INCOME TAX AMENDMENT RULES [Notification No. 28/2022/F. No. 370142/4/2022-TPL]
INCOME TAX AMENDMENT RULES
[Notification No. 28/2022/F. No. 370142/4/2022-TPL]
CBDT has amended the following rules in In exercise of the powers conferred by clause (48) of section 2 and clause (47) of section 10 read with section 295 of the Income-tax Act, 1961 (43 of 1961),
1) These rules may be called the Income-tax (8th Amendment) Rules, 2022.
(2) They shall come into force from the date of their publication in the Official Gazette.
- In the Income-tax Rules, 1962 (hereafter referred to as the principal rules), in rule 2F, for sub-rule (3) and (4), the following sub-rules shall be substituted, namely:─
“(3) The Infrastructure Debt Fund shall issue,-
GST Turnover Limit Reduced form 40 lacs to 20 lacs in certain goods
General Limit of GST registration in case of supplier of goods is 40 lacs as per the CGST Act, 2017, but some of the following cases & Supply of goods this limit is not applicable
Following (cases & described Goods in the table) this limit is not applicable:-
(i) persons required to take compulsory registration under section 24 of the said Act;
(ii) persons engaged in making supplies of the goods, the description of which is specified in column (3) of the Table below and falling under the tariff item, sub-heading, heading or Chapter, as the case may be, as specified in the corresponding entry in column (2) of the said Table;
(iii) persons engaged in making intra-State supplies in the States of Arunachal Pradesh, Manipur, Meghalaya, Mizoram, Nagaland, Puducherry, Sikkim, Telangana, Tripura, Uttarakhand; and
(iv) persons exercising option under the provisions of sub-section (3) of section 25, or such registered persons who intend to continue with their registration under the said Act. Notification-02-2019-Union-Territory-Tax-English.pdf;jsessionid=DBC4F61F038B73FD56136736C68C0D6E
Maximum Tax Benefit Under Income Tax Act.
The benefit under Income tax differ among to class of person under the Income Tax Act.
In Interim Budget 2019 has proposed rebated under income tax U/s 87A of full tax liability up to the net income Rs. 5,00,000/-, ( After deduction u/s 80C). This rebate gives to all middlemen person who has income up 5 lacs.
How to calculate your income under income tax act
First Gross total income from all sources (Salary, House Property, Capital Gain, Business/ Profession, and any other sources) then all deduction 80C, 80G, etc. and other exempted allowance (HRA, LTA, etc.). if your Net income is up to 5 lacs then you will get 100 % rebate against income tax liabilities.
Consequences, if your gross total income is in range of 6 lacs then you can plan as per income tax law for certain deduction/ allowance which is mention below