TMI Short Notes

Budget 2022-23 + FINANCE Bill, 2022

1. RETROSPECTIVE AMENDMENTS OF GST RATE NOTIFICATIONS

   ---

2. AMENDMENTS IN THE UTGST ACT, 2017

   ---

3. AMENDMENTS IN THE IGST ACT, 2017

   ---

4. AMENDMENTS IN THE CGST ACT, 2017

   ---

5. OTHER CHANGES [INCLUDING CERTAIN CLARIFICATIONS/TECHNICAL CHANGES]

   ---

6. AMENDMENTS IN THE SCHEDULE VII OF THE FINANCE ACT, 2001 (NCCD SCHEDULE)

   ---

7. CHANGE IN EFFECTIVE RATE OF ADDITIONAL BASIC EXCISE DUTY ON UNBLENDED PETROL AND DIESEL

   ---

8. AMENDMENTS IN THE FOURTH SCHEDULE

   ---

9. CHANGES IN RULES UNDER THE CUSTOMS ACT, 1962

   ---

10. CHANGES IN EXPORT DUTY RATES IN NOTIFICATION NO. 27/2011 - CUSTOMS [with effect from 02.02.2022]

    ---

11. ANTI-DUMPING DUTY (ADD)/ COUNTERVAILING DUTY (CVD)/SAFEGUARD MEASURES

    ---

12. OTHER MISCELLANEOUS CHANGES IN VARIOUS NOTIFICATIONS PROVIDING CONCESSION ON IMPORTS

    ---

13. REVIEW OF LEVY OF SOCIAL WELFARE SURCHARGE [SWS] ON VARIOUS ITEMS BY AMENDING NOTIFICATION NO. 11/2018- CUSTOMS DATED 02.02.2018

    ---

14. DUTY CONCESSIONS ON SPECIFIED ITEMS WHEN IMPORTED BY BONAFIDE EXPORTERS

    ---

15. OTHER PROPOSALS INVOLVING CHANGES IN BASIC CUSTOMS DUTY RATES/HEALTH CESS IN RESPECTIVE NOTIFICATIONS [with effect from 2.2.2022, unless specified otherwise]

    ---

16. PROPOSALS INVOLVING CHANGES IN EFFECTIVE BASIC CUSTOMS DUTY RATES IN RESPECT OF PHASED MANUFACTURING PROGRAM [PMP] WITH RESPECT TO SPECIFIC ELECTRONIC GOODS

    ---

17. PRUNING AND REVIEW OF CUSTOMS DUTY CONCESSIONS/ EXEMPTIONS

    ---

18. AMENDMENTS IN THE FIRST SCHEDULE TO THE CUSTOMS TARIFF ACT, 1975

    ---

19. OTHER LEGISLATIVE AMENDMENTS PERTAINING TO CUSTOMS

    ---

20. AMENDMENTS IN THE CUSTOMS ACT, 1962

    ---

21. EXPLANATORY MEMORANDUM TO THE FINANCE BILL, 2022

    ---

22. Promoting Voluntary Tax Compliance and Reducing Litigation

    ---

23. Definition of the term “slump sale”:

    ---

24. Reduction of Goodwill from block of assets to be considered as ‘transfer’

    ---

25. Income-tax authorities for the purposes of section 133A of the Act

    ---

26. Amendment in the provisions of section 119 of Income-tax Act

    ---

27. Amendment in the provisions of section 263 of the Act

    ---

28. Amendment to sub-section (1A) of section 35

    ---

29. Consequential Amendments

    ---

30. Clarifying that application will be allowed only when its actually paid

    ---

31. Voluntary Contributions for the renovation and repair of temples, mosques, gurudwaras, churches etc notified under clause (b) of sub-section (2) of section 80G

    ---

32. Taxation of certain income of the trusts or institutions under both the regimes at special rate

    ---

33. Providing clarity on taxation in certain circumstances

    ---

34. The provisions of section 115TD to apply to any trust or institution under the first regime.

    ---

35. Bringing consistency in the provisions relating to payment to specified person

    ---

36. Bringing consistency in the provisions of two exemption the regimes

    ---

37. Reference to the Principal Commissioner or Commissioner (PCIT/CIT) for the cancellation of registration/approval

    ---

38. Penalty for passing on unreasonable benefits to trustee or specified persons

    ---

39. Amendment in the provisions of section 179 of the Act

    ---

40. Rationalization of the provisions of sections 271AAB, 271AAC and 271AAD of the Act

    ---

41. Rationalization of provisions relating to assessment and reassessment

    ---

42. Set off of loss in search cases - Amendment in the provisions of section 79A of the Act

    ---

43. Amendment in Faceless Assessment under section 144B of the Act

    ---

44. Faceless Schemes under the Act

    ---

45. Similar amendment is proposed in Section 271C.

    ---

46. Alignment of the provisions relating to Offences and Prosecutions under Chapter XXII of the Act

    ---

47. Cash credits under section 68 of the Act

    ---

48. Amendment in the provisions of section 248 of Income-tax Act and insertion of new section 239A

    ---

49. Withdrawal of exemption under clauses (8), (8A), (8B) and (9) of section 10 of the Income-tax Act, 1961- reg

    ---

50. Withdrawal of concessional rate of taxation on dividend income under section 115BBD

    ---

51. Scheme for taxation of virtual digital assets

    ---

52. Provisions pertaining to bonus stripping and dividend stripping to be made applicable to securities and units

    ---

53. Widening the scope of reporting by producers of cinematograph films or persons engaged in specified activities

    ---

54. TDS on benefit or perquisite of a business or profession

    ---

55. Rationalization of provisions of TDS on sale of immovable property

    ---

56. Rationalization of provisions of section 206AB and 206CCA to widen and deepen tax-base

    ---

57. Facilitating strategic disinvestment of public sector companies

    ---

58. Exemption of amount received for medical treatment and on account of death due to COVID-19

    ---

59. Condition of releasing of annuity to a disabled person

    ---

60. Incentives to National Pension System (NPS) subscribers for state government employees

    ---

61. Tax Incentives to International Financial Services Centre (IFSC)

    ---

62. Rationalization of provisions of the Act to promote the growth of co-operative societies

    ---

63. Extension of date of incorporation for eligible start up for exemption

    ---

64. Extension of the last date for commencement of manufacturing or production, under section 115BAB, from 31.03.2023 to 31.03.2024

    ---

65. Consequence for failure to deduct/collect or payment of tax – Computation of interest

    ---

66. Clarification regarding deduction on payment of interest only on actual payment

    ---

67. Clarification in respect of disallowance under section 14A in absence of any exempt income during an assessment year

    ---

68. Amendments related to successor entity subsequent to business reorganization

    ---

69. Clarification regarding treatment of cess and surcharge

    ---

70. Amendment in section 245MA of the Act related to Dispute Resolution Committee

    ---

71. Litigation management when in an appeal by revenue an identical question of law is pending before jurisdictional High Court or Supreme Court.

    ---

1