Amendment in section 245MA of the Act related to Dispute Resolution Committee Finance Act, 2021 introduced a new chapter XIX-AA in the Act consisting of section 245MA for constituting Dispute Resolution Committee (DRC) for specified persons who may opt for dispute resolution under the said section and who fulfil specified conditions mentioned in the said […]
Litigation management when in an appeal by revenue an identical question of law is pending before jurisdictional High Court or Supreme Court. Section 158AA of the Act provides that where the Commissioner or Principal Commissioner is of the opinion that any question of law arising in the case of an assessee (relevant case) is identical […]
Provisions for filing of updated return Section 139 of the Act is related to the provisions for filing of Income Tax Return by taxpayers. 2. Sub-section (1) of section 139 of the Act casts responsibility on the taxpayer to furnish a return within a definite time period or up to a particular date, that is, […]
DIRECT TAXES A. RATES OF INCOME-TAX I. Rates of income-tax in respect of income liable to tax for the assessment year 2022-23. In respect of income of all categories of assessee liable to tax for the assessment year 2022-23, the rates of income-tax have either been specified in specific sections (like section 115BAA or section […]
Finance Minister, Mrs. Nirmala Sitaraman rises at 11.02 a.m. to present the fourth Union Budget of the NaMo-NiSi Team of the current Government. General Proposals: 1. India’s growth estimated to be at 9.2%, highest among all large economies 2. LIC public offer will be done shortly. 3. Strategic ownership of Air India has been completed. […]
What is Startups? A Startup is a company or project undertaken by an entrepreneur to seek, develop and validate s scalable business model. In layman’s language we can say startups refer to new businesses that intend to grow large beyond the solo founder and to help the business to grow our union government provides to […]
Scheme for taxation of virtual digital assets 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 scheme […]
Taxation on Income from Virtual Digital Assets i.e. Crypto/ Crypto Currency (Effective for the AY 2023-24) These are specific sections i.e., 2(47A), 115BBH, & 194S are proposed to be inserted under Income-tax Act by Finance bill 2022-23 to tackle the taxation issues relating to the transactions of Virtual Digital Assets (VDA) i.e., Crypto Currencies. Summary […]
UPDATES IN GST IN BUDGET 2022 1. Time-limit to avail ITC u/s 16(4) extended till 30th November of next year from 30th September. 2. Additional Condition for availment of ITC u/s 16(2)- ITC can be availed only if the same is not restricted in GSTR-2B. 3. Composition Tax Payer’s Registration can be cancelled suo-moto if […]
1.Amendment of section 139 – Insertion of Section 139(8A) Any person, for an assessment year (herein referred to as the relevant assessment year), may furnish an updated return of his income whether he furnished a original return u/s 139(1) or revised return u/s 139(5) or not, at any time within twenty-four months from the end […]
