02/02/2021
Some Important Key Take Away from Union Budget 2021
Income Tax
1. Purchase Goodwill will not form part of Intangible Assets.
2. Slum sale can be in Kind also
3. Employer contribution will be deducted minimum of 12% or 750000
4. Salary employee can deposit max 250000 in PF in year, there will be tax on interest earn on and above 250000.
5. Payment of employee contribution will not be deductible if not paid within Due date.
6. Corpus donation is exepmted if invested as per rule.
7. Upto 30-June 21, builder can sale property upto 20% less than RR rate, subject to condition.
8. Tax exemption on affordable housing rental Income.
9. Last date of filling the belated or revised return has made 31st Dec from 31st March
10. Scrutiny Assessment notice can be issue upto 30th June.
11. Completion of assessment has to done within 9 month.
12.New section 194Q introduce, where buyer need to deduct TDS if its turnover in previous FY is more than 10cr.
13. Double the rate of TDS need to deducted if party not filled ITR for last 2 years
14. Settlement commission has been abolished.
15. Introduction of Dispute settlement commission.
16. Sec 271 is further tighten by giving power of provisional attachment of property.
GST
1. Sec 7 of CGST Act, clarified that transaction between Club and member is taxable.
2. Sec 83 of CGST Act amended to give power of provision attachment of property and Bank account, even when case is under Investigation. No rule to be follow for the same.
3. Government will notify the type of exporter or the type of goods which are allowed to get refund of IGST.
4.In case of seizure of goods during transit option to release the goods on provisional basis gone away.
Regards
CA Manish Agarwal
