Government is trying to provide an opportunity to taxpayers to disclose their income which was previously omitted to be disclosed, and on the other hand will also generate additional revenue for the government. It will facilitate ease of compliance to the taxpayer in a litigation free environment.
The Government has changed the rules for calculation of interest on EPF/GPF/RPF Accounts and has set threshold limit for contribution in EPF Rs. 2.50 Lakhs and GPF Rs. 5.00 Lakhs on which interest received will not be taxable.
Let us analyse some of these budget amendments proposed in the Finance Bill, 2022, aimed at overturning the well-known and established judgements
The Finance Act 2021 has inserted a new section 194Q to provide for TDS by person responsible for paying any sum to any resident for purchase of goods of the value in excess of 50 Lakhs.
Best Judgment Assessment under section 144
The ruling of Delhi High Court will be much-needed support to the corporate world. This will help smooth restructuring of companies and claiming of restructuring expenses
The assessee is required to assess his income and determine if any tax is payable on the basis of return required to be furnished under section 115WD, 115WH, 139 142, 148, 153A or 158BC
Sec 112A provides that a concessional rate of tax at 10% will be leviable on long term capital gains exceeding Rs 100000
A new section 140B has been proposed in the Union Budget,2022. If an assessee opts for filing the return under newly proposed section 139(8A), an additional tax is required to be paid under Section 140B.
When a return of income has been filed by the assessee under section 139(1) or in response to a notice issued under section 142(1), the return shall be processed in the following manner
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
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