Finance Bill, 2022: Commissioner (Appeals) can impose Penalty in cases involving Undisclosed Income post-Search proceedings
The Finance Bill, 2022 has proposed to amend the provisions of Sections 271AAB, 271AAC and 271AAD of the Income Tax Act in order to empower the...
![Reduction of Goodwill from Block of Assets to be considered as ‘Transfer’: Finance Bill, 2022 amends Provision [Read Finance Bill]](https://www.taxscan.in/wp-content/uploads/2022/02/Finance-Bill-2022-Reduction-of-Goodwill-Budget-2022-Budget-scan-Budget-session-taxscan-1.jpg "Reduction of Goodwill from Block of Assets to be considered as ‘Transfer’: Finance Bill, 2022 amends Provision [Read Finance Bill]")
![Finance Bill, 2022 proposes Amendment to Provision relating to Tax Liability of Directors of Private Companies [Read Finance Bill]](https://www.taxscan.in/wp-content/uploads/2022/02/Finance-Bill-2022-Tax-Liability-of-Directors-Private-Companies-Budget-2022-Taxscan.jpg "Finance Bill, 2022 proposes Amendment to Provision relating to Tax Liability of Directors of Private Companies [Read Finance Bill]")
Crypto and Metaverse under Income Tax Scanner: Budget 2022 proposes 30% Tax on Transfer of Virtual Digital Assets
In the Union Budget 2022, the Finance Minister, Nirmala Sitharaman had proposed the Scheme for taxation of virtual digital assets wherein the Crypto and Metaverse Investors to pay 30% Income Tax for...
Finance Bill 2022 proposes Cancellation of GSTN of Composition Supplier not filing GST Return beyond 3 months [Read Finance Bill]
The Finance Bill, 2022 has proposed the Cancellation of GSTN of composition supplier not filing return beyond 3 months. Clause (b) and (c) of sub-section (2) of section 29 of the CGST Act are...
![Finance Bill 2022 proposes Cancellation of GSTN of Composition Supplier not filing GST Return beyond 3 months [Read Finance Bill]](https://www.taxscan.in/wp-content/uploads/2022/02/Finance-Bill-2022-GSTN-of-composition-supplier-filing-return-beyond-3-months-Taxscan.jpg "Finance Bill 2022 proposes Cancellation of GSTN of Composition Supplier not filing GST Return beyond 3 months [Read Finance Bill]")
Budget 2022: Income Tax Proceedings shall be valid even after Completion of Business Reorganization Process, Entities shall file Modified Returns
The Finance Bill, 2022 has incorporated some new provisions in order to regulate the assessment proceedings and the procedure of taxation in case of succession to business in the event of...
Budget 2022: Any Surcharge/Cess shall be treated as Tax, Business Expenditure shall not be allowed w.e.f 1st April 2005 [Read Finance Bill]
The Union Budget 2022 has clarified the treatment of surcharge and cess and stated that the same shall be treated as tax and therefore, no deduction shall be allowed as business expenditures. While...
Setback to Pharma Companies: Freebies to Doctors are Ilegal, No Deduction allowed, clarifies Finance Bill, 2022
In a major setback to the pharma companies, the Finance Bill, 2022 clarified that the gifts and freebies to doctors shall not be treated as business expenditure under section 37 of the Income Tax...
Finance Bill 2022 provides extended Time for availment of ITC on any Invoice or Debit Note pertaining to financial year upto 30 Nov of following Financial Year
The Fin The Finance Bill 2022 has provided for the extended time for availment of ITC in respect of any invoice or debit note pertaining to financial year upto 30 November of following...
