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Budget 2022: Key changes in GST 1. Amendment in Section 16 of CGST ACT 2017- Two important changes in Section 16- Firstly, Recipient can avail input tax credit with respect to supply only if such cred...

Public Issue of Life Insurance Corporation expected shortly 400 new generation Vande Bharat trains with better efficiency to be brought in and 100 PM Gati Shakti Cargo terminals to be developed during...

From last year budget there has been a new tendency being apparent in the taxation front very little to mention it is obviously direct tax since the GST matters are mostly in the hands of GST council...

♦ Time-Limit To Avail ITC U/S 16(4) Extended Till 30Th November Of Next Year From 30Th September. ♦ Section 41 Of The CGST Act Is Being Substituted So As To Do Away With The Concept Of “Claim” Of ITC...

SECTION 16: Conditions for Input Tax Credit Changes proposed vide Finance Bill’2022 -Insertion of new clause (ba) in subsection 2 -in clause (c), the words, figures and letter “or section 43A” shall b...

1. Insertion of Section 16(2)(ba) and substitution of a new Section 38: Summary: Input tax credit with respect to a supply may be availed only when such credit has not been restricted as prescribed u/...

As per clause (iv) of section 28 of the Act, the value of any benefit or perquisite, whether convertible into money or not, arising from business or exercise of profession is to be charged as business...

Section 194-IA of the Act provides for deduction of tax on payment on transfer of certain immovable property other than agricultural land. Sub-section (1) of the said section provides for deduction of...

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. The said sections provide for speci...

Section 79 of the Act provides for carry forward and set-off of losses in case of certain companies. Sub-section (1) of the said section, inter-alia, provides that where a change in shareholding has t...

Clause (x) of sub-section (2) of section 56 of the Income-tax Act, 1961 (the Act) inter alia, provides that where any person receives, in any previous year, from any person or persons any sum of money...

Condition of releasing of annuity to a disabled person The existing provision of section 80DD, inter alia, provide for a deduction to an individual or HUF, who is a resident in India, in respect of (a...

Under the existing provisions of the Act, any contribution by the Central Government or any other employer to the account referred to in section 80CCD of the Act (NPS account), shall be allowed as a d...

Over the past few years several tax concessions have been provided to units located in International Financial Services Centre (IFSC) under the Act to make it a global hub of financial services sector...

Section 115JC of the Act, inter alia, provides for the alternate minimum tax (AMT) payable by co-operative societies, which is at the rate of 18.5%. However, vide the Taxation Laws (Amendment) Act, 20...

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...

Section 115BAB of the Income-tax Act provides for an option of concessional rate of taxation @ 15 % for new domestic manufacturing companies provided that they do not avail of any specified incentives...

Section 43B of the Act provides for certain deductions to be allowed only on actual payment. Explanation 3C, 3CA and 3D of this section provides that a deduction of any sum, being interest payable on...

Section 37 of the Act provides for allowability of revenue and non-personal expenditure (other than those failing under sections 30 to 36) laid out or expended wholly and exclusively for the purposes...

Budget 2022: Clarification in respect of disallowance under section 14A in absence of any exempt income during an assessment year Section 14A of the Act provides that no deduction shall be allowed in...