While the expectations of the common man of tax relief are not met, the budget outlines measures to rationalise the tax structure and bring out changes in the tax processes

Expecting the economy to rebound sharply and continue speedy recovery requires the budget to be a key driver of growth

The major expectation of the energy sector from Budget 2021 is to incentivise and promote the energy sector and to revive the economy, and restore it to normalcy after the impact of the COVID-19 pandemic

Whilst Finance Minister Nirmala Sitharaman will be laying down measures to bolster the economy in Budget 2021, factors that impact the common man will certainly be on top of her agenda

Similar to the anticipation for the COVID-19 vaccination, the healthcare industry is also looking forward to an incentive booster in the upcoming Union Budget

Budget 2021 would be unprecedented in many ways, as the government would have to focus on providing stimulus packages to revive the economy, while also identifying other avenues of revenue to bridge the widening fiscal deficit

National Financial Reporting Authority conducted an Audit Quality Review (AQR) of the statutory audit of IFIN for 2017-18 period. The AQR Report was issued on December 12, 2019

FM Sitharaman on her part has put forth the suggestions but the discretion lies with states and private organisations. At least some of them are expected to offer similar benefits

Traditionally it has been observed that the Trust route has been subject to misuse and hence there are certain regulatory factors which need to be considered for employeestock award scheme(s)

With the COVID-19 pandemic presenting unprecedented business disruption, stock awards could be an effective tool for motivating and retaining key talent while deferring immediate cash outflow

The extension of timelines for filing tax returns and other related tax compliances is a well-thought-out measure, as due to lockdown it is difficult for individual taxpayers to obtain necessary documentation required for preparation of tax returns and file their returns on time

Form 26AS is all-inclusive document for ease of reference for taxpayers both at the return filing stage and at the time of assessment proceedings

Tax havens have powerful backers; they include big nations including the UK and the US, reputed international bankers, accountants, law firms and many others which makes it difficult to discipline them

It is critical for employers to analyse the impact of the Code and the compliances thereunder in order to be able to undertake a smooth transition as and when the Code becomes a law

Indirect Tax proposal by FM Sitharaman: In order to curb abuse of the Free Trade Agreements (FTA), suitable provisions are being incorporated in the Customs Act and a review of the Rules of Origin requirements shall be undertaken for import of sensitive items. Here's all the takeaways

Union Budget 2020: Finance minister Nirmala Sitharaman introduced an optional personal income tax regime with the intention to simplify income-tax filing and reduce the tax burden on individual taxpayers

Budget 2020: Long-term infrastructure bonds issued by public sector undertakings (PSUs) or other infrastructure finance companies can be used as important sources of funds for investments in specified infrastructure projects

Budget 2020: The proposed liberalisation of the insurance sector, ease of restrictions on FDI by JVs/WOS of Indian parties and other measures taken for liberalising FDI are expected to spur investments and raise investor sentiment

Budget 2020: While taxpayers' expectation on withdrawal of DDT has been on for several years now, the probabilities are stronger due to the objective of the government to rationalise corporate tax rate and promote economic growth

The audit regulator is now examining whether disciplinary proceedings under the relevant provisions of the Companies Act 2013 need to be initiated against Deloitte