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union budget 2021


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..

Posted in articles |   9438 Views


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 ..

Posted in articles |   1686 Views


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 ..

Posted in articles |   2526 Views


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..

Posted in articles |   1122 Views


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 |   1365 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 |   1299 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 |   2124 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 |   1338 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 |   3516 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.  ..

Posted in news |   423 Views






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