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Chapter XV of the Act refers to liability in certain special cases. Section 170, inter-alia, governs the procedure of taxation in case of succession to business in the event of reorganization or restr...

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) o...

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 un...

Litigation management when in an appeal by revenue an identical question of law is pending before jurisdictional High Court or Supreme Court. Section 158AA of the Act provides that where the Commissio...

Section 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...

DIRECT TAXES A. RATES OF INCOME-TAX I. Rates of income-tax in respect of income liable to tax for the assessment year 2022-23. In respect of income of all categories of assessee liable to tax for the...

What is Startups? A Startup is a company or project undertaken by an entrepreneur to seek, develop and validate s scalable business model. In layman’s language we can say startups refer to new busines...

Scheme for taxation of virtual digital assets Virtual digital assets have gained tremendous popularity in recent times and the volumes of trading in such digital assets has increased substantially. Fu...

These are specific sections i.e., 2(47A), 115BBH, & 194S are proposed to be inserted under Income-tax Act by Finance bill 2022-23 to tackle the taxation issues relating to the transactions of Virtual...

1. Time-limit to avail ITC u/s 16(4) extended till 30th November of next year from 30th September. 2. Additional Condition for availment of ITC u/s 16(2)- ITC can be availed only if the same is not re...

1.Amendment of section 139 – Insertion of Section 139(8A) Any person, for an assessment year (herein referred to as the relevant assessment year), may furnish an updated return of his income whether h...

1. No change in personal direct tax slab. 2. No increase in Standard deduction for salaried persons. 3. Deduction under NPS -At present Central Govt. contributes 14% of salary to its employee to NPS w...

There has been a phenomenal increase in transactions in virtual digital assets. The magnitude and frequency of these transactions have made it imperative to provide for a specific tax regime. Accordin...

1. Clause 47A have been inserted in section 2, to provide definition of Virtual Digital Currency. The motive of the insertion is to tax Cryptocurrencies, Non-fungible tokens (NFTs) and the same like i...

Memorandum Explaining the Provisions in Finance Bill, 2022 (Budget 2022-23) related to Amendments In The Fourth Schedule, Change In Effective Rate Of Additional Basic Excise Duty On Unblended Petrol A...

Memorandum Explaining the Provisions in Finance Bill, 2022 (Budget 2022-23) Relating To Amendments in the CGST Act, 2017, Amendments in the IGST Act, 2017, Amendments in the UTGST Act, 2017 and Retros...

Memorandum Explaining the Provisions in Finance Bill, 2022 (Budget 2022-23) Relating To Amendments in the Customs Act, 1962 Other Legislative Amendments Pertaining To Customs, Amendments in the First...

A new Section 139(8A) is proposed to be introduced to provide for furnishing of updated return under the new provisions. Time limit: File Updated return within 2 years from the end of Assessment Year...

Budget 2022: Direct tax Direct Tax reform Taxation on transfer of virtual digital Asset : > Taxed @30% > No Deduction allowed on any expenditure or allowance except Cost of Acquisition > Loss on trans...

1. Additional Condition for availment of ITC u/s 16(2)- ITC can be availed only if the same is not restricted under Section 38 – as per the details communicated to the purchaser in GSTR-2B. 2. Welcome...