TMI Short Notes

Budget 2021-22 + FINANCE Bill, 2021

1. Rates of income-tax in respect of income liable to tax for the assessment year 2021-22.

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2. Rates for deduction of income-tax at source during the financial year (FY) 2021-22 from certain incomes other than“Salaries”.

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3. Rates for deduction of income-tax at source from “Salaries”, computation of “advance tax” and charging of income-tax in special cases during the FY 2021-22

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4. Tax Incentives Exemption for LTC Cash Scheme

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5. Incentives for affordable rental housing

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6. Tax incentives for units located in International Financial Services Centre (IFSC)

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7. Issuance of zero coupon bond by infrastructure debt fund

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8. Tax neutral conversion of Urban Cooperative Bank into Banking Company

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9. Facilitating strategic disinvestment of public sector company

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10. Extension of date of sanction of loan for affordable residential house property

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11. Extension of date of incorporation for eligible start up for exemption and for investment in eligible start-up

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12. Removing difficulties faced by taxpayers Increase in safe harbour limit of 10% for home buyers and real estate developers selling such residential units

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13. Relaxation for certain category of senior citizen from filing return of income-tax

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14. Rationalisation of provisions related to Sovereign Wealth Fund (SWF) and Pension Fund (PF)

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15. Addressing mismatch in taxation of income from notified overseas retirement fund

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16. Rationalisation of provisions of Minimum Alternate Tax (MAT)

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17. Exemption of deduction of tax at source on payment of Dividend to business trust in whose hand dividend is exempt

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18. Rationalisation of the provision concerning withholding on payment made to Foreign Institutional Investors (FIIs)

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19. Rationalisation of provisions relating to tax audit in certain cases

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20. Advance tax instalment for dividend income

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21. Raising of prescribed limit for exemption under sub-clause (iiiad) and (iiiae) of clause (23C) of section 10 of the Act

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22. Extending due date for filing return of income in some cases, reducing time to file belated return and to revise original return and also to remove difficulty in cases of defective returns

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23. Rationalisation of various Provisions Payment by employer of employee contribution to a fund on or before due date

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24. Constitution of Dispute Resolution Committee for small and medium taxpayers

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25. Constitution of the Board for Advance Ruling

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26. Income escaping assessment and search assessments

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27. Allowing prescribed authority to issue notice under clause (i) of sub-section (1) of section 142

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28. Provision for Faceless Proceedings before the Income-tax Appellate Tribunal (ITAT) in a jurisdiction less manner

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29. Discontinuance of Income-tax Settlement Commission

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30. Reduction of time limit for completing assessment

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31. Rationalisation of the provision of Charitable Trust and Institutions to eliminate possibility of double deduction while calculating application or accumulation

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32. Taxation of proceeds of high premium unit linked insurance policy (ULIP)

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33. Rationalisation of the provision of slump sale

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34. Rationalisation of provision of transfer of capital asset to partner on dissolution or reconstitution

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35. Provisional attachment in Fake Invoice cases

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36. Rationalisation of the provisions of Equalisation Levy

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37. Depreciation on Goodwill

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38. Rationalisation of the provision relating to processing of returned income and issuance of notice under sub-seciton (2) of section 143 of the Act

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39. Adjudicating authority under the PBPT Act

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40. Rationalisation of the provision of presumptive taxation for professionals under section 44ADA

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41. Clarification regarding the scope of Vivad se Vishwas Act, 2020

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42. Definition of the term “Liable to tax”

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43. Income Declaration Scheme (IDS) amendment

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44. Tax Deduction at Source (TDS) on purchase of goods

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45. TDS/TCS on non filer at higher rates

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46. Taxability of Interest on various funds where income is exempt

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47. CUSTOMS

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48. AMENDMENTS IN THE CUSTOMS ACT, 1962

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49. AMENDMENTS IN THE CUSTOMS TARIFF ACT, 1975

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50. AMENDMENTS IN THE FIRST SCHEDULE TO THE CUSTOMS TARIFF ACT, 1975

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51. CHANGES IN CUSTOMS RULES

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52. OTHER PROPOSALS INVOLVING CHANGES IN BASIC CUSTOMS DUTY RATES IN RESPECTIVE NOTIFICATIONS [with effect from 2.2.2021, unless specified otherwise]

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53. Other miscellaneous changes

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54. Pruning and review of customs duty concessions/ exemptions

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55. Prescribing the condition of observance of the Customs (Import of Goods at Concessional Rate of Duty) Rules, 2017 (IGCR Rules, 2017) for certain conditional entries in notification No. 50/2017-Customs dated 30.06.2017, in lieu of certain exiting conditions. Besides certain other conditions for imports are being rationalized/simplified

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56. IMPOSITION OF AGRICULTURE INFRASTRUCTURE AND DEVELOPMENT CESS ON IMPORT OF CERTAIN ITEMS [to be effective from 02.02.2021] [Clause [115] of the Finance Bill, 2021]

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57. OTHER CHANGES (INCLUDING CERTAIN CLARIFICATIONS/ TECHNICAL CHANGES BY AMENDING NOTIFICATION NO. 50/2017-CUSTOMS DATED 30.06.2017

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58. Review of levy of Social Welfare Surcharge on various items

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59. Other Miscellaneous changes pertaining to Anti-Dumping Duty (ADD)/ Countervailing Duty (CVD)/ Safeguard Measures

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60. EXCISE

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61. AMENDMENT IN THE FOURTH SCHEDULE

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62. Retrospective amendment in Chapter 27 of the Fourth Schedule to the Central Excise Act, 1944

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63. Amendment in Chapter 27 of the Fourth Schedule to the Central Excise Act, 1944

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64. IMPOSITION OF AGRICULTURE INFRASTRUCTURE AND DEVELOPMENT CESS (AIDC) ON PETROL AND DIESEL

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65. CHANGE IN EFFECTIVE RATE OF BASIC EXCISE DUTY AND SPECIAL ADDITIONAL EXCISE DUTY ON PETROL AND DIESEL [to be effective from 02.02.2021]

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66. EXEMPTIONS FOR M-15, E-20 AND OTHER BLENDED FUELS

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67. Amendments in the Schedule VII of the Finance Act 2001 (NCCD Schedule)

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68. Goods and Service Tax

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69. AMENDMENTS IN THE CGST ACT, 2017

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70. AMENDMENTS IN THE IGST ACT, 2017

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