Harmful income tax amendment in Budget 2022: A Glimpse

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Harmful income tax amendment in Budget 2022: A Glimpse 

1. No allowance of expense under Rule 8D if there is NIL exempt income
2. Conversion of Interest into Loan or Debenture doesn’t not amount to payment u/s. 43B and hence not allowed
3. Expenditure which are not permitted under any other law and are illegal like Pharma Company payments to Doctors to be disallowed
4. Option to file Updated Return will be 25 to 50% additional Tax on additional Income
5. TDS on immovable Properties on either Agreement or Stamp Duty value, whichever is higher
6. Bonus / dividend stripping rules extended to InvIT, REIT and AIF
7. Source of Source to be explained to save from section 68 except SEBI Registered VCF, VCC.
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