Budget 2021 Taxation

Budget 2021 Tax Highlights: In a major tax relief for senior citizens, Finance Minister Nirmala Sitharaman while presenting Budget 2021 announced that citizens aged 75 years and above, who only have pension and interest income are now exempted from filing the tax returns. In last year's budget, a major cut in the tax rates for the salaried class wa...

The Union Minister of Finance, Nirmala Sitharaman is all set to announce the budget for Financial Year 2021-22, on February 1. Given the eventful year, we have had, the auto industry has some kind of relief expectations from the upcoming budget, considering it was one of the highly impacted sectors. The luxury car segment in particular, which has a...

Budget 2021: Individual taxpayers and the middle-class expect reduced GST rates in various sectors, and increased deduction for the interest on home loans from the taxable income

Budget 2021: Experts believe that COVID cess may be made applicable to higher income brackets individuals or business with specified turnovers

Section 201 of the Income Tax Act states that a deductor shall be liable to pay interest at the rate of 1 per cent per month/part of the month in case there is a failure to deduct tax

The computation of income is often disputed if taxes have been withheld outside India and corresponding income is offered for taxation in India, as Section 198 does not specifically mention taxes withheld outside India

Budget 2021 Tax Highlights: In a major tax relief for senior citizens, Finance Minister Nirmala Sitharaman while presenting Budget 2021 announced that citizens aged 75 years and above, who only have pension and interest income are now exempted from filing the tax returns. In last year's budget, a major cut in the tax rates for the salaried class wa...

The Union Minister of Finance, Nirmala Sitharaman is all set to announce the budget for Financial Year 2021-22, on February 1. Given the eventful year, we have had, the auto industry has some kind of relief expectations from the upcoming budget, considering it was one of the highly impacted sectors. The luxury car segment in particular, which has a...

Budget 2021: Individual taxpayers and the middle-class expect reduced GST rates in various sectors, and increased deduction for the interest on home loans from the taxable income

Budget 2021: Experts believe that COVID cess may be made applicable to higher income brackets individuals or business with specified turnovers

Section 201 of the Income Tax Act states that a deductor shall be liable to pay interest at the rate of 1 per cent per month/part of the month in case there is a failure to deduct tax

The computation of income is often disputed if taxes have been withheld outside India and corresponding income is offered for taxation in India, as Section 198 does not specifically mention taxes withheld outside India