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The Finance Bill 2022 has proposed two completely new TDS sections, 194R and 194S, in the Income Tax Act, to be made effective from 1.7.2022.
As I am penning down this piece, the market capitalisation worth Rs. 13.4 lakhs crores have already been eroded with BSE index plunging by 2700 points and NSE index tanking by 815 points, on account of Russia’s launching of a special military operation cum all-out invasion by land, air and sea of Ukraine on 24.2.2022.
Let us analyse some of these budget amendments proposed in the Finance Bill, 2022, aimed at overturning the well-known and established judgements
(Ramu Kaka, please give me my special sweet Pan, without betel nut)", I told our next door ‘Pan wala' (Pan vendor), Ramu kaka, while returning from my late evening stroll, after my dinner.
Yes, it was the Budget Day. Two close friends, 'Arth'- a businessman and 'Shastri' - a CA, went out for a stroll in late evening.
Explaining all the significant clarifications/guidelines issued by CBDT regarding the implementation of the provisions of section 194Q w.e.f. 1.7.2021 with practical illustrations.
In this Taxalogue, the new provisions of TDS on purchase of goods, contained in section 194Q, applicable w.e.f. 1.7.2021, is being explained with the help of some easy to understand practical illustrations.
In this representation, the author has made an honest and sincere attempt to practically demonstrate the technical glitches and currently non-functioning functionalities of the new e-Filing portal.
The author has shared one of his cases that lead to an amendment in the Income-tax Act, allowing Power Sector Companies to compute their Book Profits for the purpose of MAT either on the basis of the Electricity Regulatory Act or the Companies Act.
CBDT fails to recognise that the question is not of the double taxation issue but the probable adverse taxation consequences arising out of an individual's changed residential status due to his/her forced stay of more than 182 days in India, due to COVID.
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