Category: Income Tax
India Austria Sign Protocol amending DTAC. Amendment to existing Convention for Avoidance of Double Taxation and Prevention of Fiscal Evasion Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 6th February, 2017 Press Release India and Austria Sign a Protocol amending …
TDS Rate Chart for FY 2017-18 AY 2018-19 Updated as per Union Budget Proposals 2017-18 presented in Parliament on 1st February, 2017 Section Nature of Payment Rate-HUF/Ind % Rate-Others % 192 Salaries Average rate – 192A Payment of accumulated balance due to an employee >30000/- > 50000/- (wef …
Non-service of notice-onus is on Revenue to demonstrate that notice was issued in accordance with law. Assessee cannot be asked to lead negative evidence-ITAT ABCAUS Case Law Citation: ABCAUS 1117 (2017) (02) ITAT Assessment Year : 2007-08 Date/Month of Pronouncement: February 2017 Brief Facts of the Case: …
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 …
