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 …
