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Budget 2022

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

Income Tax : Form 29D to get refund of tax deducted under section 195 – Insertion of new section 239A and Rule 40G The Finance Bill 2022 had ...

August 22, 2022 6927 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 95820 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 75834 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 30309 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 86319 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 6267 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 20637 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 1017 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 621 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 4131 Views 0 comment Print


Latest Notifications


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 52788 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 24900 Views 0 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 38016 Views 0 comment Print

Govt increases Basic Excise Duty on Unblended Petrol and Diesel

Excise Duty : Seeks to further amend Notification No. 11/2017- Central Excise, dated 30th June, 2017, to increase Basic Excise Duty on Unblended...

February 1, 2022 2553 Views 0 comment Print

Govt amends exemption notifications related to electronic items & medical devices

Custom Duty : Seeks to amend various notifications giving exemption to electronic items and medical devices vide Notification No. 15/2022-Custom...

February 1, 2022 2841 Views 0 comment Print


Scheme for taxation of virtual digital assets (Cryptocurrencies & NFT)

February 14, 2022 7722 Views 0 comment Print

Scheme for taxation of virtual digital assets Virtual Digital Assets, especially cryptocurrencies & Non-Fungible Tokens (NFTs), have gained tremendous popularity in recent times and the volumes of cryptocurrency trading has increased substantially. With a view to bring clarity for taxation of such assets, provisions to define such assets, provide for the taxation from income arising […]

Introduction of ‘Digital Rupee’ – New Digital Currency

February 12, 2022 2439 Views 0 comment Print

Finance Minister, Smt Nirmala Sitharaman, has announced the introduction of Digital Rupee to be issued by the Reserve Bank of India starting 2022-23 while presenting the Union Budget 2022-23 in the Parliament. The Reserve Bank of India will launch the CBDC from the upcoming financial year that will be backed by blockchain technology. Key Highlights: […]

Updated Return under Income Tax Act 1961 – A new concept

February 12, 2022 6630 Views 0 comment Print

Updated Return in the Income Tax Act, a new concept added by the Finance Bill, 2022 The current provision of the income tax act requires the assessee to file its voluntary income tax return latest by 31st Dec of the relevant assessment year (including the timeline for belated and revised return). In view to enhancing […]

Taxability of Virtual Digital Asset – Section 115BBH

February 11, 2022 14880 Views 0 comment Print

Articles explains the definition of virtual digital asset u/s 2(47A) , the taxability  of virtual digital asset u/s 115BBH, the TDS provision u/s 194S and the proposed amendment u/s 56(2)(X) of the Act. Meaning of Virtual Digital Asset Finance Bill, 2022 has proposed to inset a new clause (47A) to section 2 of income tax […]

Analysis of Section 194R of Income Tax Act

February 10, 2022 28371 Views 4 comments Print

Analysis of applicability of section 194R Finance Bill 2022 has proposed to insert Section 194R in the Income Tax Act, 1961 (“Act”). As per the memorandum explaining the provisions in the Finance Bill, this change shall take effect from 1st July 2022, though the section has been inserted from 1st April 2022 itself. In this […]

Finance Bill 2022 Income Tax amendments related to Charitable Institutions

February 10, 2022 13671 Views 0 comment Print

Since last 5 years we find that there are certain amendments under sections 11 to 13, pertaining to Charitable Trust. It seems that a day may come, that the administration of all Charitable Trust may be with Government. One can say that Taxation of Charitable Institutions have been under scanner in recent times and Government […]

Budget 2022- Stretches its TDS tentacles to widen tax base

February 10, 2022 9540 Views 7 comments Print

TDS, as a concept, was introduced under Income-tax Act by the government to collect income at its very source itself rather than waiting for the taxpayers to pay tax. This enables ease of tax collection, tracking, and gathering of information during the year in which transaction is carried instead of waiting for the assessment to be conducted.

Union Budget 2022 – Key Direct Tax Proposals

February 10, 2022 4608 Views 0 comment Print

UNION BUDGET 2022 – KEY DIRECT TAX PROPOSALS – ROADMAP FOR FUTURE The Union Budget 2022 was presented on 1st February, 2022. This Budget seeks to lay the foundation and give a blueprint to steer the economy over the Amrit Kaal of the next 25 years. It continues to build on the vision drawn in […]

Tax on Crypto Currency

February 9, 2022 2556 Views 1 comment Print

All About Cryptocurrency Taxation Introduced in Budget 2022 A new section 2(47A) is proposed to be inserted by Finance Bill’2022, which defines virtual digital assets to mean any information or code or number or token (not being Indian currency or any foreign currency) generated through cryptography which provides a digital representation of value exchanged with […]

TDS on benefit or perquisite of a business or profession | Section 194R

February 9, 2022 7920 Views 5 comments Print

In the Finance Bill, 2022, government has inserted a new section in The Income Tax Act, 1961, Section 194R applicable w.e.f 01st July, 2022 with an objective of bringing into a tax, all those benefits or perquisites which a person receives during the course of business or profession but do not discloses the same in […]