Union Budget & Policy News
Budget 2022: Penalty for failure u/s 272A increased to Rs. 500
03 February 2022 at 09:44Amendment in the provisions of section 272A of the Act
Budget 2022: Sec 179 title amended to "Liability of directors of private company"
03 February 2022 at 09:44Amendment in the provisions of section 179 of the Act
Amendments related to successor entity subsequent to business reorganization
02 February 2022 at 14:171. Chapter XV of the Act refers to liability in certain special cases. Section 170, inter-alia, governs the procedure of taxation in case of succession to business in the event of reorganization or restructuring of the business which is discussed as
Disallowance under Sec 14A in absence of any exempt income during an assessment year
02 February 2022 at 14:17Clarification in respect of disallowance under section 14A in absence of any exempt income during an assessment year1. Section 14A of the Act provides that no deduction shall be allowed in respect of expenditure incurred by the assessee in relation t
Budget 2022: Clarifications on allowability of expenditure under Sec 37
02 February 2022 at 14:171. Section 37 of the Act provides for allowability of revenue and non-personal expenditure (other than those failing under sections 30 to 36) laid out or expended wholly and exclusively for the purposes of business or profession. Explanation 1 of sub
Section 43B: Certain tax deductions allowed only on actual payment
02 February 2022 at 14:17Clarification regarding deduction on payment of interest only on actual payment1. Section 43B of the Act provides for certain deductions to be allowed only on actual payment. Explanation 3C, 3CA and 3D of this section provides that a deduction of any
Rationalization of TDS provisions on sale of immovable property
02 February 2022 at 12:35Section 194-IA of the Act provides for deduction of tax on payment on transfer of certain immovable property other than agricultural land. Sub-section (1) of the said section provides for deduction of tax by any person responsible for paying to a res
Sections 206AB & 206CCA inserted under Finance Act, 2021 to widen and deepen tax-base
02 February 2022 at 12:35In order to widen and deepen the tax-base and to nudge taxpayers to furnish their return of income, Finance Act, 2021 inserted sections 206AB and 206CCA in the Act.
Budget 2022: Promoting Voluntary Tax Compliance and Reducing Litigation
02 February 2022 at 09:20Provisions for filing of updated returnSection 139 of the Act is related to the provisions for filing of Income Tax Return by taxpayers.2. Sub-section (1) of section 139 of the Act casts responsibility on the taxpayer to furnish a return within a def
Budget 2022: Amendment in Section 245MA related to Dispute Resolution Committee
02 February 2022 at 09:201. Finance Act, 2021 introduced a new chapter XIX-AA in the Act consisting of section 245MA for constituting Dispute Resolution Committee (“DRC”) for specified persons who may opt for dispute resolution under the said section and who fulf
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