Category Archives: Direct Tax

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

Posted on August 8, 2022

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 … Continue reading →

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Section 194R – TDS on Benefit or Perquisite

Posted on June 17, 2022

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

Posted on May 14, 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

Posted on May 12, 2022

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)

Posted on May 2, 2022

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 |