Phasing out of income tax deductions and exemptions in Budget 2016-17 The Finance Minister in his Budget Speech, 2015 had…
TDS default Proceedings u/s 201/201A can not be initiated unless it is found that deductee has also failed to pay…
Addition for Unexplained Investment u/s 69 quashed as Muslims religion bars Interest income therefore cash was kept at home INCOME…
Rationalisation of income tax penalty provisions in budget- 2016-17 New section 270A for under-reporting of income from AY 2017-18 Under…
Penalty 271(1)(c) deleted for claiming deduction u/s 54 for two residential houses for ambiguity before amendment in 2014 INCOME TAX…
Setting up of a dedicated structure for delivery and monitoring of tax payer services in the Income Tax Department Government…
Return of income (ITR) can now be filed without pre-payment of self assessment tax and interest In order to rationalise…
Belated returns u/s 139(4) can now be revised u/s 139(5)-Budget-2016-17 amendments In order to rationalise the time allowed for filing…
Time limit for filing belated income tax returns u/s 139(4) reduced by one assessment year-Budget-2016-17. Amendment applicable from AY 2017-18…
ITR filing made compulsory if total income together with exempt LTCG from Equity shares exceeds basic exemption limit In order…