consideration will be considered as supply and person or Association shall be treated as […]
Finance Bill 2021- Paradigm Shift In The Provisions Relating To Income Tax Search And Seizure Assessments And Income Tax Settlement Commission Introduction:- The Hon’ble Union Finance Minister Nirmala Sitharaman has presented the Union Budget 2021 of India on the 1st of February, 2021. Budget 2021 is aimed at reviving an economy that plunged into deepest […]
The Finance Bill, 2021 has proposed to make several amendments (w.e.f. 01 April, 2022 i.e., AY 2022-23) in the provisions, under the Income Tax Act (Act), relating to the taxation of Charitable/ Religious Trusts, Societies, Institutions etc. (Now referred as ‘trusts etc.’). These amendments are proposed in Section 11 of the Act.
