Read all Latest Updates on and about Finance Act 2022

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Finance Act 2022

‘Misprint in TAXMANN Income Tax Bare Act’: Bombay HC Condones 509-Day Delay in Filing Form 9A, says Such Errors cannot Adversely Affect Assessee [Read Order]

The Bombay High Court has condoned a delay of nearly 509 days in filing Form 9A for Assessment Year 2022-23, after holding that the delay arose from...

Last date to file Updated ITR for AY 2020-21 is March 31, “Don’t Delay, File Today!”: Income Tax...

Budget 2023: Major amendments in Co-Operative Sector Taxation [Read Finance Bill]

Supreme Court holds Education Cess not Allowable as Expenditure u/s 40(a)(ii) as amended...

Value of Medical Treatment Including Covid Treatment provided to Employee Not 'Perquisite', No TDS:...

Income Tax Exemption under EWS Reservation Violates Fundamental Rights: Madras HC Issues Notice to Centre on Plea Seeking IT Criteria

The Madurai Bench of the Madras High Court has issued a notice to the Government after receiving a petition contending that when the government had fixed that families earning a gross annual income...

Income Tax: CBDT releases Explanatory Notes to Provisions of Finance Act, 2022 [Read Circular]

The Central Board of Direct Taxes (CBDT) has released the explanatory notes to the provisions of the Finance Act, 2022. These explanatory notes describe the substance of the provisions/amendments...

Claim for Deduction of Educational Cess not Allowable: ITAT [Read Order]

The Income Tax Appellate Tribunal “B” Bench, Mumbai, has, recently, in an appeal filed before it by the assessee, held that claim for deduction of educational cess is not allowable in view of the...

Ex-Gratia Payment to Employee for Covid-19 Treatment not to be Taxed As 'Perquisite': CBDT Notifies Amendment

The Central Board of Direct Taxes (CBDT) has notified that the ex-gratia payment to the employees by the employer for the treatment of covid-19 shall not be treated as “perquisite” under the Income...

[BREAKING] Finance Ministry Notifies Finance Act, 2022: Know the Key Changes [Read Act]

The Ministry of Finance has notified the Finance Act, 2022. The Parliament had passed 'The Finance Bill, 2022" the Parliament completes the Budgetary exercise for 2022-23. The Central Government...