CAclubindia News

Sec 276BB to be included for prosecution against persons failing to pay TCS

03 February 2022 at 17:24

Alignment of the provisions relating to Offences and Prosecutions under Chapter XXII of the ActSections 269UC/UE/UL along with other provisions of Chapter XX-C have been made inapplicable with effect from 01.07.2002. Vide Finance Act, 2002, section 2

Posted in Union Budget | 2103 Views

Scope of Sec 285B widened to expand the reporting requirements in Form 52A

03 February 2022 at 17:24

Widening the scope of reporting by producers of cinematograph films or persons engaged in specified activities

Posted in Union Budget | 1683 Views

Budget 2022: Provisions of Sec 68 proposed to be amended

03 February 2022 at 17:24

Cash credits under section 68 of the Act1. Section 68 of the Act provides that where any sum is found to be credited in the books of an assessee maintained for any previous year, and the assessee offers no explanation about the nature and source ther

Posted in Union Budget | 2124 Views

Budget 2022 bans bonus stripping of shares, units of RETIs, InvITs

03 February 2022 at 17:24

Provisions pertaining to bonus stripping and dividend stripping to be made applicable to securities and units1. Section 94 of the Act contains anti-avoidance provisions to deal with transactions in securities and units of mutual fund which, inter-ali

Posted in Union Budget | 2253 Views

Amendment of Clause (42C) to substitute word "sales" with "transfer"

03 February 2022 at 16:03

Definition of the term "slump sale"1. Slump sale is defined in clause (42C) of section 2 of the Act, as the transfer of one or more undertaking, by any means, for a lump sum consideration without values being assigned to individual assets a

Posted in Union Budget | 1638 Views

Reduction of Goodwill from block of assets to be considered as 'transfer'

03 February 2022 at 16:02

1. From the assessment year 2021-2022, goodwill of a business or profession is not considered as a depreciable asset and there would not be any depreciation on goodwill of a business or profession in any situation. In case where goodwill is purchased

Posted in Union Budget | 1701 Views

Budget 2022: Explanation to Sec 133A proposed to be amended

03 February 2022 at 16:02

Income-tax authorities for the purposes of section 133A of the Act1. Section 133A of the Act enables an income-tax authority to enter any place of business or profession or charitable activity within his jurisdiction to verify the books of account or

Posted in Union Budget | 1665 Views

Sec 234F to be inserted to avoid genuine hardships faced by the taxpayers

03 February 2022 at 16:02

Amendment in the provisions of Section 119 of Income-tax Act1. Section 119 of the Act empowers the Board to issue orders, instructions and directions to other income-tax authorities for proper administration of the Act. Clause (a) of sub-section (2)

Posted in Union Budget | 1773 Views