1. Record GST collections during past few months - attributable to deep analytics & Artificial Intelligence employed to identify GST fraudsters
2. Propose to review more than 400 old exemptions this year through extensive consultations
3. Some parts of mobile phones to move from nil rate to 2% rate
4. Rate rationalization on mobile parts, alloy & steel, textile raw-material; revoking ADD & CVD on certain steel products, relief to copper recyclers
5. Reduces customs duty on Naptha, Gold & Silver
6. Inverted duty structure to be addressed, will ensure no unwarranted blocking of funds : Rohan Shah
7. To address inverted duty: Review over 400 customs duty exemptions with consultation - to make it effective from October 1. All new duty exemption to have sunset of 2 years: Mukesh Butani
8. Incentive to capital equipment - revising duty rates on various items
9. Expect some increase in import duties to help domestic manufacturers of final products: Rohan Shah
10. Slew of measures for MSME sector
11. To benefit farmers, customs duty increased on cotton from 0 to 10%
12. Raises customs duty on cotton, silk yarn to incentivize agriculture infrastructure
13. Propose agriculture infrastructure & development Cess
14. Definite timelines for customs adjudication to be laid down
15. Commends the Budget to the August House
16. Highlights changes made in Rules of country of origin to check misuse of FTA

Finance Bill, 2021 proposes 95+ amendments from direct tax perspective including proposal for Faceless Income Tax Appellate Tribunal, retrospective amendment to Vivad Se Vishwas Act to exclude settlement commission cases from its scope, restrictions on exemption for Trusts and Charitable Institutions, expanding scope of ‘slump sale’ u/s 2(42C) to include 'slump exchange', no depreciation on goodwill, discontinuing of AAR & Setttlement Commission; Proposes to increase the safe harbor threshold from 10% to 20% for real estate developers / buyers u/s. 43CA/56(2)(x).  subject to fulfilment of certain conditions; Also, proposes tax incentives for units located in IFSC such as relaxation of conditions specified in Sec.9A in certain cases, exemption of royalty income on lease of aircraft received by a non-resident from IFSC; Proposes higher TDS / TCS rate in case of non-filers of IT returns in preceeding two years; Further, proposes levy of TDS @ 0.1% on purchase of goods  in a case where the gross turnover of deductor - buyer exceeds Rs. 10 cr., further clarifies that in such cases  TCS u/s. 206C(1H) on sale of goods would not be levied.

In the pursuit of our conscious departure from run-of-the-mill reports on the pre-budget sentiments, we present to you the budget expectations from the eminent personalities touching upon socio-economic aspects apart from the technicality of tax.

"In India we have perfected the art of introducing budgets which aim at making all shades of political opinion unhappy and ensuring that they are made unhappy to the same extent."

– Nani Palkhivala on Union Budgets from The Wit & Wisdom of Nani A. Palkhivala by Jignesh Shah

India has witnessed the clash of political ideologies from much before the independence that acted as a catalyst for India's growth story. Today we face a rather unique crisis which does not emanate from our domestic socio-political disputes. As the government grapples with yet another unprecedented crisis, it is important to highlight that the restrictions put in place to prevent the spread of the virus has impacted businesses, jobs, public health, food security and is threatening to push millions more into poverty. 

With just a couple of days left for the Union Budget 2021, expectations are soaring. The question before the nation is – will the government script yet another budget that will not only pull the economy out of the current trend, but also set the tone for the next decade. 

In this context, our Editorial Team revisits the budgets of the past which were announced in the wake of peculiar crises, that rocked the country. We present a broad analysis of the budgets presented after four troublesome events: (i) Indo-China War, 1962, (ii)  Internal Emergency, 1975-77, (iii)  Balance of Payment Crisis, 1991, and (iv) Global Financial Crisis, 2008. We present a paper to understand how the government dealt with the crises of the day, endeavored to revive the economy, and sought to reform the policies that eventually shaped our economy.

Covid-19 has impacted our lives in mysterious ways. Ever since it erupted and surged outside China, most countries resorted to lockdowns that restricted people's mobility. Over the past 10 months, countries have taken several measures to curb the impact of Corona virus and to rejig the economy. For businesses though, the proverbial show must go on and in order to salvage the markets and economies from the curse of the pandemic work from home became the 'new normal' in no time and e-meetings replaced the conventional meetings. 

One of the many expectations of the salaried persons as well as the professionals from the upcoming Union Budget 2021 is announcement of a tax relief for expenditure incurred on work from home. In this context, Taxsutra Editorial Team brings to you a multi-dimensional compilation of tax relief schemes introduced in Australia, Canada and three other jurisdictions to incentivise the employees working from home.

We hope this compilation enriches your Taxsutra experience.