Provisions to be applicable from 1st April 2022

Provisions to be applicable from 1st April 2022

Check out the list of Provisions, Circulars, Notifications, Amendments, etc. to be applicable with effect from 1st April 2022 under the various Acts.

Proposed in Union Budget 2022-23:

  • A new section 140B has been proposed to provide for the tax required to be paid for opting to file a return under the proposed provisions i.e. sub-section (8A) of section 139 of the Act.
  • Litigation management when in an appeal by revenue an identical question of law is pending before jurisdictional High Court or Supreme Court.
  • Amendment in section 245MA of the Act related to Dispute Resolution Committee.
  • Amendments related to successor entity subsequent to business reorganization.
  • Clarification in respect of disallowance under section 14A in absence of any exempt income during an assessment year.
  • Clarifications on allowability of expenditure under section 37.
  • Consequence for failure to deduct/collect or payment of tax – Computation of interest.
  • Extension of the last date for commencement of manufacturing or production, under section 115BAB, from 31.03.2023 to 31.03.2024.
  • Extension of date of incorporation for eligible start up for exemption.
  • Facilitating strategic disinvestment of public sector companies.
  • Rationalization of provisions of section 206AB and 206CCA to widen and deepen tax-base.
  • Rationalization of provisions of TDS on sale of immovable property.
  • Amendment in the provisions of section 248 of Income-tax Act and insertion of new section 239A.
  • Alignment of the provisions relating to Offences and Prosecutions under Chapter XXII of the Act.
  • Amendment in Faceless Assessment under section 144B of the Act.
  • Set off of loss in search cases – Amendment in the provisions of section 79A of the Act.
  • Rationalization of provisions relating to assessment and reassessment.
  • Rationalization of the provisions of sections 271AAB, 271AAC and 271AAD of the Act.
  • Amendment in the provisions of section 272A of the Act.
  • Amendment in the provisions of section 179 of the Act.
  • Rationalisation of the provision of Charitable Trust and Institutions.
  • Amendment in the provisions of section 263 of the Act.
  • Amendment in the provisions of section 119 of Income-tax Act.
  • Income-tax authorities for the purposes of section 133A of the Act.
  • Scheme for taxation of virtual digital asset.


  • New Rule 21AJA (Computation of exempt income of specified fund, attributable to the investment division of an offshore banking unit, for the purposes of clause (4D) of section 10 of the Act) and 21AJAA (Determination of income of a specified fund attributable to the investment division of an offshore banking unit under sub-section (1B) of section 115AD of the Act) inserted in the income-tax Rules.
  • The Income-tax (Third Amendment) Rules, 2022 (Amendment to the provisions of Income-tax Rules, 1962 for prescribing fees under section 234H of the Income-tax Act, 1961)


  • Implementing e-invoicing for the taxpayers having aggregate turnover exceeding Rs. 20 Cr from 01st April 2022.
  • GST Notifications for implementation of Scheme for Brick Kilns.


  • Appointment of Registrar of Companies as Adjudication Officers under the LLP Act 2008.
  • Delegation of powers under section 17 of LLP Act 2008 to Regional Directors.
  • Limited Liability Partnership (Amendment) Rules 2022.
  • Commencement notification for sections 1 to 29 of the LLP (Amendment) Act, 2021.


  • Operationalisation of new online IT Module for Interest Equalisation Scheme.
  • Mandatory filing/issuance of Registration Cum Membership Certificate (RCMC)/ Registration Certificate (RC) through the DGFT common digital platform.


  • Interest Equalization Scheme on Pre and Post Shipment Rupee Export Credit – Extension (Banks shall reduce the interest rate charged to the eligible exporters upfront as per the guidelines).


  • Revision in Orders per Second limit for algorithmic trading in Commodity Derivatives Segment of the Stock Exchange.
  • Discontinuation of usage of pool accounts for transactions in the units of Mutual Funds.


  • IRDAI (Surety Insurance Contracts) Guidelines, 2022.

Also Read: What is the updated return under section 139(8A) and its conditions?

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