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Direct Tax Proposals Budget 2022

Table of Contents Tax Rates Related AmendmentsAmendments related to Personal TaxationTaxation of Virtual Digital AssetsWith-Holding Tax-Related AmendmentsCorporate Taxation AmendmentsProvision for filling Updated ReturnMiscellaneous Amendments Tax Rates Related Amendments The Budget backed no major changes in the tax rates for taxpayers, except for a few minor

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.

The Finance Bill, 2022

Table of Contents Goods and services taxKey changesApplicability of proposed amendmentsSection 16: Eligibility and Conditions for taking ITCSection 16: Eligibility and Conditions for taking ITCSection 29: Cancellation or suspension of RegistrationSection 34 – Credit and Debit notesSection 37 – Furnishing details of outward suppliesSection 38

Income Tax Search and Seizure: Declaration of Undisclosed Income to “Buy Peace” Does Not Renders an Assesse Immunity from Initiation and Levy of Penalty

Table of Contents Introduction:-Brief facts of the case were as under:-The court held as under:- 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