Tax Exemptions of sums received for Treatment/Demise Due to COVID 19

CG notifies conditions for tax exemption of sums received for COVID-19 treatment or on demise due to COVID-19 by issuing three notifications dated August 5, 2022 Notification No. 90/2022 - Notifies conditions under clause (ii)(c) to the first proviso to... Read More →

Posted in Direct Tax |

Foreign Contribution (Regulation) Amendment Rules 2022

Introduction of the Foreign Contribution (Regulation) Amendment Rules, 2022 The Central Government via notification dated July 01, 2022 has introduced Foreign Contribution (Regulation) Amendment Rules, 2022 (“The Amendment Rules 2022”) to amend the Foreign Contribution (Regulation) Rules, 2011 (“Rules”) under... Read More →

Posted in Regulatory |

Nomination for Mutual Fund Units

SEBI directs AMCs to provide an Option for filing Nomination or Opting out for Mutual Fund Units Background: The Securities and Exchange Board of India (SEBI) vide its circular dated June 15, 2022 has made it mandatory for all the... Read More →

Posted in Regulatory |

Section 194R – TDS on Benefit or Perquisite

Finance Act 2022 inserted a new section 194R in the Income Tax Act, 1961 (hereinafter referred to as “the Act”) with effect from 1st July 2022. Summary of Section 194R is as under: Personal Responsible to deduct tax - Any... Read More →

Posted in Direct Tax |

List of Major Amendments made by Finance Act 2022

List of Major Amendments made by Finance Act 2022 Section Particulars 2(12A) Amendment to Definition of ‘books of account’ 2(42C) Amendment to Definition of Slump Sale 10(4E), 10(4F), 10(4G), 56(viib), 80LA Tax incentives to IFSC 12AB, 115BBI, 271AAE, 10(23C), 115TD... Read More →

Posted in Direct Tax |