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17th April 2021

 
Dear Reader,

While India is fighting second wave of COVID-19 pandemic, the parliament has approved the Finance Bill with several changes. We have analyzed the income tax provisions (as per Finance Act, 2021) and following are the highlights that you may find useful.

We continue to support and serve you entirely for all your compliance need during this difficult time and hope you and all your loved ones remain safe.

  1. No changes in tax rates for corporates and firms/LLPs/Local Authority. The tax rates are detailed here for your easy reference… read more
     
  2. No changes in personal taxation under old and new regime of tax. The tax rates can be referred here…read more
     
  3. New TDS provisions introduced on purchase of goods, TDS deduction at higher rates for specified persons, amendments in TDS on dividend incomes, TDS on payments to FIIs and TDS provisions for taxpayers who are not liable for tax audit...read more
     
  4. Tax audit threshold increased from Rs. 1 crore to Rs. 10 crores subject to restrictions on cash transactions and time limit for filing belated or revised return of income reduced…read more
     
  5. Relaxation from filing income tax return for resident senior citizens, Extension of time limit for filing tax return by a partner of a firm to which transfer pricing audit applies…read more
     
  6. Depreciation not to be charged on goodwill… read more
     
  7. Tolerance limit increased to provide relief to real estate developers and home buyers… read more
     
  8. Scope of slump sale widened and New provisions of taxation on dissolution or reconstruction of specified entities…read more
     
  9. Clarification on taxation of income from notified overseas retirement fund, Amendment in definition of “Liable to Tax”, Adjustment to book profit under MAT… read more
     
  10. Reduction in time limits for issuance of notice for assessment, re-assessment proceedings and for completion of assessment proceedings, Revamping procedures for reassessments and search cases, setting up of Dispute Resolution Committee andlaunch of faceless proceedings before Tribunal… read more
     
  11. Miscellaneous provisions which includes rationalization of provisions for start-ups, extension of timelines for approval of affordable housing projects and for approval of loan for first time residential buyers, taxation of sum received under ULIP, disallowance of employee’s contribution to funds if not paid within due date, presumptive taxation not allowed to LLPs and HUFs for profession income…read more
     
  12. Other miscellaneous provisions which include taxability on interest accrued contribution to employee provident fund, amendments under leave travel concession received by employees, rationalization of provisions related to charitable trusts, incentives for units in IFSC, empowerment of assessing officer to attach property, interest on shortfall of advance tax on dividend income, clarification on Equalization Levy… read more
     
If you wish to read the entire document of income tax provisions as introduced by Finance Act, 2021... read more

In case of you need any additional information, kindly write to us on info@kdpaccountants.com

Regards,
KDP
info@kdpacountants.com 
 

Disclaimer:

  • This note does not form an opinion from our end and before taking any decision based on above, it is recommended to consult our experts on the subject.

  • Kamdar Desai & Patel will not be liable for any damages (including, without limitation, damages for loss of business projects, or loss of profits) arising in contract, tort or otherwise from the use of or inability to use this article, or any of its contents, or from any action taken (or refrained from being taken) as a result of using this article or any such contents.

 

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