For the purpose of availing ITC, time limit has been prescribed in the Goods and Service Tax Act, 2017 (CGST Act, 2017). According to Section 16(4) of the CGST Act, 2017, a registered person is eligible to take input tax credit with respect to the invoice or debit note for inward supply of goods and/ […]
The Finance Minister introduced Union Budget 2021 presented in the parliament on February 1, 2021. Here are the highlights of the Union Budget 2021: Atmanirbhar Bharat The FM outlined six pillars of proposals to strengthen the vision of Atmanirbharta, namely health and wellbeing, capital and infrastructure, inclusive development, reinvigorating human capital, innovation and R&D and minimum […]
The Union Budget of 2021 was presented in the Parliament by Hon’ble Finance Minister Smt. Nirmala Sitaraman. Here are the key Highlights from Budget 2021- ♦ FDI in insurance sector proposed to be hiked to 74% from 49% now ♦ Infrastructure Debt Funds shall be allowed to issue Zero Coupon Bond. ♦ Fitness test after […]
Article discusses Changes in GST Law, Changes in Income Tax Law, Certain benefits have been granted to specified sectors, Changes in Custom Law and Introduction of Agricultural Infrastructure and Development Cess vide Budget-2021 [Finance Bill, 2021]. Following changes has been made in Tax Laws vide Budget-2021 [Finance Bill, 2021]. Changes in GST Law: Vide Finance […]
Any activity with respect to goods and services for cash between an organization like Club and its members is constituted as a supply. Also, an Explanation has been inserted to hold that the ‘Organisation’ and its members are two distinct persons under GST.
Government inserted new TDS Section 194Q which will be effective from 01-July-2021, which say Any person, being a buyer who is responsible for paying any sum to any resident (hereafter in this section referred to as the seller) for purchase of any goods of the value or aggregate of such value exceeding fifty lakh rupees in any previous year, shall, at the time of credit of such sum to the account of the seller or at the time of payment thereof by any mode, whichever is earlier, deduct an amount equal to 0.1 per cent. of such sum exceeding fifty lakh rupees as income-tax.
Notes on Clauses to Finance Bill 2021 Clause 2 read with the First Schedule to the Bill, seeks to specify the rates at which income-tax is to be levied on income chargeable to tax for the assessment year 2021-2022. Further, it lays down the rates at which tax is to be deducted at source during […]
Finance minister Nirmala Sitharaman provided a major boost to healthcare and infrastructure in Union Budget 2021. However, there was no change in Income Tax slabs this year. FM Nirmala Sitharaman has announced FDI limit in insurance increase to be increased to 74% from now existing 49%. The govt will also launch a Securities Market Code […]
UNION BUDGET 2021 HIGHLIGHTS The analysis of Budget is divided into 2 major categories: (a) Direct Tax (b) MCA, Companies Act, LLP Act. The following are the Key Highlights from the Union Budget 2021, as presented by the Hon’ble Finance Minister. Direct Taxes Vivad Se Viswas Scheme Last Date of filing extended to 28th February, […]
The following are the major proposals of the Budget 2021, as announced by FM Nirmala Sitharaman: Relief to senior citizen: The budget proposes exemption of income tax for senior citizen having only pension and interest income. Citizens of age 75 years and above who have only Pension and Interest income – Need not file Income […]
