Magazine on Tax Update Month of Jan-2023-Pub Date 04.02.2023

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(I)

GST Law

• Registration -Rule 8, Rule 9, Rule 12
• Rule 37 Input Tax Credit
• Rule 46(F) Proviso inserted
• Rule 46(A) Proviso inserted
• Rule 59(6)(d) Inserted
• Rule 87(8) proviso Inserted
• Rule 88C Inserted: -Manner of dealing with difference in liability reported in statement of outward supplies and that reported in return
• Rule 89 sub-rule (2)
• Rule 108, for sub-rule (3)
• Rule 109. Application to the Appellate Authority
• Rule 109C. Withdrawal of Appeal.

Income tax Law

• Proposed Changes in Tax Rates
• Proposed amendments Deductions and Exemptions
• Proposed amendments Income from Business or Profession
• Proposed amendments Capital Gains
• Proposed amendments Charitable & Religious Trusts
• Proposed amendments Assessment & Appeals
• Proposed amendments Set-off and Carry Forward of Losses
• Proposed amendments TDS & TCS
• Proposed amendments penalties and prosecutions
• Other Proposed Amendments

• Amendment of section 2. Definitions
• Amendment of Section 10 Exemptions that an individual can opt for under the Income Tax Act
• Amendment of section 43B Certain deductions to be only on actual payment
• Amendment of section 44AB- Audit of accounts of certain persons carrying on business or profession.
• Amendment of section 44AD:-Special provision for computing profits and gains of business on presumptive basis
• Amendment of section 44ADA:-Special provision for computing profits and gains of profession on presumptive basis.
• Amendment of section 44BB:-Special provision for computing profits and gains in connection with the business of exploration, etc., of mineral oils
• Amendment of section 44BBB:Special provision for computing profits and gains of foreign companies engaged in the business of civil construction, etc., in certain turnkey power projects.
• Amendment of section 49:-Cost with reference to certain modes of acquisition.
• Amendment of section 54, 54F:-Profit on sale of property used for residence.
• It is proposed to impose a limit on the maximum       deduction that can be claimed by the assessee under section 54 and 54F to rupees ten crore.
• Amendment of section 80G.: -Deduction in respect of donations to certain funds, charitable institutions, etc.
• Amendment of section 115BAC: -Tax on income of individuals and Hindu undivided family
• The First Schedule , Amendment of Section 87A.
• Amendment of section 194N: - Increasing threshold limit for co-operatives to withdraw cash without TDS
• Amendment of section 269SS-Mode of taking or accepting certain loans, deposits and specified sum.