Union Budget & Policy News
Budget 2022: Consequence for failure to deduct/collect or payment of tax
03 February 2022 at 09:44Consequence for failure to deduct/collect or payment of tax - Computation of interest
Budget 2022: Proposition of Litigation management policy
03 February 2022 at 09:44Litigation management when in an appeal by revenue an identical question of law is pending before jurisdictional High Court or Supreme Court
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
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
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
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
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.
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
Budget 2022: Clarification regarding treatment of cess and surcharge
02 February 2022 at 09:191. Section 40 of the Act specifies the amounts which shall not be deducted in computing the income chargeable under the head "Profits and gains of business or profession". Sub-clause (ii) of clause (a) of section 40 of the Act provides that
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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