Category Archives: Direct Tax

Co. Law Rules Changes

Posted on January 25, 2023

The Ministry of Corporate Affairs vide its notification dated January 20, 2023 has amended the Companies (Appointment and Qualification of Directors) Rules, 2014. The amended rules have come into effect from January 23, 2023. Certain key changes are as follows: … Continue reading →

Posted in Direct Tax |

Extension of time limit for compliance to be made for claiming exemption under Section 54 to Section 54GB

Posted on January 9, 2023

CBDT has issued circular No.1 of 2023 dated 6 January 2023 for extension of last day for compliances by taxpayers such as investment, deposit, payment, acquisition, purchase, construction or such other action, by whatever name called, for claiming any exemption … Continue reading →

Posted in 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 →

Posted in Direct Tax |

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 →

Posted in Direct Tax |