New IT S. 79A to deny any set off of loss in the cases under search/ survey
Amendments proposed to disallow any set off of loss in the cases under search/ survey, the term “undisclosed income”, by inserting new Section 79A of the Income Tax Act, …
Author: Kewal Garg
Increase of Penalty u/s 272A to Rs. 500 per day for adequate deterrence
Amendment proposed in the provisions in S. 272A of the Income Tax Act, vide Clause 78 of the Finance Bill 2022 (budget 2022-23), to enhance penalty from Rs. 100 …
Enabling AO to pass Order u/s 156 for the Resolution of Disputes by DRC u/s 245MA
Amendments proposed in section 245MA of the Income Tax Act to enable the Assessing Officer to pass an order giving effect to the resolution of dispute by the Dispute …
Amendment in S. 68 to enforce explanation of source of funds by creditor
Amendments proposed in the provisions of section 68 of Income-tax Act, vide Clauses 17 of the Finance Bill 2022 (budget 2022-23), so as to provide that the nature and …
Amendment in IT S. 80DD to allow deduction for release of annuity during lifetime
Deduction u/s 80DD is available to resident Individuals/ HUF, towards payment of insurance premium under a scheme for the maintenance of disabled dependent. However, there is rider which defeats …
Stamp duty value to be considered for TDS u/s 194-IA on sale of immovable property
To remove inconsistency in Sections 43CA, 50C and 194-IA in relation to stamp duty value,, amendments have been proposed to rationalize provisions of TDS on sale of immovable property …
Clarification on Allowability u/s 37(1) of Expenditure relating to offences and prohibited activities
Amendments proposed to include an explanation in IT S. 37(1) for clarification of the intent of legislation to avoid litigation due to misinterpretation in the matter of allowability of …
Offences/ Prosecutions Provisions (Chapter XXII) for TCS to match with TDS
Amendments proposed in the provisions of Sections 278A and 278AA relating to punishment with prosecution for failure to deposit TDS, so that same provisions apply in the case of …
Amendment in title of IT S. 179 to resolve Ambiguity in Recovery of tax dues from directors
Amendment proposed in the title/ provisions of section 179 of the Income Tax Act, to rectify/ resolve the ambiguity in the title of the Section, which restricts the scope …
Tax incentives for units located in International Financial Services Centre (IFSC)
Various amendments proposed for tax Incentives to International Financial Services Centre (IFSC), including to exempt Income of a non-resident from offshore derivative instruments, Income from over the counter derivatives …