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Budget
21 Feb 22

Budget 2022 – Sectorwise key announcements and new schemes

Public infrastructure A new mission – ‘PM GatiShakti National Master Plan’ has been announced which will focus on the development of – Roads, Railways, Airports, Ports, Mass Transport, Waterways, and Logistics infrastructure. Road projects – 20,000 crores has been allocated for the development of 25,000 km national highways Digital enhancement…
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Amount paid for use of software
15 Apr 21

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 at source and thus, following section 40(a) these expenses must be disallowed. Therefore, I have reason to believe that income has escaped assessment…
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Budget
24 Feb 21

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
24 Feb 21

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
24 Feb 21

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
22 Feb 21

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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