Union Budget News
Provisions of Sec 263 amended under Budget 2022
03 February 2022 at 16:02Amendment in the provisions of section 263 of the Act
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
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: AMT rate for co-operative societies reduced to 15%
03 February 2022 at 09:44Rationalization of provisions of the Act to promote the growth of co-operative societies1. Section 115JC of the Act, inter alia, provides for the alternate minimum tax (AMT) payable by co-operative societies, which is at the rate of 18.5%.
Budget 2022: New section 239A introduced to file tax refund application before the Assessing Officer
03 February 2022 at 09:44Amendment in the provisions of section 248 of Income-tax Act and insertion of new section 239A
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
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