Description
Taxmann Publications Guide To Finance Bill 2021 by Taxmann
This book provides clause-by-clause analysis of the Finance Bill, 2021. All complex provisions have been explained with illustrations which helps the readers to comprehend the new provisions, in a simplified manner. This book covers analysis on the following:
Direct Taxes
Indirect Taxes (Including GST & Customs)
Corporate Laws
The Present Publication is the Latest Edition, authored by Taxmann’s Editorial Team, with the following coverage:
Tax Rates
Profits and Gains from Business or Profession
Capital Gains
Other Sources
Charitable Trusts
Deductions
TDS and Advance Tax
Return of Income
Assessments
Appeals and Dispute Resolution
Miscellaneous
Amendments Proposed under the GST Laws
Amendments Proposed under the Customs laws
Additional Infrastructure and Development Cess
Amendment under the Central Sales Tax Act
Amendments under the Customs Tariff Act
Amendments Proposed under the Corporate Laws
The detailed coverage of the book is as follows:
Tax Rates
Individuals or HUF opting for section 115BAC
Individual or HUF not opting for section 115BAC
Tax rates for AOP/BOI
Tax rates for Company
Tax rates for Co-operative Society
Tax rates for Other Entity
Surcharge in the hands of the Individual, HUF, AOP, BOI or AJP
Surcharge in case of any other assessee
Profits and Gains from Business or Profession
No depreciation to be allowed on Goodwill
Threshold limit for tax audit in certain cases increased to Rs. 10 crore
LLPs are not eligible for presumptive taxation scheme under Section 44ADA
No MAT on dividend income of a foreign company
No deduction of employee’s contribution to welfare funds if paid after the relevant due dates
No Equalisation levy on Royalty or FTS
Inclusive list for the meaning of ‘online sale of goods and provision of services’
Goods need not be owned or services need not be facilitated by the e-commerce operator
Curative amendment under section 10(50)
Adjustment to be made for APA or Secondary Adjustment while re-computing Book Profits of Past Years
Conversion of Urban Co-operative Bank into Banking Company is tax neutral
Capital Gains
Extension in the time limit for transfer of residential house property for Section 54GB exemption
Tax on transfer of a capital asset to partner on dissolution or reconstitution
Taxation of Unit Linked Insurance Plans (ULIPs)
Tax incentives for units located in IFSC
Other Sources
Safe-harbour limit increased in case of transfer of residential property below Stamp Duty Value
Relief from taxation in respect of income from foreign retirement funds
Tax on interest on the contribution made to provident fund
Charitable Trusts
Treatment of application out of loan and borrowings
Increase in threshold limit for exemption of Trusts [Section 10(23C)]
Treatment of application out of corpus funds
Set off & carry forward of past deficit
Deductions
Extension in the time-limit for sanction of housing loan for deduction under Section 80EEA
Section 80-IBA deduction to rental housing projects
Extension in the due date for the incorporation of start-up co. for Section 80-IAC
TDS and Advance Tax
TDS in case of specified senior citizen
Advance tax liability on dividend income
TDS on purchase of goods
No TDS on dividend distributed by SPV to the business trust
TDS on income from securities held by FPIs
Deduction or Collection of tax at higher rates in case of non-filers of return
Return of Income
Revised time limit to file Belated or Revised Return of Income
Time limit to file ITR of partners if the firm is liable for TP Audit
Reduction in the time limit for processing of ITR
Due date to file the return of spouse of partner
Notice to file the return of income can be issued by the prescribed authority [Section 142]
CBDT to relax conditions for defective returns
Adjustments to be made by CPC while processing of ITR
Slump sale to include all kinds of transfer
Assessments
Time-limit to issue notice for Scrutiny Assessment
New Scheme for Re-Assessment and Search Assessments [Sections 147, 148, 148A, 149, 151, 151A, 153A and 153C]
Faceless assessment of income escaping assessment [Section 151A]
Time-limit for completion of Assessment [Section 153]
Life Cycle of a Return and Completion of Assessment for the Assessment Year 2021-22
Appeals and Dispute Resolution
Faceless Proceedings before ITAT [Section 255]
Constitution of Dispute Resolution Committee
Constitution of the Board for Advance Ruling
Discontinuance of Settlement Commission
Miscellaneous
Issuance of Zero-Coupon Bond by Infrastructure Debt Fund
Provisional attachment of any property of the assessee in Fake Invoice cases
Definition of the term “Liable to tax”
Set-off and carry forward of losses in case of disinvestment of public sector companies
Rationalisation of provisions related to SWF and PF
Clarification regarding the scope of Vivad Se Vishwas Act, 2020
No interest on refund of the excess sum paid under IDS
Exemption for cash allowance received in lieu of LTC
Amendments Proposed under the GST Laws
Retrospective amendment in the definition of supply to make ‘Principle of Mutuality’ redundant
Introduction of a new condition for availing Input Tax Credit
Amendments relating to Zero-rated supply
No separate filing of Form GSTR 9C; Self-certified Reconciliation Statement
Interest on Net Cash liability
Recovery of Tax in respect of transaction declared in Form GSTR 1
Amendments relating to Detention, Seizure and release of goods & conveyances in transit
Amendments relating to Confiscation provisions
Penalty to be deposited before filing an Appeal to Appellate Authority for the detention of Goods/Conveyance
Making Seizure and Confiscation of goods and conveyances a separate proceeding
Widening the scope of provisional attachment of property including bank account
Amendments Proposed under the Customs Law
Conditional Exemptions under Customs to be valid for 2 years
Show Cause Notices for all fresh inquiries/investigations is to be issued within 2 years
Filing of Bill of Entry before arrival of goods at Customs Station
Confiscation of goods on wrongful claim of refund/remission
Penalty upto 5 times for utilization of ITC on fake invoices
Common Custom Portal to provide one-point digital interface
Additional Infrastructure and Development Cess
Levy and calculation of AIDC on goods imported into India
Applicability of Customs Act on imported goods leviable to AIDC
List of specified imported goods and rate of AIDC
AIDC on Production/Manufacturing of HSD and Petrol
Amendments under the Central Sales Tax Act
Benefit of concessional CST Rate would not be available in certain cases
Amendments under the Customs Tariff Act
Levy of Countervailing Duty in case of Absorption of CVD
Aligning Customs Tariff Act, 1975 with the HSN 2022
Tariff Rate Changes for Basic Customs Duty (to be effective from 02.02.2021)
Tariff Rate Changes for Basic Customs Duty through Notifications (to be effective from 02.02.2021)
Pruning and review of customs duty concessions/exemptions
Extending IGCR Rules for specified transactions
Changes pertaining to Anti-Dumping Duty (ADD)/Countervailing Duty (CVD)/Safeguard Measures
Other Miscellaneous Changes
Amendments Proposed under the Corporate Laws
Amendment to the Indian Stamp Act, 1899
Amendment to the ‘Contingencies fund of India’
Amendments to the Securities Contracts (Regulation) Act, 1956
Amendment to the Securities and Exchange Board of India Act, 1992
Amendments to the Life Insurance Corporation Act, 1956
Amendment to the SARFAESI Act, 2002
Amendment to the Recovery of Debts Due to Banks and Financial Institutions Act, 1993
About the author
Taxmann
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