TAX LAWS

THE UNION BUDGET 2021-22: AN ANALYSIS

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Finance Bill 2021 or the Union Budget 2021-22 was presented in the Parliament on 1st February 2021, UNION BUDGET 2021-22

This article is written by Dev Agarwal, a 3rd year student of Heritage Law College (Calcutta University). INTRODUCTION The Finance Bill 2021 or the Union Budget 2021-22 was presented in the Parliament on 1st February 2021. This Budget comes during the time when the economy has cramped down due to COVID-19 pandemic and this Budget … Read more

ASSESSMENT & REASSESSMENT UNDER SECTION 147

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Section 147 empowers the AO to assess or reassess previously filed income tax returns. Section 147 deals with “income escaping assessment”

The article is written by Dev Agarwal, a student of Heritage Law College, Calcutta University. Section 147 of The Income Tax Act, 1961 deals with “income escaping assessment”. The definition of “assessment” provided in Section 2(8) of the Income Tax Act, 1961 also means “reassessment”. Section 147 empowers the AO(AO) to assess or reassess previously … Read more

GST- ONE NATION ONE TAX

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The GST is a Value Added Tax (VAT) and is proposed to be a comprehensive indirect tax levied on manufacture,

This Article is written by Vanshika Jain, student of University Law College, Bangalore University. INTRODUCTION The One Hundred and First Amendment of the Constitution of India, officially known as ‘The Constitution (One Hundred and First Amendment) Act, 2016’, introduced a national Goods and Service Tax  in India from 1stApril 2017. The GST is a Value … Read more