Page 79 - DHC Budget Book 2021-22 Final

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Particulars
Tax Depreciation on Goodwill of Business and Profession not allowable u/s 32
Widening of the scope of the term ‘slump sale’
Amendment for Income escaping assessment and Search assessment
Expanding the scope of processing of return of income and reduction of time limit for processing return of income
Revision in due date of filing return of income in certain cases Reduction of Time Limit for Completion of Assessment
Notice u/s 142(1) requiring furnishing of return can be issued by prescribed income tax authority
Enhancement of threshold limit for Tax Audit to H 10 Crs. in certain cases
CG to notify the scheme for disposal of appeals before ITAT in Faceless manner
TDS on purchase of goods
Extension of time limit for claiming Tax Holiday by eligible start-ups
Capital Gains exemption on investment in Startups extended to 31-03-2022
Substitution of ‘Authority for Advance Rulings’ with ‘Board for Advance Rulings’
Non-levy of interest u/s 234C for any shortfall in Advance Tax on account of Dividend Income
Time limit for approval of housing project extended for availing deduction u/s 80- IBA & scope thereof expanded to cover affordable rental housing projects
Exclusion of Limited Liability Partnerships from the purview of Presumptive Taxation Scheme u/s 44ADA
Payment of dividend by SPV to business trust excluded from TDS u/s 194
Rationalisation of the provision of Charitable Trust and Institutions to eliminate possibility of double deduction while calculating application or accumulation
Increase in prescribed limit for exemption to Hospitals and Educational Institutions under Sec. 10(23C)(iiiad) & (iiiae)
Increase in safe harbour limit to 20% in case of sale of certain residential units during specified period
Notified Infrastructure debt funds eligible to issue Zero Coupon Bonds Dispute Resolution Committee for small and medium taxpayers
Discontinuance of existing Income-tax Settlement Commission (ITSC) with immediate effect and constitution of one or more Interim Boards for settlement of pending applications
Rationalisation of provisions on transfer of assets to partner on dissolution or reconstitution
Tightening of provision of TDS & TCS for non-filers of return
Clarification regarding the scope of Vivad se Vishwas Act, 2020
Provisional attachment in cases of penalty u/s 271AAD for fake invoice Amendments to The Prohibition of Benami Property Transactions Act, 1988 Income Declaration Scheme, 2016
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Content
Others
Direct Tax 77