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Power to call information us 133(6) by Investigation authorities can be exercised by the Joint Director, the Deputy Director and the Assistant Director. Budget 2017-18 : Rationalisation of the provisions in respect of power to call for information The existing provisions of section 133 empower certain income-tax authorities …
Reason to believe to conduct search not to be disclosed to to any person or any authority or the Appellate Tribunal. Explanation added to section 132, 132A Budget 2017-18 : Reason to believe to conduct a search, etc. not to be disclosed Sub-section (1) and (1A) of section …
House property loss set-off against other income head limit of Rs. two lakh for any assessment year. New sub section (3A) to Section 71 Budget 2017-18 : Restriction on set-off of loss from House property Section 71 of the Act relates to set-off of loss from one head …
PAN quoting requirement in TCS Provisions-Section 206CC. Failure to quote PAN to invite deduction at the twice the rate or 5% whichever is higher Budget 2017-18 : Strengthening of PAN quoting mechanism in the TCS regime Statuary provisions for deduction of tax at source (TDS) at higher rate …
Fresh registration us 12AA for change in objects which do not conform to the conditions of registration granted Budget 2017-18 : Clarity of procedure in respect of change or modifications of object and filing of return of income in case of entities exempt under sections 11 and 12 The …
Penalty 271J-Furnishing incorrect report-certificate by Chartered Accountants, merchant banker or registered valuer. CIT(A) may direct Rs. 10000 as penalty for each report/certificate Budget 2017-18 : Penalty on professionals for furnishing incorrect information in statutory report or certificate. The thrust of the Government in recent past is on voluntary …
Fee for delayed filing of return of income u/s 234F. Rs. 5000/- if ITR is filed within December of Assessment Year and Rs. 10000/- in other cases. Budget 2017-18 Fee for delayed filing of return In view of the non-intrusive information-driven approach for improving tax compliance and effective …
Corpus donation amongst exempt entities not to be considered application of income. Amendment to section 11 and 10(23C) from AY 2018-19 Budget 2017-18 : Restriction on exemption in case of corpus donation by exempt entities to other exempt entities As per the existing provisions of the Act, donations …
Section 56-2-vii property received without consideration extended to all assessee including companies and firm for taxation as Income from other sources. Budget 2017-18 : Widening scope of Income from other sources Under the existing provisions of section 56(2)(vii), any sum of money or any property which is received …
Section 50CA-Deemed FMV for transfer of unquoted shares. FMV to be deemed full value of consideration for computing income under the head Capital gains Budget 2017-18 : Fair Market Value to be full value of consideration in certain cases Under the existing provisions of the Act, income chargeable under …
