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Amendments relating to Disallowance of the Expenditure in Respect of Exempt Income – by The Finance Bill 2022

1.  Clarification in respect of Disallowance under Section 14A in absence of any Exempt Income during an Assessment Year [Explanation to Section 14A inserted by the Finance Bill, 2022 w.e.f. 1-4-2022 and Amendment of Section 14A(1) w.e.f. AY 2022-23] (A) Reason for making Amendment The existing section 14A(1) provides that for the purposes of computing […]

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Amendments relating to Income under the Head Profits and Gains of Business or Profession – By Finance Bill 2022

1.  Section 35(1A) relating to Filing Of Statement of any sum received by a Research Association, University, College, A Company, etc. amended w.e.f. AY 2021-221 (A) Reason for making Amendment Section 35(1A) of the Act was inserted by the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 w.e.f. 1-4-2021. It mandated

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Amendments relating to Unexplained Cash Credits, Investment, Money etc. by the Finance Bill 2022

1.  Source of the funds or any other sum provided by the lender to the borrower and credited in hooks of the assessee also to be explained [ First proviso inserted under Section 68 and existing proviso under Section 68 to be treated as second proviso, applicable w.e.f. AY 2023-24] (A) Reason for making Amendment

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Amendments relating to Set off or Carry Forward and Set off of Losses by the Finance Bill 2022

1.  Provisions of Section 79 not to apply In case of Strategic Disinvestment of Public Sector Companies [Section 79 amended w.e.f. AY 2022-23] (A) Reason for making Amendment Section 79 of the Act provides for carry forward and set-off of losses in case of certain companies Sub-section (I) of the said section, inter alia, provides

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Amendments relating to Deduction and Collection of Tax at Source by the Finance Bill 2022

1.  Rationalization of provisions of TDS on sale of immovable property [Section 194-IA amended w.e.f. 1-4-2022] (A) Reason for making Amendment Section 194-IA of the Act provides for deduction of tax on payment on transfer of certain immovable property other than agricultural land. Section 194-JA(I) provides for deduction of lax by any person responsible for

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Amendments relating to Appeals and Revisions by the Finance Bill, 2022

1.  Litigation management when in an appeal by revenue an identical question of law is pending before jurisdictional High Court or Supreme Court. [Section 115AB inserted w.e.f. 1-4.2022] (A) Reason for making Amendment Section 115AA of the Act provides that where the Commissioner or Principal Commissioner is of the opinion that any question of law

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Amendments relating to Penalties and Prosecutions by the Finance Bill, 2022

1.  Enabling the Commissioner (Appeals) to levy Penalty under Section 271AAB. 271AAC and 271AAD of the Act [Sections 271AAB, 271AAC and 271AAD amended w.e.f. 1-4-2022] (A) Reason for making Amendment Sections 271AAB, 271AAC and 271AAD of the Act under Chapter XXI contain provisions which give powers to the Assessing Officer to levy penalty in cases

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Features of Assessment of a Firm including Limited Liability Partnership (LLP)

1. Firm to be Assessed as Firm Essential conditions prescribed under section 184 of the Income-tax Act, 1961: (i)         Partnership should be evidenced by an instrument i.e. there should be a written document giving the terms of partnership. (ii)        The individual share of the partners should be specified in that instrument. (iii)      

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