1. CBDT notified the procedure of inaction of PAN via a notification dated March 29, 2022, as well as a press release on March 30, 2022. The Finance Act of 2021 added a new section 234H to the Act to complete the PAN-Aadhaar connecting procedure for detecting fake PANs.
2. Taxpayers with taxable income up to 50 lacs & disputed income up to 10 lacs can avail e-Dispute Resolution Scheme, 2022 for settlement of tax disputes.
3. Super-rich farmers will face stricter scrutiny by tax authorities, who will comb through details of agricultural income — tax-free under the law — in jurisdictions where farm income exceeds a threshold of 10 lakh a year, the finance ministry said in a response to questions to the parliamentary committee.
4. Bombay High Court decided that Interest paid by builder on failure to construct flat is compensatory in nature out of preview of sec. 194A of the Income Tax Act. Sainath Rajkumar Sarode vs State of Maharashtra
5. Fruit-based fizzy drinks will continue drawing goods and services tax (GST) of 28 per cent along with 12 per cent compensation cess after a ruling by the Gujarat-based authority for advance ruling (AAR).