Copy of the Finance Act- 2021 with all amendment & Changes
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Copy of the Finance Act- 2021 with all amendment & Changes The Finance Bill, 2021 as was presented on 1st February 2021 was…
Changes in Finance Act-2021
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- Reason to believe for Reassessment: AO must exercise discretion independently and not under the dictates of other authorities.
- Re-assessment is valid if the AO independently verifies information and forms a reasoned belief of income escaping assessment.
- Assessment order passed on a non-existent entity due to amalgamation is invalid considering the applicability of Section 170(2) of the Income Tax Act
- Non filing of MSME-1 by Companies may attract penalty up to Rs. 3 Lakh
- Courts, Sub-Registrars must report if they come across cash transactions over Rs. 2 Lakhs to Income Tax Department: Supreme Court
- No notice u/s 143(2) issued by the AO – ITAT Quashed Assessment as Jurisdiction
- Reasons recorded were vague and scanty and the approval has been granted mechanically – ITAT quashed the Reassessment Assessment
- Tax demands due to non-reflection of the ITC in GSTR 2A/GSTR 2B despite paying the same to the seller – Landmark order by High Court
- Unsigned notices are void ab initio and cannot confer jurisdiction or attract any legal consequence
- AO must independently form a reasoned belief while initiating proceedings u/s 147: Bombay HC
