Tag: DT Proposals Budget 2022

Amendments proposed in IT S. 14A to clarify the statutory position in the matter disallowance of expenditure in relation to income which does not form part of taxable income, …

Amendments proposed in IT S. 43B to clarify that deduction for payment of interest on loans/ borrowings from specified FIs/ NBFCs/ Banks/ Co-op. Banks, is to be based on …

Amendments proposed in relation to taxation of successor entity subsequent to business reorganization/ restructuring, including introduction of Mechanism to recast Tax demands, vide Clauses 50, 53 and 54 of …

IT S. 40(ii)(a) disallows payments on account rates/ taxes on the profits or gains of any business or profession in computing the taxable PGBP. However, some taxpayers claim deduction …

To provide a level playing field between cooperative societies and companies, tax proposals for co-operative societies have attempted to rationalization the IT provisions to promote the co-operative growth, including …

Amendments proposed for rationalization of the penalty provisions u/s 271AAB, 271AAC and 271AAD of the Income Tax Act, vide Clauses73, 74 and 75 of the Finance Bill 2022 (budget …

Amendment proposed in Section 133A on Income-tax authorities for the purposes of the section, vide Clause 37 of the Finance Bill 2022 (budget 2022-23), as under: 1. Section 133A …

Amendments proposed in the provisions of section 119 of Income-tax Act, to empower CBDT to waive fee of Rs. 5000 u/s 234F, in certain cases of failure to furnish …

Central/ State Governments can contribute upto the limit of 14% as Employer’s NPS contribution. However, when we talk about deduction under IT S. 80CCD(2), there is a differential treatment …

Amendments proposed to rationalize the provisions of higher rate of TDS/ TCS u/s 206AB and 206CCA of the Income Tax Act to widen the tax base, by considering ITR …