Fineprint Vol.3 2021

The Indian economy is at upward trend despite the huge rise of covid cases in India, the near-term prospects have turned more favorable for India’s economy, and it is likely to grow by 12 percent in 2021 following a 7.1 percent contraction last year. In the area of direct taxes, certain New Rule 3B for Calculation of Taxable Perquisites has been made in relation to perquisites of employees. The CBDT has also inserted certain transactions which will be required to be reported in the Statement of Financial Transactions.