Category Archives: Direct Tax

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

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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

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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

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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

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CBDT Prescribes Further Conditions for Mandatory Filing of ITR

CBDT vide NN. 37/2022 dt. 21.04.2022 notified Rule 12AB prescribing certain conditions for furnishing ITR by specified persons as referred in clause (iv) of 7th proviso to Section 139(1). Conditions prescribed for mandatory filing of ITR by specified persons are … Continue reading

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