Union Cabinet approves Amendments to the Finance Act, 2021

Budget, Income Tax
Union Cabinet approves Amendments to the Finance Act, 2021 As per Press Release, dated 20-04-2021, The Union Cabinet has given ex-post facto approval for the Government amendments to the Finance Bill, 2021 which is enacted on 28-03-2021 as the Finance Act, 2021. These amendments were essential to clarify and rationalise the proposals further and address stakeholders concerns arising out of amendments proposed in the Finance Bill, 2021.Amendments to the Finance Act, 2021 are tax proposals that shall generate timely revenue for the Government and streamline existing provisions by addressing grievances of the taxpayers
Read More

Major Income Tax Proposals in Budget 2021

Budget, Income Tax
Major Income Tax Proposals in Budget 2021 1. No Income tax returns for senior citizen of 75 year or above age where the total income consist only of pension and interest income 2. Income tax returns will have prefill data of capital gains from listed securities, post office interest, Interest income, Salary etc,. 3. Increase in tax audit limit from Rs. 5 crore to Rs. 10 crore if more than 90% transactions are made digital mode and increase in tax Audit Exemption Limit for NRIs who carry out 95% of their transaction digitally, to Rs. 10 crores 4. Introduction of Faceless for Income tax appellate tribunal. A National Faceless Income Tax Appellate Tribunal Center to be constituted, wherein all communication between the Tribunal and the Appellant shall be electronic. Where…
Read More

Quick Review of GST Proposal in Budget 2021

Budget, GST
Quick Review of GST Proposal in Budget 2021 As per the Finance Bill 2021 is No GST Audit is required. Clause 101 of Finance bill states Sub-section (5) of section 35 of the CGST Act is being omitted so as to remove the mandatory requirement of getting annual accounts audited and reconciliation statement submitted by specified professional. 2. Further, in Clause 102 of Finance bill Section 44 of the CGST Act is being substituted so as to remove the mandatory requirement of furnishing a reconciliation statement duly audited by specified professional and to provide for filing of the annual return on self-certification basis. It also provides for the Commissioner to exempt a class of taxpayers from the requirement of filing the annual return. 3. Clause 99 of Finance Bill provides an additional…
Read More

Key takeaways from the Economic Survey of 2020-21

Budget, Economy, Uncategorized
Key takeaways from the Economic Survey of 2020-21 The Survey expects the Indian economy to grow by 11% in real terms (adjusted for inflation) during 2021-22. This is close to the growth of 11.5% forecast by the International Monetary Fund (IMF). This is good news. 11% growth from this means that the Indian GDP in 2021-22 is expected to be at ₹149.2 lakh crore, which is just 2.4% more than the GDP of ₹145.7 lakh crore in 2019-20The gross tax revenue earned by the government during the period April to November 2020 fell by 12.6% to ₹10.26 lakh crore.Other than gross tax revenue, the amount of money the government expected to earn through the disinvestment route, by selling its stake in public sector enterprises, has taken major beating this year. Of the…
Read More