Provisions 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
Definition 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
1. 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
Income-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
Amendment 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)
Amendment in the provisions of section 263 of the Act
Litigation management when in an appeal by revenue an identical question of law is pending before jurisdictional High Court or Supreme Court
Consequence for failure to deduct/collect or payment of tax - Computation of interest
Rationalization 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%.
Amendment in the provisions of section 248 of Income-tax Act and insertion of new section 239A
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
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