CAclubindia Articles
Highlights of Budget 2021
As we all are aware that the Budget for 2021-22 was announced on 1st February 2021. Here is the complete compilation of all major amendments.
Section 194Q and 206C(1H)
TDS is only required to be deducted by those buyers whose total sales, gross receipts or turnover from the business carried on by him exceed 10 crore rupees during the Preceding FY.
Section 194Q
Analysis of Section 194Q of the Income Tax Act, which will deal with the TDS on purchase of goods w.e.f 1st July 2021. This section has been inserted in the Finance Bill 2021.
In-Bond Manufacturing Scheme| Section 65 of Customs Act, 1962
Central Board of Indirect Taxes (CBIC) is allowing import of raw materials and capital goods without payment of duty for manufacturing and other operations in a bonded manufacturing facility
Section 115BAC- Should you go for the new tax regime?
From FY 2020-21, you can choose to pay income tax under an optional new tax regime. The new tax regime is available for individuals and HUFs. “Lower tax rates but no deductions/exemptions” is the key feature
Vivad se Vishwas: Settlement of Disputes under Income Tax Laws
Recently, measures have been taken by the government to reduce and settle the pending income tax litigations by introduction of Vivad se Vishwas scheme through budget announcement, notifying it as an Act on 17th March, 2020
Amendment to SEBI Prohibition of Insider Trading Regulations, 2015
SEBI has issued a notification dated 17th July 2020 on Amendment to SEBI (Prohibition of Insider Trading) Regulations, 2015 effective from aforesaid date.
Large Taxpayers now Quarantined!
Many taxpayers are getting notices, stating their aggregate turnover is more than Rs. 5 Cr. during FY 2019-20, considering returns of FY 2019-20 filed up to 25th July 2020
Accounting for corporate social responsibility
Section 135 of the Companies Act, 2013 requires the Board of Directors to constitute a Corporate Social responsibility Committee
Analysis of arrest provisions under GST
69(1) Where the Commissioner has reasons to believe that a person has committed any offence specified in clause (a) or clause (b) or clause (c) or clause (d) of sub-section (1) of section 132 which is punishable under clause (i) or (ii) of sub-section (1), or sub- section (2) of the said section, he may, by order, authorise any officer of central tax to arrest such person.
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