{"id":246246,"date":"2021-03-29T10:51:37","date_gmt":"2021-03-29T05:21:37","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=246246"},"modified":"2021-03-31T10:09:24","modified_gmt":"2021-03-31T04:39:24","slug":"finance-act-2021-receives-presidents-assent","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2021\/03\/29\/finance-act-2021-receives-presidents-assent\/","title":{"rendered":"Finance Act, 2021 receives President&#8217;s assent"},"content":{"rendered":"<p style=\"text-align: justify;\">On March 28, 2021, the Finance Act received President&#8217;s assent in order to give effect <span dir=\"ltr\">to the financial proposals of the <\/span><span dir=\"ltr\">Central Government for the financial year 2021-2022<\/span><\/p>\n<p style=\"text-align: justify;\"><strong>INCOME TAX<\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li><span dir=\"ltr\">Income-tax shall <\/span><span dir=\"ltr\">be charged at the rates specified in Part I of the First Schedule and such tax shall be increased by a surcharge, for the purposes of the Union, calculated in each case in the manner provided therein.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-246247 aligncenter\" src=\"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/03\/Screenshot-2021-03-29-at-10.08.46-AM-300x225.png\" alt=\"\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/03\/Screenshot-2021-03-29-at-10.08.46-AM-300x225.png 300w, https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/03\/Screenshot-2021-03-29-at-10.08.46-AM-768x575.png 768w, https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/03\/Screenshot-2021-03-29-at-10.08.46-AM-1536x1150.png 1536w, https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/03\/Screenshot-2021-03-29-at-10.08.46-AM-2048x1534.png 2048w, https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/03\/Screenshot-2021-03-29-at-10.08.46-AM-60x45.png 60w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/p>\n<p style=\"text-align: justify;\">FOR SCHEDULE 1, CLICK <a href=\"http:\/\/egazette.nic.in\/WriteReadData\/2021\/226208.pdf\">HERE<\/a><\/p>\n<p style=\"text-align: justify;\"><strong>AGRICULTURAL INCOME<\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li><span dir=\"ltr\">In the cases to which Paragraph A of Part I of the First Schedule <\/span><span dir=\"ltr\">applies, where the assessee has, in the previous year, any net agricultural <\/span><span dir=\"ltr\">income exceeding five thousand rupees, in addition to total income, and the <\/span><span dir=\"ltr\">total income exceeds two lakh fifty thousand rupees, then,\u2014 <\/span><\/li>\n<\/ul>\n<p style=\"padding-left: 80px; text-align: justify;\"><span dir=\"ltr\">(<\/span><span dir=\"ltr\">a<\/span><span dir=\"ltr\">) the net agricultural income shall be taken into account, in the <\/span><span dir=\"ltr\">manner provided in clause (<\/span><span dir=\"ltr\">b<\/span><span dir=\"ltr\">) [that is to say, as if the net agricultural <\/span><span dir=\"ltr\">income were comprised in the total income after the first two lakh <\/span><span dir=\"ltr\">fifty thousand rupees of the total income but without being liable to <\/span><span dir=\"ltr\">tax], only for the purpose of charging income-tax in respect of the <\/span><span dir=\"ltr\">total income; and <\/span><\/p>\n<p style=\"padding-left: 80px; text-align: justify;\"><span dir=\"ltr\">(<\/span><span dir=\"ltr\">b<\/span><span dir=\"ltr\">) the income-tax chargeable shall be calculated as follows:\u2014 <\/span><\/p>\n<p style=\"padding-left: 120px; text-align: justify;\"><span dir=\"ltr\">(<\/span><span dir=\"ltr\">i<\/span><span dir=\"ltr\">) the total income and the net agricultural income <\/span><span dir=\"ltr\">shall be aggregated and the amount of income-tax shall be <\/span><span dir=\"ltr\">determined in respect of the aggregate income at the rates <\/span><span dir=\"ltr\">specified in the said Paragraph A, as if such aggregate <\/span><span dir=\"ltr\">income were the total income; <\/span><\/p>\n<p style=\"padding-left: 120px; text-align: justify;\"><span dir=\"ltr\">(<\/span><span dir=\"ltr\">ii<\/span><span dir=\"ltr\">) the net agricultural income shall be increased by a <\/span><span dir=\"ltr\">sum of two lakh fifty thousand rupees, and the amount of <\/span><span dir=\"ltr\">income-tax shall be determined in respect of the net <\/span><span dir=\"ltr\">agricultural income as so increased at the rates specified in <\/span><span dir=\"ltr\">the said Paragraph A, as if the net agricultural income as so <\/span><span dir=\"ltr\">increased were the total income; <\/span><\/p>\n<p style=\"padding-left: 120px; text-align: justify;\"><span dir=\"ltr\">(<\/span><span dir=\"ltr\">iii<\/span><span dir=\"ltr\">) the amount of income-tax determined in <\/span><span dir=\"ltr\">accordance with sub-clause (<\/span><span dir=\"ltr\">i<\/span><span dir=\"ltr\">) shall be reduced by the <\/span><span dir=\"ltr\">amount of income-tax determined in accordance with <\/span><span dir=\"ltr\">sub-clause (<\/span><span dir=\"ltr\">ii<\/span><span dir=\"ltr\">) and the sum so arrived at shall be the <\/span><span dir=\"ltr\">income-tax in respect of the total income: <\/span><\/p>\n<p style=\"padding-left: 120px; text-align: justify;\"><span dir=\"ltr\">Provided that in the case of every individual, being a <\/span><span dir=\"ltr\">resident in India, who is of the age of sixty years or more <\/span><span dir=\"ltr\">but less than eighty years at any time during the previous <\/span><span dir=\"ltr\">year, referred to in item (<\/span><span dir=\"ltr\">II<\/span><span dir=\"ltr\">) of Paragraph A of Part I of the <\/span><span dir=\"ltr\">First Schedule, the provisions of this sub-section shall have <\/span><span dir=\"ltr\">effect as if for the words \u201ctwo<\/span><span dir=\"ltr\"> lakh fifty thousand rupees\u201d, <\/span><span dir=\"ltr\">the words \u201cthree lakh rupees\u201d had been substituted: <\/span><\/p>\n<p style=\"padding-left: 120px; text-align: justify;\"><span dir=\"ltr\">Provided further that in the case of every individual, <\/span><span dir=\"ltr\">being a resident in India, who is of the age of eighty years <\/span><span dir=\"ltr\">or more at any time during the previous year, referred to in <\/span><span dir=\"ltr\">item (<\/span><span dir=\"ltr\">III<\/span><span dir=\"ltr\">) of Paragraph A of Part I of the First Schedule, the <\/span><span dir=\"ltr\">provisions of this sub-section shall have effect as if for the <\/span><span dir=\"ltr\">words \u201ctwo lakh fifty thousand rupees\u201d, the words \u201cfive <\/span><span dir=\"ltr\">lakh rupees\u201d had been substituted. <\/span><\/p>\n<p style=\"text-align: justify;\"><strong>FAIR MARKET VALUE<\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li><span dir=\"ltr\">In relation to capital assets being an undertaking or division <\/span><span dir=\"ltr\">transferred by way of such slump sale,\u2014 <\/span><\/li>\n<\/ul>\n<p style=\"padding-left: 80px; text-align: justify;\"><span dir=\"ltr\">(<\/span><span dir=\"ltr\">i<\/span><span dir=\"ltr\">) the &#8220;net worth&#8221; of the undertaking or the division, as the <\/span><span dir=\"ltr\">case may be, shall be deemed to be the cost of acquisition and the <\/span><span dir=\"ltr\">cost of improvement for the purposes of sections 48 and 49 and <\/span><span dir=\"ltr\">no regard shall be given to the provisions contained in the second <\/span><span dir=\"ltr\">proviso to section 48; <\/span><\/p>\n<p style=\"padding-left: 80px; text-align: justify;\"><span dir=\"ltr\">(<\/span><span dir=\"ltr\">ii<\/span><span class=\"\" dir=\"ltr\">) <span class=\"highlight selected\">Fair market v<\/span>alue of the capital assets as on the date of <\/span><span dir=\"ltr\">transfer, calculated in the prescribed manner, shall be deemed to <\/span><span dir=\"ltr\">be the full value of the consideration received or accruing as a <\/span><span dir=\"ltr\">result of the transfer of such capital asset.\u2019<\/span><\/p>\n<p style=\"text-align: justify;\"><strong><span dir=\"ltr\">Income on receipt <\/span><span dir=\"ltr\">of capital asset or <\/span><span dir=\"ltr\">stock in trade by <\/span><span dir=\"ltr\">specified person <\/span><span dir=\"ltr\">from specified <\/span><\/strong><span dir=\"ltr\"><strong>entity<\/strong><\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"text-align: justify;\"><span dir=\"ltr\">Where a specified person receives during the previous <\/span><span dir=\"ltr\">year any capital asset or stock in trade or both from a specified entity in <\/span><span dir=\"ltr\">connection with the dissolution or reconstitution of such specified <\/span><span dir=\"ltr\">entity, then the specified entity shall be deemed to have transferred <\/span><span dir=\"ltr\">such capital asset or stock in trade or both, as the case may be, to the <\/span><span dir=\"ltr\">specified person in the year in which such capital asset or stock in trade <\/span><span dir=\"ltr\">or both are received by the specified person. <\/span><\/li>\n<li style=\"text-align: justify;\"><span dir=\"ltr\">Any profits and gains arising from such deemed transfer of <\/span><span dir=\"ltr\">capital asset or stock in trade or both, as the case may be, by the <\/span><span dir=\"ltr\">specified entity shall be <\/span><span dir=\"ltr\">deemed to be the income of such specified entity of the <\/span><span dir=\"ltr\">previous year in which such capital asset or stock in trade or both <\/span><span dir=\"ltr\">were received by the <\/span><span dir=\"ltr\">specified person; and <\/span><span dir=\"ltr\">chargeable to income-tax as income of such specified <\/span><span dir=\"ltr\">entity under the head \u201cProfits and gains of business or <\/span><span dir=\"ltr\">profession\u201d or under the head &#8220;Capital gains&#8221;, in accordance with <\/span><span dir=\"ltr\">the provisions of this Act. <\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><strong>Audit of accounts of certain persons carrying on business or profession<\/strong><\/p>\n<p style=\"text-align: justify;\"><span dir=\"ltr\">In section 44AB of the Income-tax Act,<\/span><span dir=\"ltr\"> for the words \u201cfive crore rupees\u201d, the <\/span><span dir=\"ltr\">words \u201cten crore rupees\u201d shall be substituted.\u00a0 <\/span><\/p>\n<p style=\"text-align: justify;\"><strong>Capital Gains in case of depreciable assets:<\/strong><\/p>\n<p style=\"text-align: justify;\"><span dir=\"ltr\"> In section 50 of the Income-tax Act, in clause (<\/span><span dir=\"ltr\">2<\/span><span dir=\"ltr\">), the following <\/span><span dir=\"ltr\">proviso shall be inserted, namely:<\/span><\/p>\n<p style=\"padding-left: 40px; text-align: justify;\"><span dir=\"ltr\">\u201cProvided that in a case where goodwill of a business or profession <\/span><span dir=\"ltr\">forms part of a block of asset for the assessment year beginning on the <\/span><span dir=\"ltr\">1st day of April, 2020 and depreciation thereon has been obtained by the <\/span><span dir=\"ltr\">assessee under the Act, the written down value of that block of asset and <\/span><span dir=\"ltr\">short term capital gain, if any, shall be determined in such manner as <\/span><span dir=\"ltr\">may be prescribed.\u201d<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-family: Times New Roman; font-size: large;\"><b>Special provision for computation of capital gains in case of slump sale<\/b><\/span>:<\/p>\n<p style=\"text-align: justify;\"><span dir=\"ltr\">For sub-section (2), the following sub-section shall be substituted, <\/span><span dir=\"ltr\">namely:\u2014<\/span><\/p>\n<p style=\"text-align: justify;\"><span dir=\"ltr\">\u2018(<\/span><span dir=\"ltr\">2<\/span><span dir=\"ltr\">) In relation to capital assets being an undertaking or division <\/span><span dir=\"ltr\">transferred by way of such slump sale,\u2014 <\/span><\/p>\n<p style=\"padding-left: 40px; text-align: justify;\"><span dir=\"ltr\">(<\/span><span dir=\"ltr\">i<\/span><span dir=\"ltr\">) the &#8220;net worth&#8221; of the undertaking or the division, as the <\/span><span dir=\"ltr\">case may be, shall be deemed to be the cost of acquisition and the <\/span><span dir=\"ltr\">cost of improvement for the purposes of sections 48 and 49 and <\/span><span dir=\"ltr\">no regard shall be given to the provisions contained in the second <\/span><span dir=\"ltr\">proviso to section 48; <\/span><\/p>\n<p style=\"padding-left: 40px; text-align: justify;\"><span dir=\"ltr\">(<\/span><span dir=\"ltr\">ii<\/span><span dir=\"ltr\">) Fair market value of the capital assets as on the date of <\/span><span dir=\"ltr\">transfer, calculated in the prescribed manner, shall be deemed to <\/span><span dir=\"ltr\">be the full value of the consideration received or accruing as a <\/span><span dir=\"ltr\">result of the transfer of such capital asset.\u2019;<\/span><\/p>\n<p style=\"text-align: justify;\"><strong>Cost Acquisition and Improvement:<\/strong><\/p>\n<p style=\"text-align: justify;\"><span dir=\"ltr\">In section 55 of the Income-tax Act, in sub-section (<\/span><span dir=\"ltr\">2<\/span><span dir=\"ltr\">), for <\/span><span dir=\"ltr\">clause (<\/span><span dir=\"ltr\">a<\/span><span dir=\"ltr\">), the following clause shall be substituted, namely:\u2013<\/span><\/p>\n<p style=\"padding-left: 40px; text-align: justify;\"><span dir=\"ltr\">(<\/span><span dir=\"ltr\">a<\/span><span dir=\"ltr\">) in relation to a capital asset, being goodwill of a business or <\/span><span dir=\"ltr\">profession, or a trade mark or brand name associated with a business or <\/span><span dir=\"ltr\">profession, or a right to manufacture, produce or process any article or <\/span><span dir=\"ltr\">thing, or right to carry on any business or profession, or tenancy rights, <\/span><span dir=\"ltr\">or stage carriage permits, or loom hours,\u2014 <\/span><\/p>\n<p style=\"padding-left: 80px; text-align: justify;\"><span dir=\"ltr\">(<\/span><span dir=\"ltr\">i<\/span><span dir=\"ltr\">) in the case of acquisition of such asset by the assessee by <\/span><span dir=\"ltr\">purchase from a previous owner, <\/span><span dir=\"ltr\">means the amount of the purchase <\/span><span dir=\"ltr\">price; and <\/span><\/p>\n<p style=\"padding-left: 80px; text-align: justify;\"><span dir=\"ltr\">(<\/span><span dir=\"ltr\">ii<\/span><span dir=\"ltr\">) in the case falling under sub-clauses (<\/span><span dir=\"ltr\">i<\/span><span dir=\"ltr\">)to (<\/span><span dir=\"ltr\">i<\/span><span dir=\"ltr\">v<\/span><span dir=\"ltr\">) of <\/span><span dir=\"ltr\">sub-section (<\/span><span dir=\"ltr\">1<\/span><span dir=\"ltr\">) of section 49 and where such asset was acquired by <\/span><span dir=\"ltr\">the previous owner (as defined in that section) by purchase, means <\/span><span dir=\"ltr\">the amount of the purchase price for such previous owner; and <\/span><\/p>\n<p style=\"padding-left: 80px; text-align: justify;\"><span dir=\"ltr\">(<\/span><span dir=\"ltr\">iii<\/span><span dir=\"ltr\">) in any other case, shall be taken to be<\/span><span dir=\"ltr\">nil<\/span><span dir=\"ltr\">:<\/span><\/p>\n<p style=\"padding-left: 40px; text-align: justify;\"><span dir=\"ltr\">Provided that where the capital asset, being goodwill of a <\/span><span dir=\"ltr\">business or profession, in respect of which a deduction on account <\/span><span dir=\"ltr\">of depreciation under sub-section (<\/span><span dir=\"ltr\">1<\/span><span dir=\"ltr\">) of section 32 has been <\/span><span dir=\"ltr\">obtained by the assessee in any previous year preceding the <\/span><span dir=\"ltr\">previous year relevant to the assessment year commencing on or <\/span><span dir=\"ltr\">after the 1st day of April, 2021, the provisions of sub-clauses (<\/span><span dir=\"ltr\">i<\/span><span dir=\"ltr\">) and <\/span><span dir=\"ltr\">(<\/span><span dir=\"ltr\">ii<\/span><span dir=\"ltr\">) shall apply with the modification that the total amount of <\/span><span dir=\"ltr\">depreciation obtained by the assessee under sub-section (<\/span><span dir=\"ltr\">1<\/span><span dir=\"ltr\">) of <\/span><span dir=\"ltr\">section 32 before the assessment year commencing on the 1st day of <\/span><span dir=\"ltr\">April, 2021 shall be reduced from the amount of purchase price;\u201d<\/span><\/p>\n<p style=\"text-align: justify;\">\n","protected":false},"excerpt":{"rendered":"<p>On March 28, 2021, the Finance Act received President&#8217;s assent in order to give effect to the financial proposals of the Central <\/p>\n","protected":false},"author":8808,"featured_media":246249,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,13],"tags":[],"class_list":["post-246246","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-statutes"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Finance Act, 2021 receives President&#039;s assent | SCC Times<\/title>\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.scconline.com\/blog\/post\/2021\/03\/29\/finance-act-2021-receives-presidents-assent\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta 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