Increase in exemption limit u/s 10(23C)(iiiad) and (iiiae) of Income tax Act to Rs. 5 crores Clause (23C) of section 10 of the Act provides for exemption of income received by any person on behalf of different funds or institutions etc. specified in different subclauses. Sub-clauses (iiiad) of …

TDS/TCS on non filer of Income tax returns at higher rates. New Section 206AB and Section 206CCA inserted by Budget 2021-22 TDS/TCS on non filer of ITRs at higher rates Presently, Section 206AA of the Income Tax Act 1961 provides for higher rate of TDS for non-furnishing of …

TDS on payment of certain sum for purchase of goods-New Section 194Q inserted by Budget 2021-22 TDS u/s 194Q on purchase of goods It is proposed to provide for TDS by person responsible for paying any sum to any resident for purchase of goods. The rate of TDS …

Goodwill of a business or profession not to be considered depreciable asset and no depreciation to be allowed in any situation. Goodwill not depreciable asset  Hon‘ble Supreme Court has held that Goodwill of a business or profession is a depreciable asset under section 32 of the Act. According …

AO empowered to Provisionally attach property u/s 281B in Fake Invoice cases during pendency of penalty proceedings under section 271AAD Provisional attachment in Fake Invoice cases Provisional attachment in Fake Invoice cases Section 281B of the Income Tax Act 1961 contains provisions which provide that in cases of …

Amendment to provisions of transfer of revalued or self generated capital asset to partner on dissolution or reconstitution Rationalisation of provision of transfer of capital asset to partner on dissolution or reconstitution in Budget 2021-22 The existing provisions of section 45 of the Income Tax Act 1961 inter …