Author Archives: admin

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 … Continue reading

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 … Continue reading

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 … Continue reading

Posted in Direct Tax |

CBDT issues Instructions for implementation of SC ruling on Reassessment Controversy

CBDT, in exercise of powers under Section 119 issued Instruction No. 1 of 2022 for implementation of SC ruling in Ashish Agarwal regarding the reassessment notices issued between 01.04.2021 to 30.06.2021; Explains the scope of the judgment and lays down the procedure to … Continue reading

Posted in Direct Tax |

CBDT notifies ITR-U for filing updated ITR under section 139(8A)

CBDT vide NN. 48/2022 dt. 29.04.2022 notified ITR -U and Rule 12AC whereby updated return u/s 139(8A) relating to AY2020-21 and subsequent AY can be filed. Further, ITR-U requires to choose from the following as the reason for updating the … Continue reading

Posted in Direct Tax |