“During the assessment year 1997-98 and 1998-99, several payments were made to foreign parties for the license to use the software. However, no tax has been deducted..
Year: 2021
Hindu Undivided Family – A uniquely Indian concept and tax savings
India is diverse and unique in many ways. Many of the economic theories and business models fail to hold in India owing to the unique nature of..
Accountability – How Governments make and break pinky promises, while you pay interest and penalties!
Memory is important – whether it’s your laptop, mobile or yourself, especially the last one, because you can easily buy and upgrade the other two. Voters have..
Wallstreet vs Reddit: How some geeks brought barons to their knees
It’s not unknown to anyone that the gap between the commoners and the megacorps has increased over the years. We have Google threatening to shut down its..
Budget 2021 – New Income Tax Slabs for 2022
Individuals and HUF (Option A) and AOP, BOI, AJP On the below tax, surcharge is applicable at following rates, based on total income: (flat rates) Up to..
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..
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…
Budget 2021 – Changes in Goods and Services Tax
No Input Tax Credit if a supplier has not filed returns Section 16 allows taxpayers’ to claim an input tax credit based on GSTR-2A and 2B. However,..
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..
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..