The existing provisions of section 133 empower certain income-tax authorities to call for information for the purpose of any inquiry or proceeding under the Act. The second proviso to the said section provides that the power in respect of an inquiry, in a case where no proceeding is pending
Section 132 of the Act provides the power of search and seizure subject to fulfilment of conditions specified therein.
The existing provisions of section 204 of Act, has defined the meaning of ‘person responsible for paying’ to include employer, company or its principal officer or the payer. Further clause (iii) of section 204 of the Act, inter alia, provides that in the case of credit or payment of any sum chargeable under the provisions of this Act
Finance Act, 2012 with effect from 1st April, 2013 amended the provisions of section 112(1)(c) to provide concessional rate of taxation of ten per cent for long-term capital gains arising from the transfer of unlisted securities in case of non-resident.
Central Government notified the Indian Accounting Standards (Ind AS) which are converged with International Financial Reporting Standards(IFRS) and prescribed the Companies( Indian Accounting Standards) Rules, 2015 which laid down a roadmap for implementation of these Ind AS.
From November 10, 2016 upto December 19, 2016, banks have reported that banknotes worth Rs. 5,92,613 crore have been issued to public
The existing provisions of section 153B provide for the time limit for completion of assessment under section 153A.
In order to reduce the genuine hardship which may be faced by a person responsible for deduction and collection of tax at source due to levy of penalty under section 271 C or 271 CA, it is proposed to insert reference of sections 271 C and 271 CA in the said clause, so as to empower the Board to issue directions or instructions in respect of the said sections also.
Finance bill 2017 has reduced the lowest slab rate to 5% from 10%. This is a welcome step. The assessee shall get maximum benefit of Rs. 12,500 across all levels of income.
Launch of Income Tax Business Application (ITBA) – Assessment Module-Phase-3 (Functionality for (1) Issue of Summon (2) Issue of Notice u/sec 133(6) and (3) Reference for Audit u/sec 142(2A)} – Reg.
