Budget 2021 Crux for professional

1. Definition of Small Companies revised.
Capital < 2 Cr
Turnover < 10 cr
Relief to more than 200,000 cos.

2. MCA version 3 expected soon

3.LLP decriminalisation soon

4. LIC IPO will come soon in 2022

5. Infusion of Rs. 20000 cr. For public sector banks

6. FDI in insurance sector hiked to 74% from 49%

7. Director Residence criteria - 120 days from earlier 182 days

8. OPC proposed to be incorporated by foreigners as well

9. Policy for disinvestment in all non strategic and strategic sectors

10. Separate administration structure to promote ease of doing business.
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Direct tax proposals highlights

1. Relief to senior citizen: for 75 years and above: Having only pension and interest income: exemption from filing ITR: Paying banks will do TDS

2. Reassessment: from 6 years to 3 years

Serious tax evasion cases: where evasion evidence is Rs.50lac or more then reopening within 10 years-

3. Dispute resolution committee: it will be faceless: anyone with total income less than 50 lacs and disputed income less than 10 Lacs can approach this committee

4. Faceless ITAT: faceless ITAT centre will be set where personal hearings will be conducted through VC

5. Tax Audits: digital transactions from 5 cr to 10 cr

6. Advance tax liability on dividend will arise only after declaration of dividend

7. Affordable housing 1.5 lac deduction will now be even available for loan taken till 31.3.2022

8. 80IBA: extended 31.3.2022

9. Tax incentive of affordable renting housing project

10. Pre filled income tax return will have pre filled data regarding Dividend, post office interest income, salary etc.

11. Trusts: educational and hospitals: limit increased from Rs.1 Cr to Rs. 5 crore (10(23C)

12. Late deposit of employee contribution of PF will now be not allowed as deduction.

All above proposals could be properly analysed once budget documents are released.
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CMA Trainning Opportunity

Re-Exam Schedule released by Institute @CmaIntermediateNotes

Re-Exam is only for the students who faced technical issues and reported to institute

Within 48hrs emails and or sms
Will b sent to students who are eligible for REEXAMS
@cmaintermediatenotes

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1. Today Institute will send email to students who are eligible for
REexam
If you don't recv u cn email 📧
Exam director & Exam Helpdesk for assistance.
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Upcoming Due Dates
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CBDT further extends the date for filing of declarations under the #VivadSeVishwas Act, 2020 to 31st March, 2021. Notification no. 09/2021 in S.O. 964(E) dated 26/02/2021 issued. Date for payment without additional amount under VSV extended to 30th April, 2021.

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Gstr 9 & 9C date extended

#GSTAudit 2019-20
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Now taxpayers having turnover exceeding Rs 50 Crore will have to generate e Invoices effective April 1, 2021.
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Attention GST Taxpayers who have opted for QRMP Scheme!
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Taxpayers, whose aggregate turnover in any preceding financial year from 2017-18 onwards exceeds Rs 50 crore, are required to issue e-invoice for B2B supplies from 01.04.2021. For details please refer to notification no.13/2020, notification no.70/2020 & notification no. 05/2021.

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Attention GST Taxpayers!

Requirement of HSN Code for Goods and Services on Tax Invoices is mandatory w.e.f April 01, 2021.
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