The Union Minister for Finance & Corporate Affairs, Smt Nirmala Sitharaman presented the Union Budget 2021-22 in Parliament today, which is the first budget of this new decade and also a digital one in the backdrop of unprecedented COVID-19 crisis.
Finance Minister Smt. Nirmala Sitharaman has presented her third Budget in the parliament today i.e. 1st February 2021. Click the attached link to download the complete Budget Memorandum explaining the provision of the Finance Bill in Detail.
In the Budget Speech, FM provided relief to senior citizens in the filing of income tax returns, reduced time limit for income tax proceedings, announced setting up of the Dispute Resolution Committee, faceless ITAT, etc.
FM proposes to change the definition of a small company by increasing their threshold for paid-up capital, from 'not exceeding 50 lakhs', to 'not exceeding 2 crores' and Turnover from 'not exceeding 2 crores' to ' not exceeding 20 crores'.
GST Audit scrapped as Budget omits section 35(5) from GST Act to allow self-certification. Here is the updated amendment.
For ease of compliance and to reduce discretion, the FM is committed to make taxation process faceless. FM proposes to make the ITAT Faceless. A National Faceless Income Tax Appellate Tribunal Center to be constituted for this purpose.
With a view to remove any ambiguity, the definitions of appellant in section 2(1)(a), disputed tax in section 2(1)(j) and tax arrear in section 2(1)(o), of the VsV are proposed to be amended by way of removal of doubts by this Bill.
The Union Budget 2021 was presented by FM Smt. Nirmala Sitharaman in the parliament today. Discussing some of the key highlights of the Budget including Direct and Indirect Tax Proposals.
The Institute of Chartered Accountants of India has declared the November 2020 CA Final Result. A total of 5675 and 5392 candidates have qualified as CAs from Old and New Group respectively.
FM proposes to constitute a Dispute Resolution Committee, which will be faceless. Anyone, with a taxable income of up to Rs. 50 lakhs and disputed income of up to Rs. 10 lakhs shall be eligible to approach the committee.
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