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Vispi T. Patel

Latest Posts by Vispi T. Patel

Union Budget 2023-24 Key Income-Tax Proposals

February 6, 2023 6561 Views 0 comment Print

Discover the key income-tax proposals in Union Budget 2023-24. Learn how 33% increase in capital spending plans to bolster of India’s infrastructure, create jobs and boost growth. 50 additional airports & 100 projects identified. Investment opportunities & 2.4 trillion rupee for railways budgeted.

Key Direct Tax Amendments to the Finance Act, 2022

April 1, 2022 86400 Views 0 comment Print

The President has given assent on 31 March 2022, to the Finance Bill, 2022 passed by the Parliament with certain amendments. The key Direct Tax Amendments are summarized as under: KEY AMENDMENTS – DIRECT TAX SECTION 2(12A): DEFINITION OF “BOOKS OR BOOKS OF ACCOUNT” SECTION Amendments as introduced by The Finance Bill, 2022 on 1 February […]

Union Budget 2022-23 – Direct Tax Proposals

February 5, 2022 16305 Views 0 comment Print

The Finance Minister has introduced the Union Budget 2022 (‘Budget’) in the Parliament aiming to boost economic growth and revive sustainably from the ravages of the COVID-19 pandemic. The aim seems to start a virtuous cycle of growth by increasing public expenditure, in the hope of attracting private investment. But in order to facilitate the […]

Section 14A disallowance- South Indian Bank Ltd Vs. CIT (Supreme Court)

September 21, 2021 7284 Views 1 comment Print

The issue before the Hon’ble Supreme Court (SC) was whether section 14A of the Income-tax Act, 1961 (the Act) enables the Department to make disallowance on expenditure incurred for earning tax-free income, where the assessee does not maintain separate accounts for the investments and other expenditure incurred for earning the tax-free income

CBDT Extends Time Limits for Tax/TP Audit/ITR Filing – AY 2021-22

September 14, 2021 48240 Views 1 comment Print

The Finance Ministry vide Circular no. 17/2021 dated 09 September, 2021 announced extensions to the deadline for the filing of the Income-tax Returns, as well as some other allied compliances for the Assessment Year 2021-22: Sr. No. Particulars Original Due Date Extended to vide earlier Circular no.9/2021 Now Extended to vide Latest Circular no. 17/2021 […]

Overview of Taxation Laws (Amendment) Bill, 2021

August 7, 2021 894 Views 0 comment Print

The Government has introduced the Taxation Laws (Amendment) Bill, 2021 (no. 120 of 2021), which seeks to provide relief in respect of income deemed to accrue or arise to a non-resident due to direct and indirect transfer of capital assets by non-residents. Below is a brief overview of the same. Amendment to Explanation 5 to section […]

CBDT Extends Time Limits for Various Direct Tax Compliances – AY 2021-22

May 22, 2021 5586 Views 0 comment Print

The Central Board of Direct Taxes after considering the severe continuing COVID-19 pandemic situation in the country, vide Circular No. 9 of 2021, dated 20 May 2021, has extended the deadlines of certain compliances for the Assessment Year 2021-22

Union Budget 2021-22 – Analysis of Direct Tax Proposal

February 6, 2021 28179 Views 3 comments Print

The Finance Minister has introduced the Union Budget 2021 (‘Budget’) in the Parliament amidst the panic and upheaval caused to the society globally by the pandemic. All governments have had to grapple with the human and economic havoc. The Budget aims to increase public spending to steer the economy from its worst contraction in decades.

Income Tax Due date chart post Recent due date extensions

October 30, 2020 92166 Views 5 comments Print

With the COVID-19 pandemic playing havoc and resulting in many practical challenges, the Indian Government has come out with various relief measures and also extended different statutory deadlines. Recently, the Finance Ministry via Press Release and as per Notification No. 88/2020 issued by CBDT dated 29 October 2020 announced further extension of deadlines for filing […]

Extension of due dates under the Income Tax Act

June 27, 2020 9405 Views 4 comments Print

DUE TO THE OUTBREAK OF NOVEL CORONA VIRUS, THE GOVERNMENT HAS FURTHER EXTENDED THE DATES FOR VARIOUS COMPLIANCES UNDER THE INCOME TAX ACT, 1961 (IT Act) AND VARIOUS OTHER SPECIFIED ACTS** BY NOTIFICATION NO.35  / 2020, DATED 24 JUNE 2020 AND COMES INTO FORCE FROM 30 JUNE 2020 Sr. No. Particulars Period Actual Due Date […]

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