Indian Income Tax 2021-2022

Budget 2021 was finally approved by the President of India after numerous amendments in tax laws in the proposed budget for this year. Government has been making continuous attempts of transforming the compliance systems to a faceless mode to achieve fairness, adequacy, simplicity, transparency and administrative ease.

With a long series of amendments on year over year basis, the Income Tax Act, as it stands today, has a very wide ambit, complex and multifarious implications. One needs to be aware, vigilant, and compliant with the plethora of obligations placed by the tax law on the taxpayer in a varied manner. 

We believe our Indian Income tax booklet available for download below, will help you to understand basic insight about the Indian Income tax law, its compliances and other important topics which relates to crossborder transactions and dispute resolution in the simplest form.

An overview of e-Invoicing under GST

Technology has become a base for Indian tax compliances, taking a step in this direction with a focus on curbing tax evasion, the government has taken a historic step to introduce e-invoicing through the government-regulated portal. This will help the taxpayer of certain threshold to be tax compliant and will assist in ease of doing business. There would be certain teething and understanding issues, but this will lead to further digitalization of the value chain. This system is effective from January 01, 2021.

We believe our short e-invoicing booklet available for download below, will help you to understand the fine print of e-invoicing system in goods and service tax regulation.

Recent Changes in Income Tax

Recent changes have been introduced in income tax forms, tax audit & transfer pricing forms and introduction of TCS. This will help the Indian revenue authority to enhance collections and check evasion.

Further in continuation with Covid related relaxations The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) bill, 2020 has been notified.

We believe our short analysis of recent changes in Income Tax, available for download below, will help you to understand the intricacies of changes and compliance required.

Vivad se Vishwas Act 2020

A tax dispute settlement scheme i.e. Vivad se Vishwas Act under direct tax has been introduced for settling Income tax disputes between taxpayers and the Income tax department.

The Tax appeals pending as on 31.01.2020 before the appellate forum, writ petitions, revision applications, Dispute Resolution Panel related proceedings and other proceedings of like matter shall be eligible for the Scheme. Such appeals can also be the appeals filed by the Income Tax Department.

We believe our short analysis of this scheme, available for download below, will help you to understand the fine print of Vivad se Vishwas.

GST Booklet 2020

Changes brought in GST over two years relate to clarification, compliance, correction, emphasizing technology and artificial intelligence, changes in relation to the seamless transfer of input credit, rationalization in tax rates, GST returns, GST audits and changes in various rules enabling ease of doing business and effective implementation of GST law.

We have created this ready to refer a booklet for your basic understanding of GST. This booklet will help you to migrate into the new waters of Goods and Service Tax smoothly

E-Way Bill 2020

The current E-Way bill e-system enables ease of doing business through the use of various platforms for electronic issuance of E way bill such as web, SMS, bulk generation system and API system and has a simple interface for transporter and taxpayer registration. It also has simple forms which can be filled to generate a E-Way bill in matter of seconds, enabling seamless movement of goods across India.

We have prepared a simple booklet for your ready reference which can act as ready-reckoner for your day to day use.

GST Booklet 2017

Year 2017 is the year of changes and keeping the year alive the biggest change in the business environment in the history of India known as ‘GST’ is being launched on 1st July 2017. The change through GST is futuristic and is going to drastically change the supply chain dynamics of various businesses in India; the changes though would be initially unsettling but would be mostly positive.

GST has tried to organize the history of the disruptive mess created over the years by various archaic indirect tax laws. GST in the current form will try to organize and systematize highly diverse supply chain models prevailing in various States in India.

We have brought this booklet with intent that by reading this you will able to understand the nuances of GST and would be able to appreciate various facets of the new law. We have purposely kept the booklet concise enabling busy CEO’s, CFO’s & Tax directors to quickly process the various changes, which GST will bring to their company’s business models. Annexure to the booklet gives you a ready reference on various formats of new invoices, various GST rates on goods and services and many exemptions available in GST.

E-Way Bill 2017

The world of physical space is evolving and we have already entered in the era of 3D printers and niche technology resulting in faster than ever production of physical goods for ever increasing demand of the Indian consumer market.

The collection of taxes on the sale of goods has a constitutional validity and has been a main revenue generation source in whole gamut of Indian indirect taxes. The goods and service tax law which was made operational last July 2017, had already laid down the regulations for monitoring the movement of physical goods through E-Way bill mechanism. E-Way bill is now required compulsorily for intrastate and interstate movement of goods in India and is being closely monitored by GST authorities for ensuring a high degree of compliance and enforcement. The E-way bill mechanism for Interstate movement was notified on 01st April, 2018 and for intrastate movement in all the states by 16th June, 2018.

We have prepared a simple booklet for your ready reference which can act as ready-reckoner for your day to day use.

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