Income Tax

Non filer of income tax return under section 206AB and 206CCA & amendment proposed by Finance Bill 2022 Let us know about the amendment proposed by…

Exemption of amount received for medical treatment and on account of death due to COVID-19   Let us know about it exemption of amount received for medical treatment and on account of death due to COVID-19.     Clause (x) of sub-section (2) of section 56 of the Income-tax Act, 1961 (the Act) inter alia, provides that where any person receives,…

Incentives for state government employees on investment in National Pension System (NPS) subscribers     There is an incentive for state government employees to invest in National Pension…

Section 80DD on annuity related to disable person: Amendment by Finance Bill 2022     There is an important amendment…

Clarification regarding deduction on payment of interest only on actual payment There is an important Clarification on section 43B which provides for deduction on payment of interest only on actual payment. It is one of the most important amendments…

Consequence for failure to deduct/collect or payment of tax – Computation of interest   An important amendment is proposed by the…

Business Compliance Calendar for February-22  INCOME TAX 07th Feb 2022- TDS deducted /TCS collected for the month of January, 2022…

Litigation management when in an appeal by revenue an identical question of law is pending before jurisdictional High Court or Supreme Court.     Rising litigation in the court is a matter of concern. There is a welcome…

No deduction towards cess and surcharge while working out income tax liability   The much awaited debate and controversy regarding the deduction…

Clarification in respect of disallowance under section 14A in absence of any exempt income during an assessment year     A Clarification in respect of disallowance under section 14A in absence of any exempt income during an assessment year is given by the Finance Bill -2022.   Let…

Clarifications on allowability of expenditure under section 37 by the Finance Bill 2022     There is an important Clarification on allowability of expenditure under section 37…

Budget Provisions in the sphere of personal taxation  By Balwant Jain Author Balwant Jain     Against the high expectation…

Harmful income tax amendment in Budget 2022: A Glimpse  1. No allowance of expense under Rule 8D if there is…

Budget 2022: A birds view of the Direct Tax Provision  – Provision for filing ‘Updated Income Tax returns’ within 2…