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 |

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... Read More →

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... Read More →

Posted in Direct Tax |

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... Read More →

Posted in Direct Tax |

The Companies (Auditor’s Report) Order, 2020

Background: Companies Auditor Report Order(CARO) is an order which lists down the matters on which an auditor is required to report as per Section 143(11) of Companies Act, 2013. Thus, auditor of those entities on which CARO is applicable is... Read More →

Posted in Regulatory |