About Product
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 o Individuals or HUF opting for section 115BAC o Individual or HUF not opting for section 115BAC o Tax rates for AOP/BOI o Tax rates for Company o Tax rates for Co-operative Society o Tax rates for Other Entity o Surcharge in the hands of the Individual, HUF, AOP, BOI or AJP o Surcharge in case of any other assessee Profits and Gains from Business or Profession o No depreciation to be allowed on Goodwill o Threshold limit for tax audit in certain cases increased to Rs. 10 crore o LLPs are not eligible for presumptive taxation scheme under Section 44ADA o No MAT on dividend income of a foreign company o No deduction of employee’s contribution to welfare funds if paid after the relevant due dates o No Equalisation levy on Royalty or FTS o Inclusive list for the meaning of ‘online sale of goods and provision of services’ o Goods need not be owned or services need not be facilitated by the e-commerce operator o Curative amendment under section 10(50) o Adjustment to be made for APA or Secondary Adjustment while re-computing Book Profits of Past Years o Conversion of Urban Co-operative Bank into Banking Company is tax neutral Capital Gains o Extension in the time limit for transfer of residential house property for Section 54GB exemption o Tax on transfer of a capital asset to partner on dissolution or reconstitution o Taxation of Unit Linked Insurance Plans (ULIPs) o Tax incentives for units located in IFSC Other Sources o Safe-harbour limit increased in case of transfer of residential property below Stamp Duty Value o Relief from taxation in respect of income from foreign retirement funds o Tax on interest on the contribution made to provident fund Charitable Trusts o Treatment of application out of loan and borrowings o Increase in threshold limit for exemption of Trusts [Section 10(23C)] o Treatment of application out of corpus funds o Set off & carry forward of past deficit Deductions o Extension in the time-limit for sanction of housing loan for deduction under Section o0EEA o Section 80-IBA deduction to rental housing projects o Extension in the due date for the incorporation of start-up co. for Section 80-IAC TDS and Advance Tax o TDS in case of specified senior citizen o Advance tax liability on dividend income o TDS on purchase of goods o No TDS on dividend distributed by SPV to the business trust o TDS on income from securities held by FPIs o Deduction or Collection of tax at higher rates in case of non-filers of return Return of Income o Revised time limit to file Belated or Revised Return of Income o Time limit to file ITR of partners if the firm is liable for TP Audit o Reduction in the time limit for processing of ITR o Due date to file the return of spouse of partner o Notice to file the return of income can be issued by the prescribed authority [Section 142] o CBDT to relax conditions for defective returns o Adjustments to be made by CPC while processing of ITR o Slump sale to include all kinds of transfer Assessments o Time-limit to issue notice for Scrutiny Assessment o New Scheme for Re-Assessment and Search Assessments [Sections 147, 148, 148A, 149, 151, 151A, 153A and 153C] o Faceless assessment of income escaping assessment [Section 151A] o Time-limit for completion of Assessment [Section 153] o Life Cycle of a Return and Completion of Assessment for the Assessment Year 2021-22 Appeals and Dispute Resolution o Faceless Proceedings before ITAT [Section 255] o Constitution of Dispute Resolution Committee o Constitution of the Board for Advance Ruling o Discontinuance of Settlement Commission Miscellaneous o Issuance of Zero-Coupon Bond by Infrastructure Debt Fund o Provisional attachment of any property of the assessee in Fake Invoice cases o Definition of the term “Liable to tax” o Set-off and carry forward of losses in case of disinvestment of public sector companies o Rationalisation of provisions related to SWF and PF o Clarification regarding the scope of Vivad Se Vishwas Act, 2020 o No interest on refund of the excess sum paid under IDS o Exemption for cash allowance received in lieu of LTC Amendments Proposed under the GST Laws o Retrospective amendment in the definition of supply to make ‘Principle of Mutuality’ redundant o Introduction of a new condition for availing Input Tax Credit o Amendments relating to Zero-rated supply o No separate filing of Form GSTR 9C; Self-certified Reconciliation Statement o Interest on Net Cash liability o Recovery of Tax in respect of transaction declared in Form GSTR 1 o Amendments relating to Detention, Seizure and release of goods & conveyances in transit o Amendments relating to Confiscation provisions o Penalty to be deposited before filing an Appeal to Appellate Authority for the detention of Goods/Conveyance o Making Seizure and Confiscation of goods and conveyances a separate proceeding o Widening the scope of provisional attachment of property including bank account Amendments Proposed under the Customs Law o Conditional Exemptions under Customs to be valid for 2 years o Show Cause Notices for all fresh inquiries/investigations is to be issued within 2 years o Filing of Bill of Entry before arrival of goods at Customs Station o Confiscation of goods on wrongful claim of refund/remission o Penalty upto 5 times for utilization of ITC on fake invoices o Common Custom Portal to provide one-point digital interface Additional Infrastructure and Development Cess o Levy and calculation of AIDC on goods imported into India o Applicability of Customs Act on imported goods leviable to AIDC o List of specified imported goods and rate of AIDC o AIDC on Production/Manufacturing of HSD and Petrol Amendments under the Central Sales Tax Act o Benefit of concessional CST Rate would not be available in certain cases Amendments under the Customs Tariff Act o Levy of Countervailing Duty in case of Absorption of CVD o Aligning Customs Tariff Act, 1975 with the HSN 2022 o Tariff Rate Changes for Basic Customs Duty (to be effective from 02.02.2021) o Tariff Rate Changes for Basic Customs Duty through Notifications (to be effective from 02.02.2021) o Pruning and review of customs duty concessions/exemptions o Extending IGCR Rules for specified transactions o Changes pertaining to Anti-Dumping Duty (ADD)/Countervailing Duty (CVD)/Safeguard Measures o Other Miscellaneous Changes Amendments Proposed under the Corporate Laws o Amendment to the Indian Stamp Act, 1899 o Amendment to the ‘Contingencies fund of India’ o Amendments to the Securities Contracts (Regulation) Act, 1956 o Amendment to the Securities and Exchange Board of India Act, 1992 o Amendments to the Life Insurance Corporation Act, 1956 o Amendment to the SARFAESI Act, 2002 o Amendment to the Recovery of Debts Due to Banks and Financial Institutions Act, 1993
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