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FINANCE MINISTER ANNOUNCES TRUST-BASED GOVERNANCE FOR EASE OF DOING BUSINESS 2.0 WITH ADVENT OF AMRIT KAAL INTEGRATION OF CENTRAL AND STATE-LEVEL SYSTEMS PROPOSED THROUGH I-T BRIDGES UNIQUE LAND PARCE...

ADDITONAL ALLOCATION OF Rs. 19,500 CRORE PROPOSED FOR PRODUCTION LINKED INCENTIVES FOR MANUFACTURING OF HIGH EFFICIENCY MODULES CIRCULAR ECONOMY TRANSITION TO INCREASE PRODUCTIVITY AND OPPORTUNITIES I...

Hon’ble Finance Minister Nirmala Sitharaman has presented her fourth Budget on 01 Feb 2022. The budget proposes a new definition of virtual digital assets covering any information or code or number or...

GST has been a landmark reform of Independent India showcasing the spirit of Cooperative Federalism. While aspirations were high, there were huge challenges too. These challenges were overcome deftly...

The Finance Minister has introduced the Finance Bill, 2022 in Lok Sabha today, that is 1st February, 2022. Changes in Customs, Central Excise, GST law and rates have been proposed through the Finance...

Budget 2022: Changes under the Income Tax 1. Levy of surcharge @ 12% in cases where tax has to be charged and paid under sub-section (2A) of section 92CE (related to transfer pricing) or Section 115QA...

Updation of ITR filed Taxpayers will be allowed to file an updated return for errors or mistakes done in income tax returns. The updated return can be filed within two years from the end of the releva...

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...