CAclubindia News

Amendments related to successor entity subsequent to business reorganization

02 February 2022 at 14:17

1. 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

Posted in Union Budget | 1695 Views

Disallowance under Sec 14A in absence of any exempt income during an assessment year

02 February 2022 at 14:17

Clarification 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

Posted in Union Budget | 1704 Views

Budget 2022: Clarifications on allowability of expenditure under Sec 37

02 February 2022 at 14:17

1. 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

Posted in Union Budget | 2193 Views

Section 43B: Certain tax deductions allowed only on actual payment

02 February 2022 at 14:17

Clarification regarding deduction on payment of interest only on actual payment1. Section 43B of the Act provides for certain deductions to be allowed only on actual payment. Explanation 3C, 3CA and 3D of this section provides that a deduction of any

Posted in Union Budget | 5562 Views

Rationalization of TDS provisions on sale of immovable property

02 February 2022 at 12:35

Section 194-IA of the Act provides for deduction of tax on payment on transfer of certain immovable property other than agricultural land. Sub-section (1) of the said section provides for deduction of tax by any person responsible for paying to a res

Posted in Union Budget | 1812 Views

Sections 206AB & 206CCA inserted under Finance Act, 2021 to widen and deepen tax-base

02 February 2022 at 12:35

In order to widen and deepen the tax-base and to nudge taxpayers to furnish their return of income, Finance Act, 2021 inserted sections 206AB and 206CCA in the Act.

Posted in Union Budget | 1971 Views

Budget 2022: Promoting Voluntary Tax Compliance and Reducing Litigation

02 February 2022 at 09:20

Provisions for filing of updated returnSection 139 of the Act is related to the provisions for filing of Income Tax Return by taxpayers.2. Sub-section (1) of section 139 of the Act casts responsibility on the taxpayer to furnish a return within a def

Posted in Union Budget | 1674 Views

Budget 2022: Amendment in Section 245MA related to Dispute Resolution Committee

02 February 2022 at 09:20

1. Finance Act, 2021 introduced a new chapter XIX-AA in the Act consisting of section 245MA for constituting Dispute Resolution Committee (“DRC”) for specified persons who may opt for dispute resolution under the said section and who fulf

Posted in Union Budget | 1272 Views

Budget 2022: Clarification regarding treatment of cess and surcharge

02 February 2022 at 09:19

1. Section 40 of the Act specifies the amounts which shall not be deducted in computing the income chargeable under the head "Profits and gains of business or profession". Sub-clause (ii) of clause (a) of section 40 of the Act provides that

Posted in Union Budget | 2343 Views