Category: Income Tax
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 …
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 …
