Category: Income Tax
Penalty 271(1)(c)-Explanation need not proved completely. As long as the explanation is reasonable and bonafide penalty need not be imposed-ITAT ABCAUS Case Law Citation: ABCAUS 1116 (2017) (02) ITAT Assessment Year : 2008-09 Date of Pronouncement: 30-01-2017 Brief Facts of the Case: During the assessment, an addition …
Tax exemption-Partial withdrawal from NPS not exceeding 25% of the contribution made by an employee from assessment year 2018-19 Budget 2017-18 : Tax-exemption to partial withdrawal from National Pension System (NPS) The existing provision of section 10(12A) provides that payment from National Pension System (NPS) trust to an …
Power to survey to charitable institutions u/s 133A Extension of the power to survey to charitable institutions The existing provisions of section 133A empower an income-tax authority to enter any place, at which a business or profession is carried on, or at which any books of account or other …
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 …
