The Ministry of Law and Justice on March 30, 2022 has issued the Finance Act, 2022. Sections 2 to 85 shall come into force on April 1, 2022 and Sections 100 to 114 shall come into force on such date as the Central Government may appoint by notification.
The following has been stated namely: -
• Rates of Income-Tax - income-tax shall be charged at the Prescribed rates and such tax shall be increased by a surcharge, for the purposes of the Union, calculated in each case in the Prescribed manner.
• In Section 37 of the Income Tax Act, 1961 which specify “Expenditure under the head Profits and Gains of Business or Profession” the following Explanation has been inserted namely: -
“Explanation 3 —For the removal of doubts, it is hereby clarified that the expression “expenditure incurred by an assessee for any purpose which is an offence or which is prohibited by law” under Explanation 1, shall include and shall be deemed to have always included the expenditure incurred by an assessee”
• In Section 5 of the Customs Act, 1962 which specify “Powers of officers of customs” the following sub-section (la) has been inserted namely: -
"Without prejudice to the provisions contained in sub-section (1), the Board may, by notification, assign such functions as it may deem fit, to an officer of customs, who shall be the proper officer in relation to such functions.”
• In Section 22 of the Reserve Bank of India, 1934 which specify “Right to issue bank notes” the following section 22A has been inserted namely: -
“Nothing contained in sections 24, 25, 27, 28 and 39 shall apply to the bank notes issued in digital form by the Bank”
[Notification No. 6 of 2022]
