2. 2. Fifth Amendment (2022) to CGST Rules – Highlights and Important Amendment
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
3. Budget 2023 Few Important Proposed Amendments and Highlights Related to Income Tax Act
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
Important Proposed Amendments Income Tax Act
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.
Download Sample Tax/GST E Magazine (On the Request of Many Subscriber of Tax/GST E Magazine English Update Tax/GST E Magazine is now Upgrading to Tax Update
