"01 February 2022" Archive

Changes in Income Tax provisions in Union Budget 2022 – Decoded

Article contains update on Income Tax provisions in Union Budget 2022 related to Updation of ITR filed, Taxation of Virtual Digital Assets, AMT and Surcharge Rates reduced for Co-operative Societies, NPS deduction to State government employees, Tax Relief to the Persons with Disability, Tax Incentive Period for Start-ups Extended and LTC...

Posted Under: Income Tax |

Key Highlights on Goods and Service Tax-Finance bill 2022 Simplified

Firstly, Recipient can avail input tax credit with respect to supply only if such credit has not been restricted in GSTR-2B. What it means – Ineligible credit not allowed to be taken.  Secondly, Time limit for availment of input tax credit by a registered person in respect of any invoice or debit notes pertaining to a financial year...

Posted Under: Income Tax |

Consequences of failure to respond to Section 143(2) notice

 1. What is Sec 143(2)? Where a return has been furnished u/s 139, or in response to a notice 142(1), the Assessing Officer (AO) or the prescribed income-tax (IT) authority, as the case may be, if, considers it necessary or expedient: ♦ to ensure that the assessee has not understated the income or has not […]...

Posted Under: Income Tax |

Budget 2022 Highlights: Key takeways from FM’s Budget speech

Finance Minister Nirmala Sitharaman presented her fourth Budget today. This is Narendra Modi government’s tenth Budget, and the second paperless budget in view of the ongoing Covid-19 pandemic situation. India’s economic growth in FY22 to be at 9.2 per cent, highest among all large economies, said FM in her address. Highlights of Bu...

Posted Under: Income Tax |

No income of assessee-company taxable in India in absence of PE in India

Gemological Institute of America Inc. Vs ACIT (ITAT Mumbai)

Since Indian subsidiary of assessee-company was operating in an independent manner and there was nothing to show that factually speaking the Indian subsidiary constituted a PE of assessee in India, therefore, AO had erred in invoking section 9 of the Act and/or Article 5 of the India-USA DTAA in order to say that the assessee company had ...

A comprehensive Study on GST in Transaction between Employer & Employee

This article is presented dealing a comprehensive study on the overall transaction between employer and employee. In generally, transaction arising out of contractual arrangement as per Schedule III are not subject to GST....

Posted Under: Income Tax |

Union Budget, 2022 And Its Pratical Implications

From last year budget there has been a new tendency being apparent in the taxation front very little to mention it is obviously direct tax since the GST matters are mostly in the hands of GST council rather than in domain of budget. In last year budget there had been numerous changes in the direct […]...

Posted Under: Income Tax |

GST Major changes in Budget 2022

♦ Time-Limit To Avail ITC U/S 16(4) Extended Till 30Th November Of Next Year From 30Th September. ♦ Section 41 Of The CGST Act Is Being Substituted So As To Do Away With The Concept Of “Claim” Of ITC On A “Provisional” Basis. ♦ Section 47 Of The CGST Act Is Being Amended So As […]...

Posted Under: Income Tax |

Applicability of Social Welfare Surcharge on goods exempted from basic and other customs duties/cesses

Circular No. 3/2022-Customs 01/02/2022

Circular No. 3/2022-Customs No. CBIC-190354/262/2021-TRU Section-CBEC Government of India Ministry of Finance Department of Revenue (Tax Research Unit) ***** Room No. 156, North Block New Delhi, dated the 1st of February, 2022 To, All Principal Chief Commissioners/ Chief Commissioners of Customs/Customs (Preventive), All Principal Chief C...

Amendments in Finance Bill, 2022 in Relation to CGST

Amendments in Finance Bill, 2022 in Relation to Central Goods and Services Tax (CGST) SECTION 16: Conditions for Input Tax Credit Changes proposed vide Finance Bill’ 2022 -Insertion of new clause (ba) in subsection 2 -in clause (c), the words, figures and letter “or section 43A” shall be omitted -Time limit to take ITC in […]...

Posted Under: Income Tax |

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