BUDGET 2021-22

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New definition of Small Company- Applicable from FY 2021-22 onwards

The new definition of Small Company- Know whether your company falls into Small Companies The Ministry of Corporate Affairs has notified an amendment in the Companies (Specification of Definitions Details) Rules, 2014 that came into force on 1st April 2021. The MCA (Ministry of Corporate Affairs) has effected this amendment in accordance with the proposal …

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PF NEW TAX RULES

The limit of deposit in provident fund has been increased to ₹ 5 lakh per year, for which tax exemption on interest will continue if the employer does not contribute : Finance Minister

New PF Tax Rule: If employers do not contribute then the limit of tax free investment in PF is 5 lakhs. During Budget 2021, Sitharaman announced interest earned on EPF contribution (employee contribution only), which is more than Rs 2.5 lakh from April 1. Finance Minister Nirmala Sitharaman on Tuesday increased the deposit limit in …

The limit of deposit in provident fund has been increased to ₹ 5 lakh per year, for which tax exemption on interest will continue if the employer does not contribute : Finance Minister Read More »

Government Announces Budget of Over Rs 1 Lakh Crore for Jammu & Kashmir for F.Y. 2021-22. Major Focus on BDC, Development and Infrastructure

Government Announces Budget of Over Rs 1 Lakh Crore for Jammu & Kashmir for F.Y. 2021-22. Major Focus on BDC, Development and Infrastructure

The budget document reveals that its focus is on good governance, socio-economic development of the people, infrastructure building and generation of employment. 37 % of the earmarked budget is destined to be spent on development and infrastructure projects.

PM Addresses Webinar on Effective Implementation of Budget Provisions Regarding Education Sector

Addressing the webinar, the Prime Minister pointed out that to build a self-reliant India, confidence of the youth of the country is equally important. Confidence comes only when the youth has complete faith in their education and knowledge. Confidence comes only when they realize that their studies are giving them the opportunity to do their work and also the necessary skills. He said that the new National Education Policy has been made with this thinking. He stressed the need to implement all the provisions of the National Education Policy from pre-nursery to PhD quickly and said that the Budget will be of immense help in this regard.

Budget 2021: Alarming Situation for Taxpayers Registered under GST

With the insertion of Clause(aa) in Section 16(2) of the CGST Act by the Finance Act, 2021, now it is clear that Input Tax Credit (ITC) claimed on the basis of invoices which are not uploaded by the supplier in his GSTR-1, is required to be reversed and tax/interest/penalty has to be paid under section 73(5) of the CGST Act.

No Relief to GST Sector: Key Highlights of Union Budget 2021

No Major Relief to GST Sector: Key Highlights of Union Budget 2021

(1.) ITR filing exemption to citizens aged 75 years and above (only if income from pension and interest).

(2.) New period for re-opening of assessment for transparent tax system : Reopening of assessment period reduced from 6 years to 3 years except in the cases where tax evasion is 50 lakh or more (re-opening of assessment period is 10 years in these cases).

(3.) Constitution of Dispute Resolution Committee (for taxpayers having taxable income of 50 lakh and above and disputed income is 10 lakh).

Tax Concept is Inviting Ideas/ Suggestions/ Proposals from Professionals Across the Country

Tax Concept is Inviting Ideas/ Suggestions/ Proposals from professionals across the country, so that we can submit these suggestions etc. to the Ministry of Finance on behalf of the Professional Community for the Union Budget 2021-22. The last date for the same is 25th November, 2020 (11.00 PM). To submit suggestions etc., please fill the …

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