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Finance Bill 2021- Paradigm shift in the provisions relating to Income Tax Search and Seizure Assessments and Income Tax Settlement Commission
Introduction:- The Hon’ble Union Finance Minister Nirmala Sitharaman has presented the Union Budget 2021 of India on the 1st of February, 2021. Budget 2021 is aimed at reviving an economy that plunged into deepest recorded slump amid the COVID-19 pandemic. In her speech, Hon’ble Madam
Sectionwise Analysis – GST Amendments (Finance Bill 2021)
Sectionwise Analysis – GST Amendments (Finance Bill 2021) 1. Transaction between a person (other than an individual) to its members for consideration to be treated as a supply Source Clause 99 of the Finance Bill, 2021. Effective Date With effect from the 1st day of
Summary of Important GST Changes By Budget – Finance Bill, 2021
Summary of Important GST Changes By Budget – Finance Bill, 2021 Introduction: Hon’ble Finance Minister Smt. Nirmala Sitharaman Ji has placed her third consecutive budget after taking charge of the Finance Ministry. This Budget will be the first of this new decade 2021-2030. This time,
Budget 2021 – GST Things You Must Know!
Budget 2021 – GST Things You Must Know! Section 7. Scope of supply (To be amended w.e.f. 1.07.2017) For the purposes of this Act, the expression “supply” includes — (a) all forms of supply of goods or services or both such as sale, transfer, barter,
Budget 2021 On GST
Budget 2021 On GST मेने बजट 2021 में जो भी चेंज हुए है, उनको simple हिंदी में अपने View के साथ रखा है, अगर आपका view अलग है तो आप मुझे बता सकते है 1) S16 जो की ITC की eligibility बताता है, उसमें एक
Direct Tax Amendments by Finance Bill 2021
Direct Tax Amendments by Finance Bill 2021 No change in Minimum threshold limits of Income Tax Exemptions under old Income Tax Regime; No change in Health & Education Cess maintained at 4% for all categories of Taxpayers; Standard deduction u/s 16 is maintained at Rs.50,000/-
Indirect Tax Amendments by Finance Bill 2021
Indirect Tax Amendments by Finance Bill 2021 Amendments carried out through the Finance Bill, 2021 come into effect on the date of its enactment, unless otherwise specified. I. Amendments In The CGST Act, 2017: Scope of Supply u/s 7(1) enlarged by way of Retrospective amendments
Delhi HC in the case of Mahavir Transmission Limited Versus Directorate General of GST Intelligence
Case Covered: Mahavir Transmission Limited Versus Directorate General of GST Intelligence(DGGI) Facts of the Case: The present petition inter-alia seeks quashing of the impugned Letters dated 31st December 2020 whereby Respondents have directed the Bankers of the Petitioner Company to Freeze and/or Provisionally attach the
Memorandum Explaining The Provisions In The Finance Bill, 2021
Memorandum Explaining The Provisions In The Finance Bill, 2021 Finance Bill, 2021 Provisions Relating To Direct Taxes Introduction The provisions of Finance Bill, 2021 (hereafter referred to as “the Bill”), relating to direct taxes seek to amend the Income-tax Act, 1961 (hereafter referred to as
Amendments to GST Acts through Finance Bill 2021
Amendments to GST Acts through Finance Bill 2021 Central Goods and Services Tax Amendment of section 7. In the Central Goods and Services Tax Act, 2017 (hereinafter referred to as the Central Goods and Services Tax Act), in section 7, in sub-section (1), after clause
Highlights of Union Budget 2021-22
Highlights of Union Budget 2021-22 A. Initiative TakenTill Date The Finance Minister started her tax proposals by stressing the initiative taken in the past to smoothen and simplify the tax system. Few of them are slashing of Corporate Tax Rates drastically, Abolition of DDT &
Detention of Goods on account for Discrepancy in Address of Actual Supply and Address as per Way Bill
Detention of Goods on account for Discrepancy in Address of Actual Supply and Address as per Way Bill Telangana High Court in M/S. Sree Rama Steels Versus The Deputy State Tax Officer And 3 Others Facts The vendor (Jeevaka Industries Private Limited) has issued the