Union Budget & Policy 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
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: 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
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: 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: 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%.
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