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Union Budget 2022-23- Proposed Changes Relating to Income Tax Search and Seizure Provisions
Introduction The Hon’ble Union Finance Minister Nirmala Sitharaman has presented the Union Budget 2022-23 of India on the 1st of February, 2022 with an aim to boost growth amid continued disruption from Covid-19 and rising inflation. The Hon’ble Finance Minister mentioned that the country is
Financial PlanningDirect Tax Proposals Budget 2022
Tax Rates Related Amendments The Budget backed no major changes in the tax rates for taxpayers, except for a few minor changes for specific classes of incomes and specific classes of taxpayers. Taxation of Co-operative Societies Surcharge applicable on Co-operative societies As per provisions of
Budget 2022-2023 Highlights
GENERAL GST collection for the month of Jan 2022 at 1.40 Lakh crores, which is the highest since inception. In the background of robust economic recovery and buoyant tax collection, Finance Minister Nirmala Sitharaman presented a futuristic and development-oriented Budget for the fiscal year 2022-23.
Adv. Pawan AroraFeb 7, 2022336th Issue: 6th February 2022- 12th February 2022
The Hon’ble Finance Minister Smt. Nirmala Sitharaman on 01st February 2022 presented the Union Budget 2022. The budget is a vision document and has given ample scope for the youth to turn into entrepreneurs and in turn, become employment generators. Recently, there has been a
CA Vivek JalanFeb 7, 2022The Finance Bill, 2022
Goods and services tax Key changes The matching concept by way of a two-way communication process has been done away with. Further restrictions on availing of ITC by way of amending section 16 read with section 38. Limitation period wherever linked with date of filing
Retain employees using ESOP scheme- Tax Implications
An employee stock option plan (ESOP) is an employee benefit plan that gives employees an ownership interest in the company. It has various benefits for the company as well as to the employees ESOPs gives the right to own a part of the company to
Rajat MohanFeb 2, 2022Income Tax Search and Seizure: Declaration of Undisclosed Income to “Buy Peace” Does Not Renders an Assesse Immunity from Initiation and Levy of Penalty
Introduction:- The legislature has intentionally drafted the provisions relating to Search and Survey in the statute book of Income Tax Act, 1961 with the target of unearthing the undisclosed income of any person in form of any money, bullion, jewelry, or other valuable article or
335th Issue: 30th January 2022- 5th February 2022
EDITORIAL Friends, Recently, a detailed guideline has been issued by The Central Board of Direct Taxes (CBDT) in the matter of how taxes would be calculated on maturity proceeds of ULIPs vide Circular No. 2 of 2022 dated 19th January 2022. The CBDT, which frames
CA Vivek JalanJan 29, 2022334th Issue: 23rd January 2022- 29th January 2022
EDITORIAL GST on transactions between Head office and Branch office has been a contentious issue since the inception of GST as the said transactions were not liable to any tax under the pre-GST regime. A recent ruling by the Appellate Authority for Advance Ruling (AAAR)
CA Vivek JalanJan 24, 2022Limitation Extension Order Passed by the Supreme Court in View Covid-19 Applicable to Applications Filed for Refund of GST
Saiher Supply Chain Consulting Pvt. Ltd. D-902, Times Square Building, Marol, Andheri Kurla Road, Andheri East, Mumbai – 400 059 Versus 1. The Union Of India & Ministry of Law and Justice, 4th Floor, A Wing, Rajendra Prasad Road, Shastri Bhavan, New Delhi – 110
333rd Issue: 16th January 2022- 22nd January 2022
EDITORIAL As a facilitation measure for taxpayers & for assisting the taxpayers in doing a correct self-assessment, a new functionality of interest calculator is being released in GSTR-3B. This functionality will arrive at the system computed interest on the basis of the tax liability values
CA Vivek JalanJan 17, 2022332nd Issue: 9th January 2022- 15th January 2022
The Harmonized System of Nomenclature or HSN is an internal system of naming goods. Conceptualized by the World Customs Organisation, the main purpose of HSN is to classify goods in a systematic and logical manner. This brings in a uniform classification of goods and facilitates
CA Vivek JalanJan 10, 2022