Finance Act, 2022 notified by Govt.
Ministry of Law & Justice, Govt. of India has notified the Finance Act 2022, post assent/ approval of the Hon’ble President of India on 30/03/2022, in respect of the …
Category: Budget
GST related Amendments in Finance Act, 2022
Extracts of the GST related Amendments made in the Finance Act, 2022, as notified by the GOI on 30/03/2022, post assent of the Hon’ble President of India, in line …
Summary of Direct/ Indirect Tax Proposals of Union Budget 2022-23
The Union Budget 2022-23, while continuing with the declared policy of stable and predictable tax regime, intends to bring more reforms that will take ahead the vision to establish …
Amendments in IT Provision on Exemption Schemes for Charitable Trust/ Institutions
Proposed amendments for rationalisation of IT Provision on Exemption Schemes for Charitable Trust/ Institutions, vide different clauses of the Finance Bill 2022 (budget 2022-23): 1. Income of any fund …
No Exemption under IT S. 10(8), (8A), (8B) and (9) from AY 2023-24
Amendments proposed for withdrawal of exemption under clauses (8), (8A), (8B) and (9) of section 10 of the Income-tax Act, 1961 from AY 2023-24 and onwards, vide Clause 4 of …
Amendment in S. 248/ New S. 239A to allow TDS Refund application before AO
Amendment proposed in the provisions of section 248 of Income-tax Act and insertion of new section 239A, vide Clauses 66, 68 and 69 of the Finance Bill 2022 (budget …
Amendments in IT S. 79 to facilitate strategic disinvestment of public sector companies
Amendments proposed in Section 79 of the Income Tax Act to facilitate strategic disinvestment of public sector companies, vide Clause 18 of the Finance Bill 2022 (budget 2022-23), to …
Amendment in definition of the term “slump sale” u/s 2(42C)
Amendment proposed in the definition of the term “slump sale” u/s 2(42C) of the Income Tax Act, vide clause 3 of the Finance Bill 2022 (budget 2022-23): 1. Slump …
Increase of Penalty u/s 272A to Rs. 500 per day for adequate deterrence
Amendment proposed in the provisions in S. 272A of the Income Tax Act, vide Clause 78 of the Finance Bill 2022 (budget 2022-23), to enhance penalty from Rs. 100 …
New IT S. 79A to deny any set off of loss in the cases under search/ survey
Amendments proposed to disallow any set off of loss in the cases under search/ survey, the term “undisclosed income”, by inserting new Section 79A of the Income Tax Act, …