Reduction of Goodwill from block of assets to be considered as ‘transfer’
Amendment proposed to clarify that for the purposes of section 50 of the Act, reduction of the amount of goodwill of a business or profession, from the block of …
Tag: DT Proposals Budget 2022
Amendments in S. 263 for Revision of Erroneous Order of TPO u/s 92CA
Amendments proposed in the provisions of section 263 of the Income Tax Act relating to revision of erroneous Order of the TPO issued u/s 92CA, vide Clause 48 and …
Litigation Management in Appeals, where identical question of law is pending before HC/ SC
Amendments proposed to insert new IT S. 158AB for deferring further filing of appeal where an identical question of law is pending before the jurisdictional High Court or Supreme …
Definition of Virtual Digital Assets and the Scheme of Tax/ TDS thereon
Over the years it is noticed that virtual economy is growing up at much faster pace wherein the transactions are being made using different types of virtual digital assets, …
Block Period extended upto 31 March 2023 for Start-ups Tax Incentives
Start-ups established during the block period of 01/04/2016 to 31/03/2022 were eligible for tax incentives in three consecutive years out of ten years from the date of incorporation. In …
Bonus/ Dividend Stripping IT Provisions to apply on Securities/ Units
Amendments proposed in Section 94(8) of the Income Tax act, to enforce applicability of bonus stripping and dividend stripping provisions in the case of securities and units also, vide …
Interest Liability under IT S. 201(1A)/ 206C(7) for TDS/ TCS Defaults
Amendments proposed in sections 201(1A) and 206C(7) of the Income Tax to provide clarity and to avoid litigation caused by misinterpretation, which provides to abide by the computation of …
Rationalization of IT Provisions on ‘Assessment’ and ‘Reassessment’
Amendments proposed on Rationalization of provisions relating to assessment and reassessment under the Income Tax Act, vide Clauses 35, 36, 44, 45, 46, 47, 48, 49 and 73 of …
Amendments in IT S. 144B to streamline Faceless Assessment procedure
Amendments proposed in the Faceless Assessment by substituting section 144B of the Income Tax Act, vide Clause 42 of the Finance Bill 2022 (budget 2022-23), to streamline the faceless …
New IT Provisions on filing of ‘Updated Income Tax Return (UITR)’
Amendments proposed for a introducing new provisions in the Income Tax Act to allow filing of updated income tax return (ITR) by the taxpayers on payment of additional tax, …