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union budget


Drastic Income Tax Changes in the Past Union Budgets

We all know that the government comes up with something new every budget which leaves a great impact on individuals, corporates and the rest of the economy. The changes range from change in tax slabs to changes in deduction limits and many more. Let us have a brief overview of some drastic income tax changes which have occurred in past few budgets - Budget 2014 Income tax exemption limit was raised by Rs 50,000 to Rs 2,50,000 and for senior citizens to Rs 3,00,000. Exemption limit ..

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Lok Sabha passes Finance Bill 2021

The Finance Bill, 2021 was passed in the Lok Sabha today.   The salient features of the bill include Reduced compliance burden for senior citizens of age 75 years & above Tax incentives for Affordable Housing and Affordable Rental Housing Project Reduction in Time Limits of Re-opening of Assessment Setting up of Dispute Resolution Committee (DRC) Faceless Income Tax Appellate Tribunal (ITAT) Tax benefit for Start-ups ..

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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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Budget Highlights by Shri Ajit Pawar for Maharashtra

HIGHLIGHTS OF THE BUDGET SPEECH DATED 8TH MARCH, 2021 BY HONOURABLE DEPUTY CHIEF MINISTER (FINANCE) PART I Healthcare A project costing about 7500 crore for Construction and upgradation of health institutions is prepared and will be completed in the next four years. 5000 crore will be provided by the government in the next 5 years for quality health services in the Municipal Councils, Nagar Parishad and Nagar Panchayats. Out of this, Rs 800 crore in this year. Cancer Diagnosis Fa..

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FM chairs meeting to discuss post-budget action points for infrastructure roadmap ahead

Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman in a virtual meeting today with CEO, NITI Aayog and Secretaries of 22 Infrastructure Ministries/Departments discussed post-budget action points for infrastructure roadmap ahead including NIP implementation. This was the third review meeting by the Finance Minister with Ministries/Departments about the importance of National Infrastructure Pipeline (NIP) and infrastructure sector to ensure a faster post covid-19 recovery o..

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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 |   1338 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 |   1275 Views






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