TMI Short Notes

Budget 2022-23 + FINANCE Bill, 2022

1. RETROSPECTIVE AMENDMENTS OF GST RATE NOTIFICATIONS

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2. AMENDMENTS IN THE UTGST ACT, 2017

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3. AMENDMENTS IN THE IGST ACT, 2017

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4. AMENDMENTS IN THE CGST ACT, 2017

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

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

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

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8. AMENDMENTS IN THE FOURTH SCHEDULE

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9. CHANGES IN RULES UNDER THE CUSTOMS ACT, 1962

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

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

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12. OTHER CHANGES (INCLUDING CERTAIN CLARIFICATIONS/TECHNICAL CHANGES BY AMENDING NOTIFICATION NO. 50/2017-CUSTOMS DATED 30.06.2017

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

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

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

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

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

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18. PRUNING AND REVIEW OF CUSTOMS DUTY CONCESSIONS/ EXEMPTIONS

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

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20. OTHER LEGISLATIVE AMENDMENTS PERTAINING TO CUSTOMS

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21. AMENDMENTS IN THE CUSTOMS ACT, 1962

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22. EXPLANATORY MEMORANDUM TO THE FINANCE BILL, 2022

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23. Promoting Voluntary Tax Compliance and Reducing Litigation

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24. Definition of the term “slump sale”:

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

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

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

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

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

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30. Consequential Amendments

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

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

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

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34. Providing clarity on taxation in certain circumstances

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

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

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

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

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

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

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

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42. Rationalization of provisions relating to assessment and reassessment

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

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

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45. Faceless Schemes under the Act

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46. Similar amendment is proposed in Section 271C.

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

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48. Cash credits under section 68 of the Act

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

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

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

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52. Scheme for taxation of virtual digital assets

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

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

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

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

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

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58. Facilitating strategic disinvestment of public sector companies

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

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60. Condition of releasing of annuity to a disabled person

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

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

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

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

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

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

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

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

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69. Amendments related to successor entity subsequent to business reorganization

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70. Clarification regarding treatment of cess and surcharge

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

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

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