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of <h1>Finance Bill 2021 Amends Tax Acts: Updates on Demerger, Travel Concessions, Provident Fund, and Capital Gains</h1> The Finance Bill, 2021, proposes amendments to the Income-tax Act, Customs Act, Customs Tariff Act, Central Goods and Services Tax Act, and Integrated Goods and Services Tax Act. Key amendments include empowering the Central Government and relevant Boards to issue notifications and create rules for defining terms, calculating exemptions, and determining tax liabilities. Specific clauses address the definition of 'demerger,' exemptions for travel concessions, Provident Fund exemptions, capital gains calculations, and various procedural aspects of indirect taxes. The Bill emphasizes procedural details that are impractical to include directly, thus delegating legislative power for implementation.
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