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  • Taxmann's Guide To Finance Bill 2021

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 employees 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 Fund
    • Provisional attachment of any property of the assessee in Fake Invoice cases
    • Definition of the term “Liable to tax”
    • Set-off and carry forward of losses in case of disinvestment of public sector companies
    • Rationalisation of provisions related to SWF and PF
    • Clarification regarding the scope of Vivad Se Vishwas Act, 2020
    • No interest on refund of the excess sum paid under IDS
    • Exemption for cash allowance received in lieu of LTC
  • Amendments Proposed under the GST Laws
    • Retrospective amendment in the definition of supply to make ‘Principle of Mutuality’ redundant
    • Introduction of a new condition for availing Input Tax Credit
    • Amendments relating to Zero-rated supply
    • No separate filing of Form GSTR 9C; Self-certified Reconciliation Statement
    • Interest on Net Cash liability
    • Recovery of Tax in respect of transaction declared in Form GSTR 1
    • Amendments relating to Detention, Seizure and release of goods & conveyances in transit
    • Amendments relating to Confiscation provisions
    • Penalty to be deposited before filing an Appeal to Appellate Authority for the detention of Goods/Conveyance
    • Making Seizure and Confiscation of goods and conveyances a separate proceeding
    • Widening the scope of provisional attachment of property including bank account
  • Amendments Proposed under the Customs Law
    • Conditional Exemptions under Customs to be valid for 2 years
    • Show Cause Notices for all fresh inquiries/investigations is to be issued within 2 years
    • Filing of Bill of Entry before arrival of goods at Customs Station
    • Confiscation of goods on wrongful claim of refund/remission
    • Penalty upto 5 times for utilization of ITC on fake invoices
    • Common Custom Portal to provide one-point digital interface
  • Additional Infrastructure and Development Cess
    • Levy and calculation of AIDC on goods imported into India
    • Applicability of Customs Act on imported goods leviable to AIDC
    • List of specified imported goods and rate of AIDC
    • AIDC on Production/Manufacturing of HSD and Petrol
  • Amendments under the Central Sales Tax Act
    • Benefit of concessional CST Rate would not be available in certain cases
  • Amendments under the Customs Tariff Act
    • Levy of Countervailing Duty in case of Absorption of CVD
    • Aligning Customs Tariff Act, 1975 with the HSN 2022
    • Tariff Rate Changes for Basic Customs Duty (to be effective from 02.02.2021)
    • Tariff Rate Changes for Basic Customs Duty through Notifications (to be effective from 02.02.2021)
    • Pruning and review of customs duty concessions/exemptions
    • Extending IGCR Rules for specified transactions
    • Changes pertaining to Anti-Dumping Duty (ADD)/Countervailing Duty (CVD)/Safeguard Measures
    • Other Miscellaneous Changes
  • Amendments Proposed under the Corporate Laws
    • Amendment to the Indian Stamp Act, 1899
    • Amendment to the ‘Contingencies fund of India’
    • Amendments to the Securities Contracts (Regulation) Act, 1956
    • Amendment to the Securities and Exchange Board of India Act, 1992
    • Amendments to the Life Insurance Corporation Act, 1956
    • Amendment to the SARFAESI Act, 2002
    • Amendment to the Recovery of Debts Due to Banks and Financial Institutions Act, 1993

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Taxmann's Guide To Finance Bill 2021

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