V. G. MEHTA'S™ INCOME-TAX READY RECKONER® 2022-23

WITH The Finance Bill, 2022 As passed by the LOK SABHA BY CA. N. V. MEHTA

The above publication, as usual, contains information & examples for calculation of Income-tax, Surcharge, Addl. S.C., Capital gains, etc.

For the income earned during the assessment years 2022-23 & 2023-24, the Finance Act, 2021 & the Finance Bill, 2022 as passed by the Lok Sabha has made the following changes:

IMPORTANT FEATURES:
(i) In relation to assessment year 2023-24:
  1. In the case of all categories of assessees, basic exemption limit and rate structure of I.T. rate of S.C. on I.T. is same as in preceding year, except that in the case of a, domestic company, where the total turnover or gross receipts of a domestic company, in the previous year 2020-2021 does not exceed four hundred crore rupees, flat rate of I.T. is 25%, as against 30%. In case of a domestic company opting u/s. 115BAA/115BAB, flat rate of I.T. is 22%/15%, as against 25%/30%. In case of an individual, HUF, AOP, BOI, and artificial juridical person, where the total income: (a) exceeds fifty lakh rupees but does not exceed one crore rupees, rate of S.C on I.T. is 10% as in preceding financial year; (b) exceeds one crore rupees but does not exceed two crore rupees, rate of S.C. on I.T. is 15% as in preceding financial year; (c) exceeds two crore rupees but does not exceed five crore rupees, rate of S.C. on I.T. is 25% as in preceding financial year; and (d) exceeds five crore rupees, rate of S.C. on I.T. is 37% as in preceding financial year. In the case of an association of persons consisting of only companies as its members, rate of surcharge on the amount of income-tax shall not exceed 15% where the total (taxable) income exceeds one crore rupees. In case of firm, local authority and domestic/foreign company, rate of S.C. on I.T. is same as in the preceding year. In case of co-operative society, rate of income-tax: (a) exceeds one crore rupees but does not exceed ten crore rupees, rate of S.C. on I.T. is 7%, as against 12% in the preceding financial year; and (b) exceeds ten crore rupees, S.C. on I.T. is 12%. Rate of additional S.C. on I.T. and S.C., if any, in respect of all categories of assessees is 4% as in the preceding year.

  2. Exemptions provisions amended/inserted u/s. 10(4E)/10(4F)/10(4G)/10(8)/10(8A)/10(8B)/10(9) & 10(23C).

  3. Provisions of charitable or religious trust amended u/s. 11/12/115TD/115TE/115TF.

  4. Provisions relating to computation of business or professional income amended u/s. 37, 43B & 115JC.

  5. Computation of income from other sources amended u/s. 56(2)(viib) & 68.

  6. Provisions of deduction from gross total income amended/provided u/s. 80DD & 80LA.

  7. Provisions amended or provided : u/s. 14A, w.e.f. 1-4-2022: u/s. 92CA/156A/158A/158AA/158AB/170/179/234A/234B.

  8. Provisions relating to penalties amended w.e.f. 1-4-2022 u/s. 271AAB/271AAC/271AAD/271AAE & 272A.

  9. W.e.f. 1-4-2021/1-7-2021 TDS/TCS provisions amended/provided u/s. 194-IA/194-IB/194R/194S/201/206AB/206C & 206CCA.

(ii) In relation to assessment year 2022-23:
  1. In the case of all categories of assessees, basic exemption limit and rate structure of I.T. & rate of S.C. on I.T. is same as in preceding year, except that in the case of a, domestic company, where the total turnover or gross receipts of a domestic company, in the previous year 2019-20 does not exceed four hundred crore rupees, flat rate of I.T. is 25%, as against 30%. In case of a domestic company opting u/s. 115BAA/115BAB, flat rate of I.T. is 22%/15%, as against 25%/30%. Rate of additional S.C. on I.T. and S.C., if any, in respect of all categories of assessees is 4% as in the preceding year.

  2. Exemption provisions amended/provided u/s. 10(4D)/10(4E)/ 10(4F)/10(11)/10(12)/10(12A)/10(15)/10(23FE)/10(34A) & 10(48C).

  3. Provisions of religious trust amended u/s. 11.

  4. Computation of income from salary amended u/s. 10(11) & 10(12)/17(2) (from assessment year 2020-21).

  5. Computation of capital gains amended u/s. 49/50 (from assessment year 2021-22).

  6. Computation of income from other sources amended u/s. 56(2)(x) (from assessment year 2020-21).

  7. Provisions of deduction from gross total income amended/provided u/s. 80CCD (assessment year 2020-21)/80EEA/80-IBA & 80LA.

  8. Provisions relating to tax in certain cases amended u/s. 115AD. Provisions relating to losses amended/provided u/s. 79/79A.

  9. Provisions relating to assessment procedures u/s. 132/132B/133A/139/142/143/148A/149/151/151A/153/153A/153B/140B/144/144B/144C/148/148B & 153C amended/substituted/provided.

  10. Provisions amended or provided : u/s. 9A, w.e.f. 1-4-2021, u/s. 234C, 245N to 245W, 255 & 281B.

  11. W.e.f. 1-4-2021/1-7-2021 TDS/TCS provisions amended/provided u/s. 194A/194-IB/194D/194Q/196D/206AA/206AB & 206CCA.

CONTENTS:
  1. The Finance Bill, 2022 as passed by Lok Sabha.

  2. Notes on important provisions of income-tax, incorporating therein, the amendments made under the Finance Act, 2021 & the Finance Bill, 2022 as passed by the Lok Sabha.

  3. Deductions, etc. from gross total income.

  4. Tables &/or examples for individuals, HUFs, associations of persons and non-residents for the assessment years 2022-23 & 2023-24.

  5. Table &/or examples for (i) Firms, (ii) Co-op. Societies and (iii) Ltd. Cos., for the assessment years 2022-23 & 2023-24.

  6. Market quotation for gold & silver. List of bonus shares. Equity shares quotations as on 31-1-2018.

  7. Monthly salary tables for deduction of tax from “Salaries” during the financial year 1-4-2022 to 31-3-2023 with example.

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