Prologue Governments run on taxpayers’ money. They have two major tasks – collect money from citizens by way of tax, and distribute it back to all citizens..
Category: Taxation and Compliance
How the income tax department is tracking your income!
Disclaimer: Tax evasion is high in our country, and so is red-tapism. This article is an advisory on how genuine taxpayers can avoid the red-tapism and in..
Amount paid for use of software is not ‘Royalty’.
“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..
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..
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..
Background of Equalisation Levy
Equalisation levy is an unilateral measure to tax some digital activities. It was introduced in Finance Act 2016 with the intention of taxing the digital transactions i.e…