Guide To Finance Bill 2021

February 2021 Edition 

GEM ID -5116877-42025878350

Description

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