Union Budget News

Budget 2022: Clarification regarding treatment of cess and surcharge

02 February 2022 at 09:19

1. 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

Posted in Union Budget | 2355 Views

Extension of the last date for commencement of manufacturing or production under Section 115BAB

01 February 2022 at 22:27

Extension of the last date for commencement of manufacturing or production under Section 115BAB, from 31.03.2023 to 31.03.2024

Posted in Union Budget | 1710 Views

Extension of date of incorporation for eligible start up for exemption

01 February 2022 at 22:27

The existing provisions of the section 80-IAC of the Act inter alia, provide for a deduction of an amount equal to one hundred percent of the profits and gains derived from an eligible business by an eligible start-up

Posted in Union Budget | 1476 Views

Rationalization of the provisions of sections 271AAB, 271AAC and 271AAD of the IT Act

01 February 2022 at 21:55

Sections 271AAB, 271AAC and 271AAD of the Act under Chapter XXI contain provisions that give powers to the Assessing Officer to levy penalty in cases

Posted in Union Budget | 1707 Views

Budget 2022: No Set off of any loss to be allowed against undisclosed income detected during search/survey

01 February 2022 at 21:43

Set off of loss in search cases - Amendment in the provisions of section 79A of the Act1. Chapter VI of the Act deals with aggregation of income and set off or carry forward of loss. In Sections 70-80 of the Act there are specific provisions relating

Posted in Union Budget | 1608 Views

Rationalization of provisions relating to assessment and reassessment under Finance Act 2021

01 February 2022 at 21:02

The Finance Act, 2021 amended the procedure for assessment or reassessment of income in the Act with effect from the 1st April, 2021.

Posted in Union Budget | 1545 Views

Budget 2022: IT Slabs and Rates for AY 2022-23

01 February 2022 at 20:41

Rates of income-tax in respect of income liable to tax for the assessment year 2022-23.

Posted in Union Budget | 1 comments | 13770 Views

Budget 2022: Scheme for taxation of virtual digital assets

01 February 2022 at 19:50

Virtual digital assets have gained tremendous popularity in recent times and the volumes of trading in such digital assets has increased substantially.

Posted in Union Budget | 2 comments | 3969 Views

Budget 2022: Facilitating strategic disinvestment of public sector companies

01 February 2022 at 19:46

1. Section 79 of the Act provides for carry forward and set-off of losses in case of certain companies. Sub-section (1) of the said section, inter-alia, provides that where a change in shareholding has taken place during the previous year in the case

Posted in Union Budget | 1482 Views

Budget 2022: Tax Incentives to International Financial Services Centre (IFSC)

01 February 2022 at 19:46

Over the past few years several tax concessions have been provided to units located in International Financial Services Centre (IFSC) under the Act to make it a global hub of financial services sector.

Posted in Union Budget | 1479 Views