Lok Sabha Passes Finance Bill 2021
3 years, 9 months ago

Lok Sabha Passes Finance Bill 2021

Live Law  

The Lok Sabha on Tuesday passed the Finance Bill, 2021 to give effect to the financial proposals of the Central Government for the financial year 2021-2022. Apart from the Finance Act, the Bill also proposes to amend the Income Tax Act, 1961; Life Insurance Corporation Act, 1956; the Securities Contracts Act, 1956; the Central Sales Tax Act, 1956; the SEBI Act, 1992; etc. As per the proposed Section 194P under the Income Tax Act, such senior citizen must be a resident of India having income of the nature of pension and no other income except interest received from any account maintained by such individual in the same specified bank in which he is receiving his pension income. Such senior citizen shall be required to furnish a Declaration to the Bank, which shall then, after giving effect to the deduction allowable under Chapter VI-A and rebate allowable under section 87A, compute the total income of such specified senior citizen for the relevant assessment year and deduct income-tax on such total income on the basis of the rates in force. Faceless proceedings before Income Tax Appellate Tribunal The Income-tax Settlement Commission shall cease to operate with effect from 1st February, 2021.

Tax Income Act Bill Senior Citizen Shall  tribunal  bill  tax  incometax  appellate  finance  income  lok  2021  shall  passes  act  pension  sabha  senior  citizen

History of this topic

Parliament Winter Session 2024 highlights Day 14: MoS Nityanand Rai responds to discussion on Disaster Management (amendment) Bill in Lok Sabha
1 week, 5 days ago

Parliament Winter Session 2024 highlights Day 14: MoS Nityanand Rai responds to discussion on Disaster Management (amendment) Bill in Lok Sabha

The Hindu  

This live is closed The Opposition’s no-confidence notice against Rajya Sabha Chairman Jagdeep Dhankhar led to disruptions at the Upper House today too, a day after the Rajya Sabha saw no business and was washed out after clashes between the government and the Opposition over the notice and also the BJP’s allegations of Congress’ link with biliionaire George Soros. Among …

Nirmala Sitharaman reviews Income Tax Act 1961
1 month, 2 weeks ago

Nirmala Sitharaman reviews Income Tax Act 1961

Live Mint  

Union Finance Minister Nirmala Sitharaman on Monday chaired a meeting on the comprehensive review of the Income Tax Act 1961. Sitharaman had announced a comprehensive review of the Income Tax Act 1961 in the Union Budget 2024-25 on July 23. He also told the finance minister that 6,500 valuable suggestions have been received through the portal since it was opened …

Capital gains tax on real estate: Lok Sabha passes Finance Bill, amends LTCG tax provision on immovable properties
4 months, 2 weeks ago

Capital gains tax on real estate: Lok Sabha passes Finance Bill, amends LTCG tax provision on immovable properties

The Hindu  

The Finance Bill 2024 was passed in the Lok Sabha on Wednesday with an amendment relaxing the recently introduced new capital gains tax on real estate. The amendment comes after a proposal to remove indexation benefit in calculation of long-term capital gains on sale of immovable properties in the Budget 2024-25 had evoked criticism from various corners, including Opposition parties …

Parliament Monsoon Session: Lok Sabha passes Finance Bill 2024
4 months, 2 weeks ago

Parliament Monsoon Session: Lok Sabha passes Finance Bill 2024

India TV News  

Parliament Session: The Lok Sabha today passed the Finance Bill 2024 after the government relaxed the just-introduced new capital gains tax on real estate, allowing taxpayers an option to switch to a new lower tax rate or stay with the old regime that had higher rate with indexation benefit. Finance Minister Nirmala Sitharaman, who in her Budget for 2024-25 proposed …

Lok Sabha passes Bill to allow government expenditure for FY 2024-25
4 months, 2 weeks ago

Lok Sabha passes Bill to allow government expenditure for FY 2024-25

The Hindu  

The Lok Sabha on Monday approved about ₹ 140 lakh crore in expenditure demands by different ministries of the Central Government, completing two-thirds of the legislative approvals needed for the full Budget of 2024–25. The lower house, which last week debated the Budget, approved demands for grants as well as the Appropriation Bill 2024, which authorises the government to use …

The Hindu Morning Digest, December 21, 2023
1 year ago

The Hindu Morning Digest, December 21, 2023

The Hindu  

Parliament proceedings | Lok Sabha passes Bills to replace British-era criminal laws The Lok Sabha on Wednesday passed three amended Bills that seek to repeal and replace criminal laws which date back to colonial times. New criminal Bills have provisions for time-bound investigation and trial: Shah Union Home Minister Amit Shah said in the Lok Sabha on Wednesday that after …

Parliament proceedings | Lok Sabha passes Bills to replace British-era criminal laws
1 year ago

Parliament proceedings | Lok Sabha passes Bills to replace British-era criminal laws

The Hindu  

The Lok Sabha on Wednesday passed three amended Bills that seek to repeal and replace criminal laws which date back to colonial times. ‘No sympathy for terrorists’ Noting that more than one lakh people have been killed in terror attacks across the country over the past 75 years, Mr. Shah said that the BNSS had, for the first time, defined …

Bill to ease setting up of GST tribunals
1 year ago

Bill to ease setting up of GST tribunals

Live Mint  

New Delhi: Finance Minister Nirmala Sitharaman on Wednesday tabled an amendment bill in the Lok Sabha to make it easier to set up GST appellate tribunals by modifying the terms of appointment of members. The Central GST Bill, 2023, seeks to expand the pool of candidates for appointment as judicial members to the tribunals to include advocates with 10 years …

Parliament Winter Session Live Updates Day 7
1 year ago

Parliament Winter Session Live Updates Day 7

The Hindu  

The Rajya Sabha on Tuesday passed the Chief Election Commissioner and other Election Commissioners Bill, 2023, through a voice vote. In the Lok Sabha, the Finance Minister Nirmala Sitharaman responded to the discussion on supplementary demand for grants, which started yesterday. With the passage of the grants, payments bills, Lok Sabha passed the the Union Territories Bill, 2023 and the …

Section 245C(5) Of Income Tax Act Is Read Down By Removing Retrospective Last Date Of 1st Feb 21 As 31st March 21: Madras High Court
1 year, 1 month ago

Section 245C(5) Of Income Tax Act Is Read Down By Removing Retrospective Last Date Of 1st Feb 21 As 31st March 21: Madras High Court

Live Law  

The Madras High Court has held that Section 245C of the Income Tax Act, 1961 is read down by removing the retrospective last date of the 1st February 2021, as the 31st March 2021.The bench of Chief Justice Sanjay V. Gangapurwala and Justice D. Bharatha Chakravarthy has observed that the Finance Act, 2021, was retrospective in nature. The Madras High …

Lok Sabha Passes Competition (Amendment) Bill, 2022
1 year, 8 months ago

Lok Sabha Passes Competition (Amendment) Bill, 2022

Live Law  

The Lok Sabha on Wednesday passed the Competition Bill, 2022.The Bill was introduced in August of the previous year, during the Monsoon Session of the Parliament and it was referred to the Parliamentary Standing Committee on Finance headed by Jayant Sinha for examination.The Bill seeks to amend the Competition Act of 2002 to regulate mergers and acquisitions based on the …

Lok Sabha passes Finance Bill 2023
1 year, 8 months ago

Lok Sabha passes Finance Bill 2023

Deccan Chronicle  

NEW DELHI: Finance minister Nirmala Sitharaman announced the setting up of a committee headed by the finance secretary to look into pension issues of government employees while maintaining fiscal prudence to protect common citizens. She made the announcement while seeking 64 amendments to the Finance Bill 2023, including providing marginal relief to tax payers under the new regime, and removing …

Finance Bill 2023 was approved with amendments. Here are the highlights
1 year, 9 months ago

Finance Bill 2023 was approved with amendments. Here are the highlights

The Hindu  

The Finance Bill 2023 was been passed in Lok Sabha without a discussion and the House was adjourned to meet again on March 27. The Reserve Bank of India is being requested to look into this with a view to bring credit card payments for foreign tours within the ambit of LRS and tax collection at source thereon.” Withholding tax …

Finance Bill 2023 passed in Lok Sabha with THESE major amendments. Details here
1 year, 9 months ago

Finance Bill 2023 passed in Lok Sabha with THESE major amendments. Details here

Live Mint  

The Lok Sabha on Friday, March 24, passed the Finance Bill, 2023 with some amendments. Union Finance Minister Nirmala Sitharaman tabled ‘The Finance Bill, 2023’ in the lower house amid sloganeering by Opposition MPs demanding a JPC inquiry into the Adani Group issue. While moving the Finance Bill 2023 in the Lok Sabha for consideration and passage, the minister also …

Bill Introduced In Lok Sabha To Repeal 65 Obsolete Laws Including One Enacted 135 Yrs Ago
2 years ago

Bill Introduced In Lok Sabha To Repeal 65 Obsolete Laws Including One Enacted 135 Yrs Ago

Live Law  

The Union Law Minister Kiren Rijiju on Monday introduced in the Lok Sabha the Repealing and Amending Bill, 2022, which seeks to repeal 65 laws which are either obsolete or have become redundant due to operation of other laws. The Bill contains three schedules – the First Schedule lists 24 laws enacted between the years 1885 and 2020 which it …

Lok Sabha updates | March 30, 2022
2 years, 8 months ago

Lok Sabha updates | March 30, 2022

The Hindu  

On Wednesday, the Delhi Municipal Corporation Bill 2022, seeking to merge the three municipal corporations of the National Capital, was passed in the Lower House. If you have done good work, you will win 6 months later too," says the union home minister during discussion on the Delhi Municipal Corporation Bill, 2022 in Lok Sabha. 7.40 p.m MCD Amendement Bill …

Lok Sabha passes Finance Bill
2 years, 8 months ago

Lok Sabha passes Finance Bill

Deccan Chronicle  

New Delhi: The Finance Bill 2022, moved by finance minister Nirmala Sitharaman, was passed in the Lok Sabha on Friday. The government has reportedly proposed 39 amendments to the Finance Bill, 2022, including changes to the crypto tax structure; penalty provisions on publication of import-export data and status of past income computations that claimed deduction of disallowed cess and surcharges. …

Parliament proceedings updates | August 10, 2021
3 years, 4 months ago

Parliament proceedings updates | August 10, 2021

The Hindu  

The Monsoon Session is in its concluding week and the Opposition remained relentless in its demand for a discussion on the Pegasus surveillance issue and farm laws. Lok Sabha | 3.20 pm Undo injustice meted out to J&K: NC Hasnain Masoodi says the government brought this Bill to undo the wrong it did during the previous government. Lok Sabha | …

India’s sovereign right to tax intact after amendment: FM
3 years, 4 months ago

India’s sovereign right to tax intact after amendment: FM

Live Mint  

Finance minister Nirmala Sitharaman on Monday told the Rajya Sabha that the amendment to the 2012 retrospective income tax law will not dilute India’s sovereign right to tax. The Rajya Sabha on Monday passed the bill scrapping the retrospective amendment that had sparked a flurry of litigation, including international arbitration by Vodafone Plc and Cairn Energy Plc, which India lost …

Rajya Sabha approves Tax Amendment bill to end retrospective taxation
3 years, 4 months ago

Rajya Sabha approves Tax Amendment bill to end retrospective taxation

Live Mint  

A bill that aims to end all retrospective taxation imposed on indirect transfer of Indian assets was approved by Rajya Sabha on Monday amid continuous protests by the opposition. Rajya Sabha on Monday took up The Taxation Laws Bill, 2021, with Opposition Congress, DMK and TMC staging a walkout, saying adequate time was not given to them to prepare for …

Centre introduces Bill in Lok Sabha to withdraw retrospective tax demands on Cairn, Vodafone
3 years, 4 months ago

Centre introduces Bill in Lok Sabha to withdraw retrospective tax demands on Cairn, Vodafone

Firstpost  

New Delhi: In a bid to bury the ghost of retrospective taxation, the government on Thursday brought a Bill in the Lok Sabha to withdraw all back tax demands on companies such as Cairn Energy and Vodafone and said it will refund the money collected to enforce such levies. Finance Minister Nirmala Sitharaman introduced ‘The Taxation Laws Bill, 2021’ in …

Govt amends Income Tax Act, retrospective tax rule junked
3 years, 4 months ago

Govt amends Income Tax Act, retrospective tax rule junked

India TV News  

In a bid to bury the ghost of retrospective taxation, the government on Thursday brought a bill in the Lok Sabha to withdraw all back tax demands on companies such as Cairn Energy and Vodafone and said it will refund the money collected to enforce such levies. Finance Minister Nirmala Sitharaman introduced 'The Taxation Laws Bill, 2021' in the Lok …

BREAKING : Centre Introduces Taxation Laws Amendment Bill To Nullify Retrospective Tax Demand Provision Brought By Finance Act 2012
3 years, 4 months ago

BREAKING : Centre Introduces Taxation Laws Amendment Bill To Nullify Retrospective Tax Demand Provision Brought By Finance Act 2012

Live Law  

The Union Ministry of Finance on Thursday introduced the Taxation Laws Bill 2021 in the Lok Sabha to nullify the effect of the amendment brought by Finance Act 2012 to impose tax liability on gains arising from indirect transfer of Indian assets with retrospective effect.The 2012 amendment was passed to overturn the Supreme Court verdict in the Vodafone case which …

Lok Sabha approves bill to abolish tribunals
3 years, 4 months ago

Lok Sabha approves bill to abolish tribunals

Live Mint  

Lok Sabha on Tuesday cleared the Tribunals Reforms Bill, 2021 seeking to replace an Ordinance brought out in April to abolish certain tribunals which according to the government have not helped in faster justice delivery. The idea is to abolish tribunals set up under various laws including the Cinematograph Act, the Copyrights, Act, the Customs Act, the Patents Act, the …

Income Tax, Corporate Tax, Merger of More Banks: Key Expectations from a 'Never Before' Budget 2021
3 years, 11 months ago

Income Tax, Corporate Tax, Merger of More Banks: Key Expectations from a 'Never Before' Budget 2021

News 18  

The countdown for the Union Budget 2021 has started with all eyes on Union Finance Minister Nirmala Sitharaman’s third budget, which she will be presenting on February 1, 2021. Section 198 of the Income-tax Act, 1961 provides that the tax deducted at source should be included in the gross total income of the assessee. With the fortune of many multinational …

Centre Notifies Bills To Relax Tax Filings; Allow RBI Supervision Over Cooperative Banks [Read Notifications]
4 years, 2 months ago

Centre Notifies Bills To Relax Tax Filings; Allow RBI Supervision Over Cooperative Banks [Read Notifications]

Live Law  

The Central Government has notified the Taxation and Other Laws Act, 2020 to relax time limit on compliance with tax laws, GST payment, filing, etc., amid the Covid-19 pandemic. the Wealth-tax Act, 1957, Income Tax Act, 1961, Prohibition of Benami Property Transactions Act, 1988, three Finance Acts, the Black Money and Imposition of Tax Act, 2015, and the Direct Tax …

Lok Sabha Clears Bill To Decriminalize Minor Procedural Offences/ Technical Lapses Under Companies Act 2013 [Read Bill]
4 years, 3 months ago

Lok Sabha Clears Bill To Decriminalize Minor Procedural Offences/ Technical Lapses Under Companies Act 2013 [Read Bill]

Live Law  

The Lok Sabha on Saturday passed the Companies Bill, 2020 to decriminalize minor procedural or technical lapses under the Companies Act, 2013, into civil wrong, with an aim to enhance the ease of doing business in India. As per the statement of Objectives annexed it, the Bill inter alia seeks to: decriminalise offences in case of defaults which can be …

Lok Sabha Clears Bill For RBI Supervision Of Cooperative Banks [Read Bill]
4 years, 3 months ago

Lok Sabha Clears Bill For RBI Supervision Of Cooperative Banks [Read Bill]

Live Law  

The Lok Sabha on Wednesday passed the Banking Regulation Bill, 2020, by voice vote. Salient Features As per the statement and objects annexed to the Bill, "certain amendments were necessary in the parent Act to provide for better management and proper regulation of co-operative banks and to ensure that the affairs of the co-operative banks are conducted in a manner …

Parliament proceedings Sept. 15 updates | Lok Sabha passes Essential Commodities (Amendment) Bill, 2020
4 years, 3 months ago

Parliament proceedings Sept. 15 updates | Lok Sabha passes Essential Commodities (Amendment) Bill, 2020

The Hindu  

After a smooth start to monsoon session of Parliament on Monday, government introduced two more Bills in Rajya Sabha. Parliament proceedings: Sept. 14 updates Here are the live updates: Lok Sabha | 7.45 pm Lok Sabha passes Essential Commodities Bill Consumer Affairs, Food and Public Distribution Minister Raosaheb Patil Danve responds to the issues raised during discussion: "The 1955 Act …

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