Section 194P Conditional Relaxation for senior citizens who are of the age of 75 year or above from filing return of income-tax under Union Finance Bill 2021/ Budget 2021. Section 139 of the Act provides for filing of return of income. Sub-section (1) of the section provides that every person being an individual, if his […]
Increase in safe harbour limit of 10% for home buyers and real estate developers selling such residential units under Union Budget 2021 to 20% for certain transfer during the period from 12th November, 2020 to 30th June, 2021 Section 43CA of the Act, inter alia, provides that where the consideration declared to be received or […]
Proposed Extension of date of incorporation for eligible start up for exemption and for investment in eligible start-up under Finance Bill 2021 The existing provisions of the section 80-IAC of the Act, inter alia, provides for a deduction of an amount equal to hundred percent of the profits and gains derived from an eligible business […]
Extension of date of sanction of loan for affordable residential house property under Union Budget 2021 The existing provision of the section 80EEA of the Act, inter alia, provides a deduction in respect of interest on loan taken for a residential house property from any financial institution up to one lakh fifty-thousand rupees subject to […]
Facilitating strategic disinvestment of public sector company Union Budget 2021 Section 2 of the Act provides the definitions for the purposes of the Act. Clause (19AA) of the said section defines that ―demerger, in relation to companies, means the transfer, pursuant to a scheme of arrangement under sections 391 to 394 of the Companies Act, […]
Tax neutral conversion of Urban Cooperative Bank into Banking Company Section 44DB of Act provides for computing deductions in the case of business re-organization of cooperative banks. Further, the said section, inter alia, provides that where such business reorganization of co-operative banks takes place, the deductions under sections 32, 35D, 35DD and section 35DDA will […]
Issuance of zero coupon bond by infrastructure debt fund Union Budget 2021 Clause (48) of section 2 of the Act provides for definition of zero coupon bond, as a bond issued by any infrastructure capital company or infrastructure capital fund or public sector company or scheduled bank and in respect of which no payment and […]
Tax incentives for units located in International Financial Services Centre (IFSC) under Union Budget 2021 Government has establishment a world class financial services centre. Units located in IFSC enjoy some concession. In order to make location in IFSC more attractive, it is proposed to provide the following additional incentives: (i) It is proposed to amend […]
It is proposed to insert sub-section (1A) in the said section so as to provide for hundred per cent. deductions of the profits and gains derived from the business of developing and building affordable rental housing project.
Under the existing provisions of the Act, clause (5) of section 10 of the Act provides for exemption in respect of the value of travel concession or assistance received by or due to an employee from his employer or former employer for himself and his family, in connection with his proceeding on leave to any […]
