Treading on the side of fiscal prudence, the Union Budget, 2021 maintains ‘status quo’ as it steers clear of any big bang tax breaks. Instead, the Government has opted for a detox of sorts – where its key focus has been to clean up existing tax provisions.
The Budget has revamped the entire tax assessment procedure and has considerably slashed the limitation period for re-opening tax assessments. The Settlement Commission and Authority of Advance Rulings have been abolished. A new advance ruling board is proposed to be set up, this time with the right to appeal before the High Court. For small taxpayers, a new dispute settlement committee is proposed and the Government has also announced its intent to make income tax appellate tribunal’s proceedings faceless.
The Bar Council of India does not permit solicitation of work and advertising by legal practitioners and advocates. By accessing the Shardul Amarchand Mangaldas & Co. website (our website), the user acknowledges that:
The user wishes to gain more information about us for his/her information and use. He/She also acknowledges that there has been no attempt by us to advertise or solicit work.
Any information obtained or downloaded by the user from our website does not lead to the creation of the client – attorney relationship between the Firm and the user.
None of the information contained in our website amounts to any form of legal opinion or legal advice.
All information contained in our website is the intellectual property of the Firm.