► Key amendments proposed in Central Goods and Services Tax Act, 2017 (‘CGST Act’): -An additional condition inserted in Section 16 to specifically provide that ITC can be availed only if the invoices/ debit notes are furnished by the supplier in its GSTR-1 and such details have been communicated to the recipient as per section […]
A host of measures have been proposed in the Finance Bill 2021, which is targeted to provide relief to both the affordable house buyers as well as the developers of affordable housing projects. These specific and targeted measures would help to boost the activity in the real estate sector. a. Increase in tolerance limit upto […]
Union Budget 2021-Taxability of Interest on various funds where income is exempt Clause (11) of section 10 of the Act provides for exemption with respect to any payment from a provident fund to which the Provident Funds Act, 1925 (19 of 1925) applies or from any other provident fund set up by the Central Government […]
Rates of income-tax in respect of income liable to tax for the assessment year 2022-23 i.e. Financial Year 2021-22 The rates for deduction of income-tax at source from ‘Salaries’ or under section 194P of the Act during the FY 2021-22 and also for computation of ‘advance tax’ payable during the said year in the case […]
Rates of income-tax in respect of income liable to tax for the assessment year 2021-22 i.e. Financial Year 2020-21 In respect of income of all categories of assessee liable to tax for the assessment year 2021-22, the rates of income-tax have either been specified in specific sections (like section 115BAA or section 115BAB for domestic […]
Proposed Rationalisation of the provision concerning withholding on payment made to Foreign Institutional Investors (FIIs) under FInance Bill 2021 Section 196D of the Act provides for deduction of tax on income of FII from securities as referred to in clause (a) of sub-section (1) of section 115AD of the Act (other than interest referred in […]
Exemption of deduction of tax at source on payment of Dividend to business trust in whose hand dividend is exempt Section 194 of the Act provides for deduction of tax at source (TDS) on payment of dividends to a resident. The second proviso to this section provides that the provisions of this section shall not […]
Section 115JB of the Act provides for MAT at the rate of fifteen per cent of its book profit, in case tax on the total income of a company computed under the provisions of the Act is less than the fifteen per cent of book profit. Book profit for this purpose is computed by making […]
Budget 2021- Addressing mismatch in taxation of income from notified overseas retirement fund Representations have been received that there is mismatch in the year of taxability of withdrawal from retirement funds by residents who had opened such fund when they were non-resident in India and resident in foreign countries. At present the withdrawal from such […]
Rationalisation of provisions related to Sovereign Wealth Fund (SWF) and Pension Fund (PF) in Unon Budget 2021 Clause (23FE) of section 10 of the Act provides for the exemption to specified persons from the income in the nature of dividend, interest or long-term capital gains arising from an investment made by it in India. Specified […]
