Union Budget & Policy News
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
Extension of the last date for commencement of manufacturing or production under Section 115BAB
01 February 2022 at 22:27Extension of the last date for commencement of manufacturing or production under Section 115BAB, from 31.03.2023 to 31.03.2024
Extension of date of incorporation for eligible start up for exemption
01 February 2022 at 22:27The 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
Rationalization of the provisions of sections 271AAB, 271AAC and 271AAD of the IT Act
01 February 2022 at 21:55Sections 271AAB, 271AAC and 271AAD of the Act under Chapter XXI contain provisions that give powers to the Assessing Officer to levy penalty in cases
Budget 2022: No Set off of any loss to be allowed against undisclosed income detected during search/survey
01 February 2022 at 21:43Set 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
Rationalization of provisions relating to assessment and reassessment under Finance Act 2021
01 February 2022 at 21:02The Finance Act, 2021 amended the procedure for assessment or reassessment of income in the Act with effect from the 1st April, 2021.
Budget 2022: IT Slabs and Rates for AY 2022-23
01 February 2022 at 20:41Rates of income-tax in respect of income liable to tax for the assessment year 2022-23.
Budget 2022: Scheme for taxation of virtual digital assets
01 February 2022 at 19:50Virtual digital assets have gained tremendous popularity in recent times and the volumes of trading in such digital assets has increased substantially.
Budget 2022: Facilitating strategic disinvestment of public sector companies
01 February 2022 at 19:461. 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
Budget 2022: Exemption of amount received for medical treatment and on account of death due to COVID-19
01 February 2022 at 19:46Clause (2) of section 17 of the Act, inter alia, provides the definition of “perquisite”. However, certain exceptions have been provided which shall not include as perquisites.
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