Income Tax : Learn how to use Form 29D to claim a refund of tax deducted under Section 195 for non-residents. Find out about the recent amendme...
Income Tax : Updated Income Tax Return has been introduced by inserting a new sub-section (8A) to Section 139 of Income Tax Act, 1961 to prov...
Income Tax : Analyze Section 194R of the Income Tax Act, 1961 and its applicability from 01/07/2022. Learn about TDS on benefits or perquisites...
Income Tax : Understand the concept of Updated Return under section 139(8A) of the Income Tax Act. File corrected returns, reduce losses, and r...
Income Tax : The President has given assent on 31 March 2022, to the Finance Bill, 2022 passed by the Parliament with certain amendments. The k...
Income Tax : 1. Income Tax Department brings reforms for Cooperatives! Alternate Minimum Tax for cooperative societies reduced to 15% to bring ...
Income Tax : Union Finance Minister Government has proposes 39 amendments to Finance Bill, 2022 Smt. Nirmala Sitharaman has proposed 39 amendme...
Finance : Union Finance Minister Nirmala Sitharaman said that Union Budget 2022-23 recognises and encourages the potential of youth, their...
Finance : Finance Minister Nirmala Sitharaman chairs post-Budget meeting with heads of Banks, NBFCs and Financial Institutions. Finance Mini...
CA, CS, CMA : We here in, would like to bring to your kind notice, few of the issues which might be faced by taxpayers and Chartered accountants...
Income Tax : Dhanwan Leasing and Finance Vs ITO (ITAT Indore) Section 68 of the Act provides that where any sum is found to be credited in the ...
Goods and Services Tax : Central Government hereby appoints the 1st day of October, 2022, as the date on which the provisions of sections 100 to 114 of Fin...
Income Tax : CBDT Notifies vide Notification No. 48/2022-Income Tax Dated- 29.04.2022 Form and Manner for filing updated Income Tax return. Upd...
Income Tax : Finance Act, 2022 received the assent of the President on the 30th March, 2022. Full text of the same is as follows:- MINISTRY O...
Custom Duty : Circular No. 3/2022-Customs No. CBIC-190354/262/2021-TRU Section-CBEC Government of India Ministry of Finance Department of Revenu...
Income Tax : FM Nirmala Sitharaman’s presented her fourth budget today i.e. on 1st February 2022. In budget FM has introduced Tax on Virtua...
Sections 278A and 278AA are related to punishment with prosecution against persons for failure to pay tax to the credit of Central Government under Chapter XVII-B for tax deducted at source. However, similar provisions for offence with respect to tax collected at source under Chapter XVII-BB, providing for punishment with prosecution against persons failing to pay tax collected at source is not there under sections 278A and 278AA.Therefore, it is proposed to include section 276BB under sections 278A and 278AA owing to the similar nature of offences that are punishable under section 276B and section 276BB.
It is proposed to amend the provisions of section 68 of the Act so as to provide that the nature and source of any sum, whether in form of loan or borrowing, or any other liability credited in the books of an assessee shall be treated as explained only if the source of funds is also explained in the hands of the creditor or entry provider. However, this additional onus of proof of satisfactorily explaining the source in the hands of the creditor, would not apply if the creditor is a well regulated entity, i.e., it is a Venture Capital Fund, Venture Capital Company registered with SEBI.
Amendment in the provisions of section 248 of Income-tax Act and insertion of new section 239A Section 248 of the Act provides that in a case where, under an agreement or other arrangement, a person who has deducted tax on any income paid to a nonresident, other than interest, under section 195 of the Act, […]
Withdrawal of exemption under clauses (8), (8A), (8B) and (9) of section 10 of the Income-tax Act, 1961- reg Clause (8) of the section 10 of the Act provides for exemption to the income of an individual who is assigned duties in India in connection with any co-operative technical assistance programmes and projects. Such co-operative […]
Withdrawal of concessional rate of taxation on dividend income under section 115BBD Section 115BBD of the Act provides for a concessional rate of tax of 15 % on the dividend income received by an Indian company from a foreign company in which the said Indian company holds 26 % or more in nominal value of […]
Scheme for taxation of virtual digital assets 1. Virtual digital assets have gained tremendous popularity in recent times and the volumes of trading in such digital assets has increased substantially. Further, a market is emerging where payment for the transfer of a virtual digital asset can be made through another such asset. Accordingly a new […]
Provisions pertaining to bonus stripping and dividend stripping to be made applicable to securities and units Section 94 of the Act contains anti avoidance provisions to deal with transactions in securities and units of mutual fund which, inter-alia, include dividend stripping and bonus stripping. 2. However, the current provisions of sub-section (8) of section 94 […]
Widening the scope of reporting by producers of cinematograph films or persons engaged in specified activities Under section 285B, the producer of cinematographic films is obliged to furnish within 30 days from the end of the financial year or from the date of completion of the film, whichever is earlier, a statement containing particulars of […]
Up until now, the digital world has not affected the banking business in India but with the Reserve Bank getting ready for the digitisation of the Rupee, this move could perhaps be history in the making where such a bold move has been put forth by the Honourable Finance Minister today. This move could also […]
The 2022-23 Budget has somewhat successfully managed to balance fiscal retreat and support for economic recovery. The budget deserves a somewhat favourable verdict. It has a gameplan premised on credible numbers. The fiscal deficit target of 6.4 per cent, prima facie, suggests that the FM has grabbed some much-needed fiscal space to nurture the nascent recovery and not been tempted to over-consolidate
