Under the existing provisions of section 80CCF of the Income-tax Act, a sum of Rs. 20,000 (over and above the existing limit of Rs. 1 lakh available under section BOCCE for tax savings) is allowed as deduction in computing the total income of an individual or a Hindu undivided family if that sum is paid or deposited during the previous year relevant to the assessment year 2011-12 in long-term infrastructure bonds as notified by the Central Government.
Section 80CCD of the Income-tax Act provides, inter al/a, a deduction in respect of contributions made by an employee as well as an employer to the New Pension System (NPS) account on behalf of the employee. In view of the provisions of section BOCCE, the aggregate deduction under sections 80C, 80CCC and 80CCD cannot exceed one lakh rupees. The allowable deduction under section 80CCD includes both the employee’s as well the employer’s contribution to the NPS.
Under the existing provisions of section 35(2AA) of the Income-tax Act, weighted deduction to the extent of 175 per cent. is allowed for any sum paid to a National Laboratory or a university or an Indian Institute of Technology (IIT) or a specified person for the purpose of an approved scientific research programme.
The Limited Liability Partnership Act, 2008 (LLP) has come into effect in 2009. The LLP has features of both a body corporate as well as a traditional partnership. The Income-tax Act provides for the same taxation regime for a limited liability partnership as is applicable to a partnership firm. It also provides tax neutrality (subject to fulfillment of certain conditions) to conversion of a private limited company or an unlisted public company into an LLP.
Under the existing provisions contained in section 139(1) of the Income-tax Act, every person, if his total income during the previous year exceeds the maximum amount which is not chargeable to income-tax, is required to furnish a return of his income.
Under the existing provisions of section 143(1 B) of the Income-tax Act, the Central Government may, for the purpose of giving effect to the scheme made under section 143(1A), by notification in the Official Gazette, direct that any of the provisions of the Income-tax Act relating to processing of returns shall not apply or shall apply with such exceptions, modifications and adaptations as may be specified in that notification. However, no direction shall be issued after 31st March, 2011.
Section 153 of the Income-tax Act provides for the time limits for completion of assessments and reassessments. In Explanation ‘I to section 153 of the Income-tax Act, certain periods specified therein are to be excluded while computing the period of limitation for completion of assessments and reassessments.
The existing provisions contained in the proviso to section 245C(1) allow an application to be made before the Settlement Commission if,—(i) the proceedings have been initiated against the applicant under section 153A or under section 153C as a result of search or a requisition of books of account, as the case may be, and the additional amount of income-tax payable on the income disclosed in the application exceeds fifty lakh rupees;
In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act,1944 (1 of 1944) (hereinafter referred to as the Act) , the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby exempts perfumes commonly known as “Attar” falling under Chapter 33 of the Central Excise Tariff Act, 1985 (5 of 1986), when removed from a premises from where such goods are sold in retail, after being subjected to any of the processes referred to in Note 5 of the said Chapter from the whole of the duty of excise leviable thereon subject to the following conditions,
In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), and in supersession of the notification of the Government of India in the Ministry of Finance ( Department of Revenue) no. 76/86- Central Excise, published vide G.S.R 168 (E), dated the 10th February, 1986, except as respects things done or omitted to be done
