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Budget 2022

Latest Articles


Form 29D to get refund of tax deducted under section 195

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...

August 22, 2022 7425 Views 0 comment Print

Section 139(8A) & 140B – Eligibility, Applicability & Opportunity

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...

July 19, 2022 105033 Views 9 comments Print

Applicability of TDS under Section 194R from 01/07/2022

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...

June 1, 2022 78810 Views 11 comments Print

Updated Return – Section 139(8A) – Income Tax – (FAQs)

Income Tax : Understand the concept of Updated Return under section 139(8A) of the Income Tax Act. File corrected returns, reduce losses, and r...

May 1, 2022 31266 Views 1 comment Print

Key Direct Tax Amendments to the Finance Act, 2022

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...

April 1, 2022 87021 Views 0 comment Print


Latest News


15 Income Tax Budget 2022 Announcement and Progress so far

Income Tax : 1. Income Tax Department brings reforms for Cooperatives! Alternate Minimum Tax for cooperative societies reduced to 15% to bring ...

January 5, 2023 6396 Views 1 comment Print

Government proposes 39 amendments to Finance Bill, 2022

Income Tax : Union Finance Minister Government has proposes 39 amendments to Finance Bill, 2022 Smt. Nirmala Sitharaman has proposed 39 amendme...

March 25, 2022 20754 Views 0 comment Print

Union budget 2022-23 encourages power of youth: Smt. Nirmala Sitharaman

Finance : Union Finance Minister Nirmala Sitharaman said that Union Budget 2022-23 recognises and encourages  the potential of youth, their...

March 8, 2022 1038 Views 0 comment Print

FM chairs post-Budget meeting with heads of Banks, NBFCs & FIs

Finance : Finance Minister Nirmala Sitharaman chairs post-Budget meeting with heads of Banks, NBFCs and Financial Institutions. Finance Mini...

February 23, 2022 675 Views 0 comment Print

Memorandum Seeking Changes In Union Budget 2022-23 Proposals

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...

February 18, 2022 4242 Views 0 comment Print


Latest Judiciary


Onus is on assessee to establish factum of conduit company

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 ...

March 25, 2023 1275 Views 0 comment Print


Latest Notifications


GST: CBIC notifies 14 sections of Finance Act, 2022 wef 1st October 2022

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...

September 28, 2022 106191 Views 1 comment Print

CBDT Notifies Form and Manner for filing Updated Return

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...

April 29, 2022 53505 Views 4 comments Print

Finance Act, 2022 – Assented by President

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...

March 30, 2022 26727 Views 0 comment Print

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

Custom Duty : Circular No. 3/2022-Customs No. CBIC-190354/262/2021-TRU Section-CBEC Government of India Ministry of Finance Department of Revenu...

February 1, 2022 4113 Views 1 comment Print

Finance Bill 2022 or Union Budget 2022-23

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...

February 1, 2022 38751 Views 0 comment Print


Budgetary allocations increased for development of Youth & Yuvashakti

February 2, 2022 942 Views 0 comment Print

The budget is a blue print to fulfill the aspirations and hopes of NewIndia@100: Shri Anurag Thakur Ministry of Youth Affairs & Sports allocated Rs 3062.60 crore in the budget of 2022-23, an 11.08 percent rise in allocated budget as compared to the Budget estimate of 2021-22 Budgetary outlay for sports facilities and development of […]

Budget 2022-23: 5 river linking projects on cards after consensus of beneficiary states

February 2, 2022 747 Views 0 comment Print

Budget 2022-23: Five river linking projects on cards after consensus of beneficiary states Mentioning the status of proposed five river linking projects in country, Union Finance Minister Nirmala Sitharaman said in her Budget speech that draft Detailed Project Reports (DPRs) of these river links have been finalized and consensus among beneficiary states is awaited. River […]

Prime Minister’s Development Initiative for North-East, PM-DevINE

February 2, 2022 978 Views 0 comment Print

A new scheme, Prime Minister’s Development Initiative for North-East, PM-DevINE was announced by the Union Minister for Finance & Corporate Affairs, Smt Nirmala Sitharaman while presenting the Union Budget 2022-23 here today.

Taxation of Virtual Digital Assets as introduced in Finance Bill 2022

February 2, 2022 6426 Views 0 comment Print

The proposed section 115BBH seeks to provide that where the total income of an assessee includes any income from transfer of any virtual digital asset, the income tax payable shall be the aggregate of the amount of income-tax calculated on income of transfer of any virtual digital asset at the rate of 30%

Budget 2022 explanatory Memorandum to Custom & Excise Notifications

February 2, 2022 5451 Views 0 comment Print

Articles explains Explanatory Memorandum To Notification Nos. 02 To 15-Customs Dated 1st February, 2022, Notification Nos. 07/2022-Customs (N.T.) dated the 1st February, 2022, Notification Nos. 5 to 7-Customs (ADD) dated 1st February, 2022, Notification No 1/2022-Customs (CVD) dated the 1st February, 2022, Notification Nos. 01/2022-Central Excise dated the 1st February, 2022 and Notification No.-01/2022-Central Excise […]

Key Changes under GST in Union Budget 2022

February 2, 2022 29577 Views 0 comment Print

GST has been a landmark reform of Independent India showcasing the spirit of Cooperative Federalism. While aspirations were high, there were huge challenges too. These challenges were overcome deftly and painstakingly under the guidance and oversight of the GST Council. The right balance between facilitation and enforcement has engendered significantly better compliance. GST revenues are […]

Key Changes under Customs & Excise in Union Budget 2022

February 2, 2022 15357 Views 0 comment Print

The Finance Minister has introduced the Finance Bill, 2022 in Lok Sabha today, that is 1st February, 2022. Changes in Customs, Central Excise, GST law and rates have been proposed through the Finance Bill, 2022. To prescribe effective rates of duty, following notifications are being issued: Notification /Circular Nos. Date Customs (Tariff) 02/2022-Customs to 15/2022-Customs […]

Key Changes under Income Tax Law in Union Budget 2022

February 2, 2022 34821 Views 0 comment Print

Key Highlights of Union Budget 2022 – Changes under the Income Tax Law Following amendments have been proposed under Income Tax Laws in the Finance Bill, 2022 vide Clause 2 to 84 which shall be effective from April 01, 2022 as per Clause 1(2)(a) of the Finance Bill, 2022: 1. Levy of surcharge @ 12% in […]

Changes in Income Tax provisions in Union Budget 2022 – Decoded

February 1, 2022 3471 Views 0 comment Print

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 LTCG to be subject to surcharge […]

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

February 1, 2022 1740 Views 0 comment Print

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 upto 31st November of the following financial year. In simple words, 40 days additional time to avail itc as earlier we can claim upto 20th October of following financial year.

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