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of <h1>Finance Act 2022: Key direct tax changes on virtual assets (Sections 115BBH, 194S), charitable trusts, TDS/TCS and compliance</h1> The circular explains key amendments under the Finance Act, 2022 affecting direct taxes: retention and detailed rates/slabs and surcharge rules; expanded definitions (books of account, slump sale, virtual digital asset) and a new taxation and TDS regime for virtual assets (sections 115BBH, 194S, definition clause); extensive rationalisation of charitable trust exemptions, registration, compliance, penalties and special tax regimes (including new sections 115BBI, 271AAE); measures on faceless assessment, updated returns (ITR-U), assessment/reassessment procedure, search/survey consequences, TDS/TCS enhancements (sections 194R, 206AB/206CCA), anti-avoidance for securities, GST/cess/surcharge clarifications, and various technical and procedural amendments.
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