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 (8^th Amendment) Rules, 2022.

(2) They shall come into force from the date of their publication in the Official Gazette.

1. 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,-

Short Summary Union Budget Discussion 2021

 

Economic Reforms & Schemes – Budget highlights 2021

 

The overall capital expenditure for FY 2021-22 is Rs.5.54 lakh crore. Improvement of healthcare center is the priority of Government, FM proposed a new centrally sponsored scheme in the health sector, PM Aatmanirbhar Swasth Bharat Yojana, with an outlay of about Rs.64,180 crore over six years.

 

Further, the Budget outlay for the Health sector and Well being is estimated to be Rs.2,23,846 crore for FY 2021-22, which is a rise by 137% Y-o-Y basis. The increased allocation in health care is expected to expand and strengthen existing national health institutions, National Centre for Disease Control (NCDC), Health Emergency Operation Centers, and mobile hospitals. Another major highlight was the increase in the FDI limits in the insurance sector from 49% to 74%. The government plans to divest two PSUs as well as one insurance company.

 

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

Financial statements are prepared according to agreed upon guidelines. In order to understand these guidelines, it helps to understand the objectives of financial reporting. The objectives of financial reporting, as discussed in the Financial Accounting standards Board (FASB) Statement of Financial Accounting Concepts No. 1, are to provide information that

Value Added Tax (VAT) is a tax on consumption levied in the United Kingdom by the National Government. It was introduced in 1973 and is the third largest source of government revenue after Income Tax and National Insurance. It is administered and collected by HM revenue and customs, primarily through the Value Added Tax Act 1994. VAT is levied on most goods and services provided by registered businesses in the UK and some goods and services imported from outside the European Union.

Financial statements are prepared according to agreed upon guidelines. In order to understand these guidelines, it helps to understand the objectives of financial reporting. The objectives of financial reporting, as discussed in the Financial Accounting standards Board (FASB) Statement of Financial Accounting Concepts No. 1, are to provide information that