"02 March 2016" Archive

Advance tax on Presumptive income & Non-Corporate also to Pay in June

As per the existing provisions of sub-section (1) of section 211, the advance tax payment schedule for a company is fifteen per cent, forty-five per cent, seventy-five per cent and hundred per cent of tax payable on the current income to be paid by 15th June, 15th September, 15th December and 15th March respectively....

Read More
Posted Under: Income Tax | ,

Rationalisation of time limit for assessment in search cases

It is proposed to amend the time limit for completion of assessments made under section 153A or section 153C cases to bring it in sync with the new time limits provided for other cases. In order to simplify the provisions of existing section 1 53B by retaining only those provisions that are relevant to the current provisions of the Act, s...

Read More
Posted Under: Income Tax |

Rationalisation of time limit for assessment, reassessment & recomputation

digitisation of processes within the Department has enhanced its efficiency in handling workload. In order to simplify the provisions of existing section 153 by retaining only those provisions that are relevant to the current provisions of the Act, section 153 is proposed to be substituted with the following changes in time limit from the...

Read More
Posted Under: Income Tax |

3% p.a. Additional interest on delayed income tax Refund

Section 244A inter alia provides that an assessee is entitled to interest on refund arising out of excess payment of advance tax, tax deducted or collected at source. It also provides that the period for which the interest is paid on such excess payment of tax begins from the 1st April of the assessment year and ends on the date on which ...

Read More
Posted Under: Income Tax |

Budget 2016: Rationalisation of Appellate Tribunal provisions

Sub-section (2A) of section 253 provides that the Principal Commissioner or Commissioner may, if he objects to any direction issued by the Dispute Resolution Panel (DRP) under sub-section (5) of section 144C in pursuance of which the Assessing Officer has passed an order completing the assessment or reassessment, direct the Assessing Offi...

Read More
Posted Under: Income Tax |

Budget 2016: Rationalisation of Income Tax penalty provisions

Under the existing provisions, penalty on account of concealment of particulars of income or furnishing inaccurate particulars of income is leviable under section 271(1 )(c) of the Income-tax Act. In order to rationalize and bring objectivity, certainty and clarity in the penalty provisions...

Read More
Posted Under: Income Tax |

Change in Penalty Rate under section 271AAB

Existing provision of clause (c) of sub-section (1) of section 271AAB provides that in a case not covered under the provisions of clauses (a) and (b) of the said sub-section of section 271 AAB, a penalty of a sum which shall not be less than thirty per cent but which shall not exceed ninety per cent of the undisclosed income of the specif...

Read More
Posted Under: Income Tax |

Enhancement in scope of Penalty under Section 272A

Existing provision of Sub-section (1) provides for levy of penalty of ten thousand rupees for each failure or default to answer the questions raised by an income-tax authority under the Income-tax Act, refusal to sign any statement legally required during the proceedings under the Income-tax Act or failure to attend to give evidence or pr...

Read More
Posted Under: Income Tax |

S. 281B Revocation of property attachment on Furnishing of Bank Grantee

Under the existing provisions of section 281 B the Assessing Officer may provisionally attach any property of the assessee during the pendency of assessment or reassessment proceedings, for a period of six months with the prior approval of the income- tax authorities specified therein, if he is of the opinion that it is necessary to do so...

Read More
Posted Under: Income Tax |

Jurisdiction of AO in search cases cannot be challenged after one month of Notice

The existing sub-section (3) of the section 124, inter-alia, provides that no person shall be entitled to call in question the jurisdiction of an Assessing Officer in a case where return is filed under section 139, after the expiry of one month from the date on which he was served with a notice issued under sub-section (1) of section 142 ...

Read More
Posted Under: Income Tax |

Search Posts by Date

January 2021
M T W T F S S
 123
45678910
11121314151617
18192021222324
25262728293031