Exemptions and tax concessions under the Income-tax Act, 1961 (‘Act’) are provided in accordance with the provisions of the Act. However, any exemption or tax concession wrongly claimed in the returns of income filed by the tax payers are liable to be detected during processing of such returns or their scrutiny.
The Service Provider of MCA-21 has brought to the notice of the Ministry that the letters of intimation issued in respect of 9522 cases for reservation of names (INC-1) allow the applicants to use reserved names within 60 days of date of such intimation. This is at variance with the implementation in the MCA-21. This is causing inconvenience to the stakeholders.
Provisional attachment under section 281B The existing provisions of sub-section (1) section 281B of the Act provide that the Assessing Officer, during the pendency of any proceeding for assessment or reassessment, in order to protect the interest of revenue may, with the previous approval of the Chief Commissioner of Commissioner, attach provisionally any property belonging […]
Failure to produce accounts and documents Levy of penalty made mandatory. It is proposed to remove the monetary limit of fine and also proposed mandatory levy of fine. The existing provisions of section 276D of the Act provide that if a person willfully fails to produce accounts and documents as required in any notice issued […]
Obligation to furnish statement of Information Name of annual information return is proposed to be substituted with statement of financial transaction or reportable account in view of amendment to section 285BA. The existing provisions of section 285BA of the Act provide for filing of an annual information return by specified persons in respect of specified […]
TDS has really been Tedious to comply and with many flaws in the administration it has become more painful. Just look at the few examples. 1. Back last year at the instruction of DIT System NSDL stopped accepting Y (Cancellation) Statements. In the last few days we have querries from at least Five people asking […]
Highlights of the Speech of Shri Arun Jaitley, Union Finance Minister of Finance Made While Presenting the Budget of the National Capital Territory(NCT) of Delhi for the Year 2014-15 Following are the Highlights of the Speech of the Union Finance Minister Shri Arun Jaitley made while presenting the Budget of the National Capital Territory (NCT)of […]
The Government is not contemplating a proposal to legalise black money. Drive against tax evasion is an on-going process. Appropriate action under the direct tax laws including assessment of income, raising tax demand, levy of penalty and launching of prosecution in appropriate cases is taken whenever tax evasion is detected. Searches and surveys conducted under […]
Mode of acceptance or repayment of loans and deposits ECS, RTGS and NEFT etc. are now proposed to be allowed as permissible mode to accept or repay the deposit or loan specified under section 269SS and 269T respectively. The existing provisions contained in section 269SS of the Act, inter alia, provide that no person shall […]
Minimum Alternate Tax on Special Economic Zones Minimum Alternate Tax (MAT) has been levied on developers of Special Economic Zones (SEZs) and units operating in SEZs with effect from 1st April, 2012 vide Finance Act, 2011. Representations have been received from the business community and others regarding restoration of exemption from payment of MAT to […]
