CAclubindia News
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
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
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
Sections 206AB & 206CCA inserted under Finance Act, 2021 to widen and deepen tax-base
02 February 2022 at 12:35In 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.
Rationalization of TDS provisions on sale of immovable property
02 February 2022 at 12:35Section 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
Budget 2022: Clarification regarding treatment of cess and surcharge
02 February 2022 at 09:191. 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
Budget 2022: Amendment in Section 245MA related to Dispute Resolution Committee
02 February 2022 at 09:201. 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
Budget 2022: Promoting Voluntary Tax Compliance and Reducing Litigation
02 February 2022 at 09:20Provisions 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
Extension of the last date for commencement of manufacturing or production under Section 115BAB
01 February 2022 at 22:27Extension of the last date for commencement of manufacturing or production under Section 115BAB, from 31.03.2023 to 31.03.2024
Extension of date of incorporation for eligible start up for exemption
01 February 2022 at 22:27The existing provisions of the section 80-IAC of the Act inter alia, provide for a deduction of an amount equal to one hundred percent of the profits and gains derived from an eligible business by an eligible start-up
Popular News
- Tax Audit Extension Demand to 31st Oct 2026 Amid GST Relief and Court Rulings
- Central Excise Duty Revised to Rs 2.5 and Rs 8.5 Per Litre from 16th October 2026
- ICAI Issues New Tender Guidelines for Practising CAs, Bars Bids Without Minimum Fees
- CBDT Clarifies Tax Treatment of BSNL and MTNL VRS-2019 Compensation Under Section 10(10C)
- TDS Challan for FY 2025-26 Valid for TY 2026-27 Under Cross-Year Utilisation Rules
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
