{"id":478,"date":"2021-04-06T06:13:19","date_gmt":"2021-04-06T06:13:19","guid":{"rendered":"http:\/\/www.rnm.in\/blog\/?p=478"},"modified":"2025-01-30T10:55:44","modified_gmt":"2025-01-30T10:55:44","slug":"welcome-to-fy-2021-22","status":"publish","type":"post","link":"https:\/\/www.rnm.in\/blog\/welcome-to-fy-2021-22\/","title":{"rendered":"Welcome to FY 2021-22"},"content":{"rendered":"\n<ul class=\"wp-block-list\">\n<li><strong>Date for issue of notice under section 148 of Income Tax Act, 1961, Passing of Consequential order for direction issued by the Dispute Resolution Panel (DRP) &amp; Processing of Equalization Levy statements also extended to 30<sup>th<\/sup> April 2021.<\/strong> <br><\/li>\n\n\n\n<li><strong>Central\nGovernment extends the last date for linking of Aadhaar number with Pan from 31<sup>st<\/sup>\nMarch, 2021 to 30<sup>th<\/sup> June, 2021.<\/strong><\/li>\n<\/ul>\n\n\n\n<p>Some of the key\namendments to Finance Bill 2021 have been summarized below:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The Amended Finance Bill 2021 has modified the\ndefinition of expression \u2018<strong>liable to tax\u2019<\/strong>\nas was originally proposed in Finance Bill 2021. As per the new definition, a\nperson shall be considered as \u2018liable to tax\u2019 in a country, if there is an\nincome-tax liability on such person under the law of that country for the time\nbeing in force and shall also include a person who has subsequently been\nexempted from such liability under the law of that country.<\/li>\n\n\n\n<li>The amended Finance Bill 2021 clarifies that\nequalization levy will not be charged on consideration for sale of goods \/\nservices which are owned \/ provided by a resident in India or effectively\nconnected with permanent establishment in India.<\/li>\n\n\n\n<li>As per the provisions of Finance Bill 2021, interest\naccruing in Employee Provident Fund on employee contributions exceeding INR\n250,000 per annum is made taxable from April 1, 2021. The amended Finance Bill 2021\nhas increased this limit to INR 500,000 in cases where no amount is contributed\nby the employer to the provident fund. <\/li>\n\n\n\n<li>LLP and HUF ineligible for presumptive taxation for\nprofessionals <\/li>\n\n\n\n<li>The time limit for issuance of reassessment notice\nunder the new procedure is reduced to three years, unless income amounting to\nmore than INR 5 million represented by assets have escaped\/ likely to escape\nassessment; in which case, the time limit is extended to ten years. <strong>The Amended Finance Bill 2021 defines the\nterm \u2018asset\u2019 to include immovable property, being land or building or both,\nshares and securities, loans and advances and deposits in bank accounts.<\/strong><\/li>\n<\/ul>\n\n\n\n<p class=\"has-text-align-center\"><strong>&nbsp;&nbsp;Important Judicial Precedents<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Sajan\nKumar Jain vs. DCIT (ITAT Delhi) ITA No. 6793\/DEL\/2018.<\/strong><strong><\/strong><\/li>\n<\/ul>\n\n\n\n<p>A notice issued u\/s\n142(1) requiring the assessee to furnish a return of income when the assessee\nhad already earlier filed a return is not valid. Once a valid return of income\nwas available on record, which was already processed issuing notice u\/s 142(1)\nof the Act asking the assessee to furnish fresh notice in itself is invalid\nmaking subsequently proceedings void ab initio. The assessment order has to be\nquashed for want of jurisdiction.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>PCIT\n(Central) \u2013 3 vs. Anand Kumar Jain (HUF) (Delhi High Court)<\/strong><\/li>\n<\/ul>\n\n\n\n<p>S. 153A, 153C\nsearch assessments: (i) A statement recorded u\/s 132(4) has evidentiary value\nbut cannot justify the additions in the absence of corroborative material. (ii)\nThe statement also cannot, on a standalone basis, constitute &#8216;incriminating\nmaterial&#8217; so as to empower the AO to frame a block assessment u\/s 153A (iii) If\nthe statement was recorded in the course of search conducted in the case of a\nthird party, and assuming the statement is construed as &#8216;incriminating material\nbelonging to or pertaining to a person other than person searched&#8217;, the only\nlegal recourse available to the department is to proceed in terms of S. 153C of\nthe Act by handing over the same to the AO who has jurisdiction over such\nperson. An assessment framed u\/s 153A on the basis of alleged incriminating\nmaterial (being the statement recorded under 132(4) of the Act) is not valid.\nThe assesse also had no opportunity to cross-examine the said witness.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>HDA Buildcon Pvt. Ltd. Versus The C.I.T. [A] -35 New Delhi ITA No. 5617\/DEL\/2017<\/strong><\/li>\n<\/ul>\n\n\n\n<p>HELD THAT:- A\nperusal of the computation of taxable income as per provisions of section 115JB\nof the Act show that tax payable comes to \u20b9\n16,18,097\/- under the provisions of MAT whereas tax computed on the assessed\nincome comes to \u20b9 15,53,355\/-, which means that the appellant has paid\ntaxes as per the provisions of section 115JB of the Act. As per the CBDT\nCircular No. 25\/2015 dated 31.12.2015, no penalty can be levied on an income\nwhich has been computed u\/s. 115JB of the Act and penalty has been levied on\nthe additions\/disallowances made under normal provisions of the Act.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Some of the key amendments to Finance Bill 2021 have been summarized below: &nbsp;&nbsp;Important Judicial Precedents A notice issued u\/s 142(1) requiring the assessee to furnish a return of income when the assessee had already earlier filed a return is not valid. Once a valid return of income was available on record, which was already processed issuing notice u\/s 142(1) [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":480,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_links_to":"","_links_to_target":""},"categories":[16,14],"tags":[129,73],"class_list":["post-478","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-direct-tax","category-general","tag-finance-bill-2021","tag-income-tax"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Magma HDI General Insurance expands distribution capabilities<\/title>\n<meta name=\"description\" content=\"Magma HDI General Insurance has raised Rs 525 crore in funding to expand its distribution capabilities. The fresh capital will be used to strengthen the company&#039;s presence in existing markets and enter new ones.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.rnm.in\/blog\/welcome-to-fy-2021-22\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Magma HDI General Insurance expands distribution capabilities\" \/>\n<meta property=\"og:description\" content=\"Magma HDI General Insurance has raised Rs 525 crore in funding to expand its distribution capabilities. The fresh capital will be used to strengthen the company&#039;s presence in existing markets and enter new ones.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.rnm.in\/blog\/welcome-to-fy-2021-22\/\" \/>\n<meta property=\"og:site_name\" content=\"RNM India Blogs\" \/>\n<meta property=\"article:published_time\" content=\"2021-04-06T06:13:19+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-01-30T10:55:44+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/www.rnm.in\/blog\/wp-content\/uploads\/2021\/04\/fy-2021-22.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2240\" \/>\n\t<meta property=\"og:image:height\" content=\"1260\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Rnm\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Rnm\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.rnm.in\/blog\/welcome-to-fy-2021-22\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.rnm.in\/blog\/welcome-to-fy-2021-22\/\"},\"author\":{\"name\":\"Rnm\",\"@id\":\"https:\/\/www.rnm.in\/blog\/#\/schema\/person\/c803658b38f2490f6a75863d05644438\"},\"headline\":\"Welcome to FY 2021-22\",\"datePublished\":\"2021-04-06T06:13:19+00:00\",\"dateModified\":\"2025-01-30T10:55:44+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.rnm.in\/blog\/welcome-to-fy-2021-22\/\"},\"wordCount\":691,\"publisher\":{\"@id\":\"https:\/\/www.rnm.in\/blog\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.rnm.in\/blog\/welcome-to-fy-2021-22\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.rnm.in\/blog\/wp-content\/uploads\/2021\/04\/fy-2021-22.jpg\",\"keywords\":[\"Finance Bill 2021\",\"Income Tax\"],\"articleSection\":[\"Direct Tax\",\"General\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.rnm.in\/blog\/welcome-to-fy-2021-22\/\",\"url\":\"https:\/\/www.rnm.in\/blog\/welcome-to-fy-2021-22\/\",\"name\":\"Magma HDI General Insurance expands distribution capabilities\",\"isPartOf\":{\"@id\":\"https:\/\/www.rnm.in\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.rnm.in\/blog\/welcome-to-fy-2021-22\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.rnm.in\/blog\/welcome-to-fy-2021-22\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.rnm.in\/blog\/wp-content\/uploads\/2021\/04\/fy-2021-22.jpg\",\"datePublished\":\"2021-04-06T06:13:19+00:00\",\"dateModified\":\"2025-01-30T10:55:44+00:00\",\"description\":\"Magma HDI General Insurance has raised Rs 525 crore in funding to expand its distribution capabilities. 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