Tax Amendments

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 […]

(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

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

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

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