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Amendment in Income Tax assessment & reassessment provisions

Set off of loss or unabsorbed depreciation not allowed against undisclosed income

Amendment in Income Tax Faceless Assessment under section 144B

Faceless Schemes- Date for issuing directions for sections 92CA, 144C, 253 & 255 extended till 31.03.2021

Prosecution for failing to pay tax collected at source (TCS) introduced

Cash credits under section 68 – Source of Source needs to be explained

Section 239A Application for refund of tax deducted which was not required to be deducted

Govt withdraws Income Tax exemption under section 10(8), (8A), (8B) & (9)

Section 115BBD- Withdrawal of concessional Tax rate on dividend income

Taxation of virtual digital assets (Cryptocurrency, Crypto, Bitcoin)

Bonus & dividend stripping to be made applicable to securities & units

CBDT widens scope of section 285B reporting & includes certain Specified Activities

Budget 2022-23: A Capex Bonanza

Budgetary allocations increased for development of Youth & Yuvashakti
Explore the latest Budget updates on TaxGuru, including relevant legal provisions, notifications, circulars, case laws, compliance developments and expert analysis. This page brings together important developments and practical guidance to help taxpayers, businesses and professionals stay informed and understand the regulatory and commercial implications of changes.
