Section 139AA was introduced in the Income Tax Act, 1961, with effect from July 1, 2017, to make it mandatory for individuals to quote their Aadhaar number for various purposes related to income tax. The primary objectives of this section are to: Enhance taxpayer compliance and curb tax evasion by linking Aadhaar with PAN (Permanent […]
Quoting of Aadhaar Number [Section 139AA] Read More »
1. Unexplained Cash Credits [Section 68] Where any sum is found credited in the books of an assessee, maintained for any previous year, and the assessee offers no explanation about the nature and source thereof or the explanation offered by him is not, in the opinion of the Assessing Officer, satisfactory, the sum so credited
Unexplained Cash Credits, Investments, Money, Etc. [ Section 68 TO 69D] Read More »
(A) In the case of every Individual or Hindu Undivided Family (HUF) (A1) If the individual or HUF opts to be taxed under OLD REGIME (I) In the case of every Individual (other than those covered in part (II) or (III) below) or Hindu Undivided Family (HUF) Total income (Rs.) Rate of tax Upto
Rates of Income Tax for Assessment Year 2022-23 & 2023-24 Read More »
1. Provision inserted under Clause ( c ) of explanation to Section 10(4D) applicable w.e.f. 2022-23 As per Clause (c) of the explanation to Section 10(4D)m “Specified Fund” means – (i) A Fund established or Incorporated in India in the form of a Trust or Company or a Limited Liability Partnership or a Body Corporate
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
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
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
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
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
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
Amendments relating to Appeals and Revisions by the Finance Bill, 2022 Read More »
