Section 271AAB provides for imposition of penalty at specified rates where search has been initiated. The rate of penalty varies from 10% to 60 % depending on the time when the assessee admits the undisclosed income.
Section 271AAB provides for imposition of penalty @ 10% on undisclosed income found during the course of search and admitted at the stage of search. Undisclosed income not admitted at the stage of search but disclosed in the return of income filed after the search to attract penalty @ 20%.
The Finance Act, 2012 had inserted the penalty provisions under section 271H providing for penalty ranging from Rs. 10,000 to Rs. 1,00,000 for failure to furnish quarterly statements of TDS and TCS within the time prescribed under the Income-tax law.
The Finance Act 2017 has inserted a new provision by way of section 271J which provides that where the Assessing Officer (AO) or Commissioner (Appeals) {CIT(A)}, in the course of any proceedings under the Income-tax Act 1961, finds that an accountant or a merchant banker or a registered valuer (hereinafter referred to as professional)
In RUN web-form, a company name can be reserved very fast and in easy way. Even digital signature is not required for the same. The person can apply for a name of his choice. There shall not any option to apply for more than one name in a form as compare to 6 name options in earlier case.
Tagged as biggest indirect tax reform of Independent India, GST aims at ease of business doing. Since there is only one tax on supply of services and goods, regulatory environment is expected to be very helpful for starting and operating the business. Amidst this, companies have to ensure that they do not indulge in any […]
Job work is a well-established norm where a large number of industries are dependent on outside support for completing their manufacturing activities. Job work is the processing or working on goods supplied by another person / entity to complete a part or whole of the process. Job work can be undertaken for the initial process, intermediate process, assembly, packing or any other completion process or complete manufacturing.
Sales and purchases of shares exceeding a specified amount respectively in the case of day traders. This information can be filed by the concerned brokers who are dealing with the day traders.
Stakeholders may kindly note that a new web service RUN (Reserve Unique Name) for reserving ‘name of proposed company and for changing name of existing company will be launched w.e.f. 26th January 2018.
Under section 276B, the consequence of failure to comply with the provisions of Chapter XVII-B is rigorous imprisonment for a term which shall not be less than three months but which may extend to seven years and with fine.
