budget

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..

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 ..

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 ..

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..

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 ..

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..

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..

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 ..

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 ..

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..

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..

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