Union Budget News
Sec 115BBD: Withdrawal of concessional taxation rate on dividend income
03 February 2022 at 17:25Withdrawal of concessional rate of taxation on dividend income under section 115BBD1. Section 115BBD of the Act provides for a concessional rate of tax of 15 % on the dividend income received by an Indian company from a foreign company in which the s
IT exemption under certain clauses of Sec 10 withdrawn
03 February 2022 at 17:24Withdrawal of exemption under clauses (8), (8A), (8B) and (9) of section 10 of the Income-tax Act, 1961- reg1. Clause (8) of the section 10 of the Act provides for exemption to the income of an individual who is assigned duties in India in connection
Sec 276BB to be included for prosecution against persons failing to pay TCS
03 February 2022 at 17:24Alignment of the provisions relating to Offences and Prosecutions under Chapter XXII of the ActSections 269UC/UE/UL along with other provisions of Chapter XX-C have been made inapplicable with effect from 01.07.2002. Vide Finance Act, 2002, section 2
Scope of Sec 285B widened to expand the reporting requirements in Form 52A
03 February 2022 at 17:24Widening the scope of reporting by producers of cinematograph films or persons engaged in specified activities
Budget 2022: Provisions of Sec 68 proposed to be amended
03 February 2022 at 17:24Cash credits under section 68 of the Act1. Section 68 of the Act provides that where any sum is found to be credited in the books of an assessee maintained for any previous year, and the assessee offers no explanation about the nature and source ther
Budget 2022 bans bonus stripping of shares, units of RETIs, InvITs
03 February 2022 at 17:24Provisions pertaining to bonus stripping and dividend stripping to be made applicable to securities and units1. Section 94 of the Act contains anti-avoidance provisions to deal with transactions in securities and units of mutual fund which, inter-ali
Amendment of Clause (42C) to substitute word "sales" with "transfer"
03 February 2022 at 16:03Definition of the term "slump sale"1. Slump sale is defined in clause (42C) of section 2 of the Act, as the transfer of one or more undertaking, by any means, for a lump sum consideration without values being assigned to individual assets a
Reduction of Goodwill from block of assets to be considered as 'transfer'
03 February 2022 at 16:021. From the assessment year 2021-2022, goodwill of a business or profession is not considered as a depreciable asset and there would not be any depreciation on goodwill of a business or profession in any situation. In case where goodwill is purchased
Budget 2022: Explanation to Sec 133A proposed to be amended
03 February 2022 at 16:02Income-tax authorities for the purposes of section 133A of the Act1. Section 133A of the Act enables an income-tax authority to enter any place of business or profession or charitable activity within his jurisdiction to verify the books of account or
Sec 234F to be inserted to avoid genuine hardships faced by the taxpayers
03 February 2022 at 16:02Amendment in the provisions of Section 119 of Income-tax Act1. Section 119 of the Act empowers the Board to issue orders, instructions and directions to other income-tax authorities for proper administration of the Act. Clause (a) of sub-section (2)
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