Tax incentives for units located in International Financial Services Centre (IFSC) Government has establishment a world class financial services centre. Units located in IFSC enjoy some concession. In order to make location in IFSC more attractive, it is proposed to provide the following additional incentives: (i) It is proposed to amend section 9A of the […]
Incentives for Affordable Rental Housing – section 80-IBA The existing provision of the section 80-IBA of the Act provides that where the gross total income of an assessee includes any profits and gains derived from the business of developing and building affordable housing project, there shall, subject to certain conditions specified therein, be allowed a […]
Key Changes in Goods and Service Tax – Budget 2021-22 Goods and Service Tax Note: (a) CGST Act, 2017 means Central Goods and Services Tax Act, 2017 (b) IGST Act, 2017 means Integrated Goods and Services Tax Act, 2017 Amendments carried out in the Finance Bill, 2021 will come into effect from the date when […]
Tax Deduction at Source (TDS) on the Purchase of Goods Chapter XVIIB of the Act (Income Tax Act, 1961) relates to the deduction of tax at source. The provisions of this chapter provide for TDS on various payments at rates contained therein. It is proposed to provide for TDS by the person responsible for paying […]
Higher Rates of TDS/TCS for non-filers of ITR. Section 206AA of the Act (Income Tax Act, 1961) provides for the higher rate of TDS for non-furnishing of PAN. Similarly, section 206CC of the Act provides for the higher rate of TCS for non-furnishing of PAN. It is seen that while these provisions have served their […]