Development of plot is ‘A scheme where the owner of land obtains the necessary permission/ approval from the local municipal bodies/ development Authority to make land marketable by adding the supporting infrastructure facility to it.
Honourable F.M. Mrs. Nirmala Sitharaman unveiled the budget 2021-22 and also issued Finance Bill covering various tax proposals. Overall, our view is that it is a balanced and a progressive budget presented by the government which will go a long way in the overall development especially the physical and the health infrastructure of our country. […]
The Economic Survey was presented in Parliament which draws a blue print of Indian economy. It advocates at fiscal expansion and suggests of a calibrated fiscal policy (India’s fiscal stimulus as a percentage of GDP in Covid times). Economic survey highlights expansion in Government spending and borrowing. It defends farm laws and even comments positively […]
Relaxation for Small Companies and One Person Company as per Union Budget 2021 The Union Budget 2021 has proposed 2 major changes in companies Act First one is relaxes threshold for Small Companies and 2nd one is allows NRIs to form One Person Company. A. Change in definition of small companies As per the new […]
What’s proposed for you in Budget 2021? LTC – Tax exemption to cash allowance in lieu of LTC, from 12th day of October, 2020 to 31st day of March, 2021;
Union Budget 2021 proposes Raising of prescribed limit for exemption under sub-clause (iiiad) and (iiiae) of clause (23C) of section 10 of the Act. Clause (23C) of section 10 of the Act provides for exemption of income received by any person on behalf of different funds or institutions etc. specified in different sub-clauses. Sub-clauses (iiiad) […]
Amendments in CGST, IGST and UTGST Acts, 2017: Amendments carried out in the Finance Bill, 2021 will come into effect from the date when the same will be notified, as far as possible, concurrently with the corresponding amendments to the similar Acts passed by the States and Union territories with Legislature. 1. Reconciliation Statement – […]
The Union Budget 2021-22 was clearly growth focused with sharp increase in capex allocation (up ~26% YoY), and outlining manufacturing as the key pillar for the economy, while rightly allowing for higher fiscal deficit, given the low interest scenario. Union Budget has pegged the current years (FY20-21) fiscal deficit at 9.5% of the Gross Domestic […]
Reimbursement of expenses by foreign head office to Indian liaison office cannot be treated as supply The Hon’ble AAR, Haryana, in the matter of M/s. Wilhelm Fricke SE [Advance Ruling No. HAR/HAAR/R/2019-20/24, decided on June 25, 2020] held that, the Germany based head office and Indian Liaison Office (LO) cannot be treated as separate persons […]
BUDGET HIGHLIGHTS 2021-22 -Voluntary vehicle scrap policy and vehicle fitness test of after 20 years in case of personal vehicle and 15 years in case of commercial vehicle. -The voluntary vehicle scrapping policy aims to remove inefficient vehicles so as to reduce vehicular pollution and oil import bills. -Computation Residential status for one person company, […]
