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Budget

Budget 2021 – How Tax Assessments have changed

Reduction in the time limit for completing an assessment The time limit for completion of assessment, reassessment and re-computation and for passing an order under section 143 or 144 commonly referred as ‘Scrutiny assessment’ was earlier 33 months from the end of the relevant financial year, which was curtailed to…
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income tax

Budget 2021 – Changes in Income Tax Law

No change in rates of taxation There are no changes in respect of income of all categories of assessee liable to tax for the financial year 2021-22. The rates of income shall continue to be the same as applicable for the financial year 2020-21. Similarly, the rates for advance tax,…
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customs and excise

Budget 2021 – Changes in Customs and Excise

New Agriculture Cess on Petrol and High Speed Diesel Government has introduced a new Agriculture Infrastructure and Development Cess (AIDC) as an additional duty of excise on Petrol and High-speed diesel. The purpose of this cess is to finance the improvement of agriculture infrastructure and other development expenditure. Do note…
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budget

Budget 2021 – Changes in Corporate Laws

Decriminalising LLP Act The Government has announced that it shall now take up Limited Liability Partnership Act and decriminalize its various provisions to remove harsh provisions for minor offences and enhance ease of doing business. Earlier, the Government had taken up the Companies Act for decriminalizing and the same has…
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budget

Key Government Policy Announcements of Budget 2021

Health and Well-being New ‘Prime Minister Atma Nirbhar Swasth Bharat’ scheme with an outlay of INR 64,180 crore over next six years to develop primary, secondary, and tertiary health care systems Intensified strategy to improve nutritional outcomes across 112 aspirational districts under Mission Poshan 2.0 Jaljeevan mission for universal supply…
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