CAclubindia News

Sections 206AB & 206CCA inserted under Finance Act, 2021 to widen and deepen tax-base

02 February 2022 at 12:35

In order to widen and deepen the tax-base and to nudge taxpayers to furnish their return of income, Finance Act, 2021 inserted sections 206AB and 206CCA in the Act.

Posted in Union Budget | 1938 Views

Budget 2022: Promoting Voluntary Tax Compliance and Reducing Litigation

02 February 2022 at 09:20

Provisions for filing of updated returnSection 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 def

Posted in Union Budget | 1629 Views

Budget 2022: Amendment in Section 245MA related to Dispute Resolution Committee

02 February 2022 at 09:20

1. 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 fulf

Posted in Union Budget | 1269 Views

Budget 2022: Clarification regarding treatment of cess and surcharge

02 February 2022 at 09:19

1. Section 40 of the Act specifies the amounts which shall not be deducted in computing the income chargeable under the head "Profits and gains of business or profession". Sub-clause (ii) of clause (a) of section 40 of the Act provides that

Posted in Union Budget | 2310 Views

Extension of the last date for commencement of manufacturing or production under Section 115BAB

01 February 2022 at 22:27

Extension of the last date for commencement of manufacturing or production under Section 115BAB, from 31.03.2023 to 31.03.2024

Posted in Union Budget | 1680 Views

Extension of date of incorporation for eligible start up for exemption

01 February 2022 at 22:27

The existing provisions of the section 80-IAC of the Act inter alia, provide for a deduction of an amount equal to one hundred percent of the profits and gains derived from an eligible business by an eligible start-up

Posted in Union Budget | 1455 Views

Rationalization of the provisions of sections 271AAB, 271AAC and 271AAD of the IT Act

01 February 2022 at 21:55

Sections 271AAB, 271AAC and 271AAD of the Act under Chapter XXI contain provisions that give powers to the Assessing Officer to levy penalty in cases

Posted in Union Budget | 1668 Views

Budget 2022: No Set off of any loss to be allowed against undisclosed income detected during search/survey

01 February 2022 at 21:43

Set off of loss in search cases - Amendment in the provisions of section 79A of the Act1. Chapter VI of the Act deals with aggregation of income and set off or carry forward of loss. In Sections 70-80 of the Act there are specific provisions relating

Posted in Union Budget | 1560 Views

Rationalization of provisions relating to assessment and reassessment under Finance Act 2021

01 February 2022 at 21:02

The Finance Act, 2021 amended the procedure for assessment or reassessment of income in the Act with effect from the 1st April, 2021.

Posted in Union Budget | 1533 Views

Budget 2022: IT Slabs and Rates for AY 2022-23

01 February 2022 at 20:41

Rates of income-tax in respect of income liable to tax for the assessment year 2022-23.

Posted in Union Budget | 1 comments | 13710 Views