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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...

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...