01. There is no change in the tax rates.
02.
In
order to report any income which has not been offered to tax, a new updated tax
return has been introduced which can be filed within 2 years from the end of
the relevant assessment year subject to payment of an additional 25% of the total tax
& interest liability.
03. When
for a particular matter, which has been decided in favour of the assessee by
the Tribunal or Jurisdictional high court and revenue has challenged the same
in case of the same assessee or another assessee before the High Court or Supreme
court, then revenue can defer filing of appeal before ITAT and High court in
case of other taxpayers for same question of law subject to prior approval of
PCIT. (w.e.f. 1.4.22)
04. In order to remove doubts, it has been expressly stated that Cess is not
allowable as business expenditure with retrospective
effect from 2005.
05.
Rule
8D is applicable even in case when no exempt income is earned & hence disallowance
u/s 14A is mandatory.
06. Penalty for offences under foreign law is not allowable as deduction u/s
37(1).
07.
Conversion
of interest liability into debenture is not an allowable expenditure u/s 43B.
08.
Extension
of following dates.
(i)
Section
115BAB - New manufacturing unit - Date of commencement of operation extended
from March 2023 to March 2024.
(ii)
Section
80-IAC - Registered start up unit - Date of Incorporation extended from March
2022 to March 2023.
09.
AMT
on co-operative society reduced to 15% from 18.5%.
10.
Amount
received from employer towards Covid treatment during FY 2020-21 & FY
2021-22 is not taxable as gift or perquisite.
11. The definition of specified person has been amended to reduce the period
of non-filing from 2 years to 1 year. Thus if vendor has not filed return for 1
year then TDS is to be deducted at double rate.
12.
Introduction
of section 194R where TDS required to be deducted @ 10% on benefit or
perquisite of a business or profession.
13. Removal of concessional rate of tax on foreign dividend. It is taxable
at normal rate now.
14.
Introduction
of maintenance of books of accounts by Charitable Institution. Further, Penalty
for passing on unreasonable benefit to Trustee or specified person.
15.
Introduction
of process of converting charitable institution to non-charitable.
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