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budget


Union Budget 2021: Announcements you must know

Nirmala Sitharaman, Union Finance Minister, on February 1st, 2021, announced the budget plan for the year 2021-22. In this new budget, she didn’t just take into consideration the concerns of farmers but also pressed on the importance of privatisation. For the first time, keeping in mind the novel coronavirus, the budget was presented digitally and not via the old method of presentation. Going by the motto promoted the past year to go vocal for local and invest in everything Indian, Ms. Nir..

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Union Budget 2021 | Straight and Honest Talk on Budget Amendments

1.TDS at Double Rate in case of Non-Filers of ITRs (Section 206AB) The Finance Bill 2021 has proposed to insert a new section 206AB in the Income Tax Act, w.e.f. 1.7.2021 which mandates that the deductor will be required to deduct TDS at twice the applicable rate or @ 5% whichever is higher, if the deductee has not filed his/her ITR for the immediately two preceding financial years and the due date of filing such ITR for those two previous financial years has expired and the aggregate amount ..

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Memorandum seeking changes in Union Budget 2021-22 Proposals

Date: 24th February, 2021 To, Smt. Nirmala Sitharaman Hon. Union Minister of Finance and Corporate Affairs Government of India North Block New Delhi Hon’ble Madam, SUBJECT: MEMORANDUM SEEKING CHANGES IN UNION BUDGET 2021-22 PROPOSALS The Karnataka State Chartered Accountants Association (R) (in short ‘KSCAA’) is an association of Chartered Accountants, registered under the Karnataka Societies Registration Act, in the year 1957. KSCAA is primarily formed for the ..

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Pros and Cons of Proposed new sub-section 255 of the income tax act in Budget 2021

Pros In concerned to the proposed budget 2021, a new subsection in section 255 of the act is proposed to launch in the faceless scheme for ITAT proceedings on the same line as is a faceless appeal. This will result in a high level of efficiency, accountability and transparency to the assessment procedure, appeal procedure, and penalty-related procedures under the income tax act.    Cons There are already sufficient safeguards as regards the manner of appointment of Membe..

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India Budget 2021 - A Usable Template

Personal Taxation 1. There are no changes in the slab rate that have been proposed in this Budget 2. To tax a resident individual (who was earlier a non-resident), who has a retirement benefit account in a notified country, in India in the manner and year as may be prescribed, subject to conditions. 3. To not grant tax exemption on maturity with respect to ULIPs issued on or after 1 February 2021, if the premium payable for any previous year exceeds INR 250,000, and treat them ..

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GST Charcha on Union Budget 2021: Amendments proposed in Section 74, 107, 151, 152 and 168 of the CGST Act, 2017

The Hon'ble Finance Minister, in Budget 2021-22, hailed as a 'development-oriented' and 'visionary' budget amid the pandemic-induced disruptions, inter alia, announced multiple changes to the Goods and Services Tax ("GST") framework. The changes have been proposed vide the Finance Bill, 2021, that amends the Central Goods and Services Tax Act, 2017 ("CGST Act") and the Integrated Goods and Services Tax Act, 2017 ("IGST Act"), in order to ease doi..

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Amendments proposed in Section 129 and 130 of the CGST Act, 2017

The Hon’ble Finance Minister, in Budget 2021-22, hailed as a 'development-oriented' and 'visionary'budget amid the pandemic-induced disruptions, inter alia , announced multiple changes to the Goods and Services Tax ("GST") framework. The changes have been proposed vide the Finance Bill, 2021, that amends the Central Goods and Services Tax Act, 2017 ("CGST Act") and the Integrated Goods and Services Tax Act, 2017 ("IGST Act"), in order to ease d..

Posted in articles |   1518 Views


Recovery of self-assessed tax

The Hon'ble Finance Minister, in Budget 2021-22, hailed as a 'development-oriented' and 'visionary' budget amid the pandemic-induced disruptions, inter alia, announced multiple changes to the Goods and Services Tax ('GST') framework. The changes have been proposed vide the Finance Bill, 2021, that amends the Central Goods and Services Tax Act, 2017 ('CGST Act') and the Integrated Goods and Services Tax Act, 2017 ('IGST Act'), in order to ease doing of ..

Posted in articles |   1401 Views


Can GST department provisionally attach Property/Bank Account of any Person?

The Hon'ble Finance Minister, in Budget 2021-22, hailed as a 'development-oriented' and 'visionary' budget amid the pandemic-induced disruptions, inter alia, announced multiple changes to the Goods and Services Tax ('GST') framework. The changes have been proposed vide the Finance Bill, 2021, that amends the Central Goods and Services Tax Act, 2017 ('CGST Act') and the Integrated Goods and Services Tax Act, 2017 ('IGST Act'), in order to ease doing of ..

Posted in articles |   2307 Views


GST Charcha on Union Budget 2021: Interest leviable only on Net Tax Liability

Interest leviable only on Net Tax Liability? The Hon'ble Finance Minister, in Budget 2021-22, hailed as a 'development-oriented' and 'visionary' budget amid the pandemic-induced disruptions, inter alia, announced multiple changes to the Goods and Services Tax ('GST') framework. The changes have been proposed vide the Finance Bill, 2021, that amends the Central Goods and Services Tax Act, 2017 ("CGST Act") and the Integrated Goods and Services Tax Act, 201..

Posted in articles |   1473 Views


GST Charcha on Union Budget 2021: GST Audit by professionals scrapped?

GST Audit by professionals scrapped? The Hon'ble Finance Minister, in Budget 2021-22, hailed as a 'development-oriented' and 'visionary' budget amid the pandemic-induced disruptions, inter alia, announced multiple changes to the Goods and Services Tax ('GST') framework. The changes have been proposed vide the Finance Bill, 2021, that amends the Central Goods and Services Tax Act, 2017 ('CGST Act') and the Integrated Goods and Services Tax Act, 2017 ('IG..

Posted in articles |   3636 Views


FM Interacts with Media Persons at the Post Budget Dinner

  Smt Nirmala Sitharaman interacts with media persons at the post budget dinner in New Delhi.  ..

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Finance Minister replies to the Budget Discussions in Lok Sabha

  Watch LIVE Finance Minister Smt.Nirmala Sitharaman  reply to the Budget Discussions in Lok Sabha on 13th Feb 2021   ..

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GST Charcha on Union Budget 2021

GST leviable on services provided by Club or Association to its members? The Hon'ble Finance Minister, in Budget 2021-22, hailed as a 'development-oriented' and 'visionary' budget amid the pandemic-induced disruptions, inter alia, announced multiple changes to the Goods and Services Tax ('GST') framework. The changes have been proposed to vide the Finance Bill, 2021, that amends the Central Goods and Services Tax Act, 2017 ('CGST Act') and the Integrated Go..

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Highlights of Union Budget w.r.t Taxation

Changes under Income Tax- Union Budget 2021 No Changes in Income Tax Slab rates. Income Tax Return need not be filed by Senior citizens provided that: He is Resident of India and of the age 75 years or more during the previous year He has only Pension and/or Interest Income He shall be required to furnish declaration to the bank in such form and such manner as may be prescribed.(w.e.f 01.04.2021) Threshold limit for Tax audit has been increased from 5 Cr to 10 Cr prov..

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Impact of Union Budget 2021

Budget is to Boost economy in all fronts, Undertaking constructive activities on all aspects dealt with in the article & more required to Deliver people at large to Get the required benefits so as to obviate any big bad impact on GDP, budget deficit due to untoward impact lashed out by Corvid 19. The budget in the light of sufferings gone through in the past one year or so because of COVID 19 and the government has no other option but perforce extend captivating doles under ..

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Budget 2021 | 2% Additional Tax announced on Foreign E-Commerce Giants like Amazon, Flipkart etc.

Applicable from 1st April, 2021 The Confederation of All India Traders (CAIT) proposes a 2% additional tax on the foreign e-commerce giants such as Amazon, Flipkart, Microsoft, Netflix whether providing services or engaged in the sale of goods. The government aims to cover the non-resident e-commerce operators like the firms that sell goods and services to Indian residents online and collect their data through online mode for business purposes but don't have a presence in India under this ta..

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Secretary Labour and Employment briefs media on labour initiatives announced in Union Budget 2021

Secretary Labour & Employment Shri Apurva Chandra outlined the key budget announcements for migrant workers and labourers and those related to employment generation. Addressing a press briefing here today on Budget announcements 2021, he explained various labour initiatives and issues. Besides, he briefed on the rationalization of tax free incomes on Provident Funds. He highlighted the following:- One Nation One Ration Card It will benefit migrant workers, building and other constru..

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FM attends an interactive session on Union Budget 2021-22

Union Finance Minister attends an interactive session on Union Budget 2021-22 organised by Indian Chamber of Commerce via virtual conference here today. Along with FM, the session was also attended by Finance Secretary & Secretary Revenue, Dr. A.B. Pandey and Secretary, Expenditure, Shri T.V. Somanathan. ..

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Impact of Budget 2021 on Real Estate

The Hon'ble Prime Minister MODI has always put his focus on 'Housing for All'. Now the Finance Minister Mrs. Nirmala Sitharaman made it clear in her Budget 2021-22 that the affordable housing is topmost priority of Modi Government. In the Union Budget 2021, Ministry of Housing and Urban Affairs has been allocated more than Rs 54,000 Crore for Urban Centers all over India. Impact of Union Budget 2021 on Real Estate are as under: - Safe Harbor Limit Increased for Primary Sale ..

Posted in articles |   2949 Views





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