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Budget 2021 - New Income Tax Slabs for 2022

Individuals and HUF (Option A) and AOP, BOI, AJP On the above tax, surcharge is applicable at following rates, based on total income: (flat rates)Up to 50 lakh – Nil, 50 lakh to 1 crore – 10%, above 1 crore – 15% Individuals and HUF…
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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…
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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.…
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Budget 2021 – Changes in Goods and Services Tax

No Input Tax Credit if a supplier has not filed returns Section 16 allows taxpayers’ to claim an input tax credit based on GSTR-2A and 2B. However, a new clause (aa) has been inserted in the aforesaid section, adding one more condition to…
Budget 2021 – Changes in Customs and Excise

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…
Budget 2021 – Changes in Corporate Laws

Budget 2021 – Changes in Corporate Laws

Decriminalising LLP Act The Government has announced that it shall now take up Limited Liability Partnership Act and decriminalize its various provisions to remove harsh provisions for minor offences and enhance ease of doing business. Earlier,…
Key Government Policy Announcements of Budget 2021

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…
Interesting facts about India’s Budget

Interesting facts about India’s Budget and its unique traditions

There are various traditions attached to the presentation of annual budget ever since the Republic of India presented its first budget in 1950. Let’s go through a few them here in this article. Budget is presented every year on February…
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What is Budget and why it is important for common man

We often budget our earnings and expenditure – that’ how we get our dream car and dream house. It’s a tough task to calculate, estimate, save and plan the whole thing and gets even more complicated when the family expands. India is a country…
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An insight into the inside story of Budget 2021 - Opinion

Another year and another budget! On February 1, Finance Minister Nirmala Sitharaman presented the budget for the Union Government of India, her third budget presentation or let’s say three and a half, as the COVID-19 relief package which spread…