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February 2, 2021
The government has clarified several provisions concerning equalisation levy and expanded the definition of e-commerce companies in its Union Budget for 2021-22
. The government now states parts of transactions corresponding to royalty payments and fees for technical services (FTS) would not attract a levy, but will instead be taxable under income tax. Finance Minister Nirmala Sitharaman, in her Budget speech on Monday, said that this was being done to “provide certainty” to companies.
“In order to provide certainty, it is being expressly clarified that transaction taxable under income-tax are not liable for equalisation levy. Further, it is also proposed to clarify regarding applicability of equalisation levy on physical/offline supply of goods and services.”
Budget is a progressive and comprehensive document: CAIT
By IANS |
Published on
Mon, Feb 1 2021 15:36 IST |
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Budget is a progressive and comprehensive document: CAIT. Image Source: IANS News
New Delhi, Feb 1 : The Confederation of All India Traders (CAIT) on Monday termed the Union Budget 2021 as a progressive and comprehensive document . The Union Budget is a progressive and comprehensive document that ensures the structured development of every sector of the economy. It also brings relief to senior citizens from the burden of paying taxes. Also, developing the health sector and strengthening its services are its specialty, the CAIT said.
According to CAIT, no new tax has been imposed in the Budget, which makes it even more effective. Although there was speculation about fresh taxation since the last fortnight across the country, which has stopped now.