Union Budget & Policy News
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)
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
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