NEWS FLASH
Income tax raids Kolkata-based companies engaged in trading of iron & steel and tea; Rs 175 Cr concealed income dug out
Customs Act - Bill inserts new Sec 114AC to impose penalty in case of fake invoices for utilising ITC or refund through collusion
New Cess of AIDC imposed on Petrol (Rs 2.5 per litre) and Diesel (Rs 4 per litre)
Bill proposes to levy Social Welfare Surcharge on top of new AIDC Cess but gold & silver exempted + goods imported under FTA , EoU & Advance Authorisation exempted from AIDC
Finance Bill proposes certain legislative changes in CGST + IGST Acts relating to mandatory requirement of audit of annual accounts and filing of returns
Budget proposes two-year cap, extendable by one year, for completing all Customs investigations
Budget levies 2.5% Agriculture & Infrastructure Development Cess on raw cotton, silver & gold + 5% Health Cess on import of medical devices
BUDGET ANALYSIS
AID Cess imposed on Petrol & HSD makes it cheaper, really!
Bill proposes new valuation method for capital assets received upon dissolution
Rental housing project - Tax benefit extended
Bill proposes to amend Rule for issue of zero coupon bond
I-T - Mismatch in taxation of income from overseas retirement fund - Amendment proposed
Bill proposes to 'slump' provisions to redefine slump sale
GST - 13 Amendments proposed in Budget 2021 you must know!
I-T - FM tweaks provisions to curb double deduction
Bill Clarifies - Cases covered by ITSC fall outside purview of VsV Scheme
Bill proposes to exclude LLPs from presumptive taxation
SAFEMA Trinunal to be Adjudicating Authority under PBPT Act
Happy homes - Bill proposes 10% increase in safe harbor limit
Bill moots AAR Board to fix hitches in incumbent AARs
Finance Bill proposes new chapter of history for ITAT - Tribunal goes faceless
I-T - Sec 32 - Goodwill excluded from block of assets
Curtains down on an institution - we do not need no Settlement
Dividend Distribution Tax- Changing its Advance way!!
FM pegs ambitious target from disinvestment
Life Insurance - High Premium in ULIP - Tax benefits withdrawn
Defective returns - CBDT acquires powers to grant relief in certain cases
Bill reduces time limit for assessment by 3 months
Sporty Calcutta - We begin with some retrospectivity
Assessment in Search cases - Budget proposes a new procedural framework
BCD on imported liquor slashed but effective duty goes up to 200%
Procedural relief to Sr Citizens; NRIs, Small charitable bodies, startups & IFSC
If you contribute more than Rs 2.5 lakh in PF, FM withdraws exemption on your interest
Budget goes for Committee system to reduce disputes in income tax
Body blow for ITR non-filers - Budget proposes higher TCS rate
IDS Scheme - Refund of excess payment to be sactioned but no interest
Income Tax Settlement Commission is gone from today; Interim Board to be notified
Govt moots 0.1% TDS on purchase of goods; 5% if PAN not provided
Income tax - Sec 271AAD - Anti-abuse provision made tighter
TOP NEWS
Budget 2021 carries vision of Aatmanirbharta, inclusion of every citizen: PM
Voluntary vehicle scrappage policy will lead to investment of Rs 10,000Cr, create 50,000 jobs: Gadkari
Saddened by insult to tricolour on R-Day, says PM at Mann Ki Baat 2.0
Govt procures paddy worth Rs 1.12 lakh crore in Kharif Marketing Season
