union budget 2021

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.  ..

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

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..

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 ..

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..

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..

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. ..

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 ..