Section 44AB – Increased threshold for presumptive tax cases under section 44AD – Consequential amendments required in section 194A/ 194H/ 194I & 194J
Reduction in corporate tax rate – Reduced corporate tax rate to be applicable for erstwhile firms recently converted into companies and also LLPs and companies which were set up subsequent to P.Y.2015-16
Surcharge @ 10% is proposed in cases where total income of an individual/HUF/AOP/BOI exceeds Rs.50 lakhs but do not exceed Rs. 1 crore. Surcharge of 15% would continue to be applicable where the total income of an individual/HUF/AOP/BOI exceeds Rs 1 crore.
Notwithstanding anything contained in sub-section (1), where an offence under this Act has been committed by a company and it is proved that the same was committed with the consent or connivance of, or is attributable to any neglect on the part of, any director, manager, secretary, or other officer or employee of the company, such director, manager, secretary, other officer or employee shall also be deemed to be guilty of the offence and shall be liable to be proceeded against and punished accordingly.
Articles answers 21 FAQs on Pradhan Mantri Garib Kalyan Deposit Scheme 2016 for declarant under Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016
In the present case, the assessee has failed to carry out his obligations and hence, the burden cannot be shifted to the revenue to find out from the creditors about their identity and credit worthiness after receiving the names and addresses of the creditors.
In the light of the above factual position and the two Judgments of the Hon’ble Supreme Court of India, it is conceded equally by the Department that their stand, as contained in the impugned letter, is unsustainable in law. The matter is covered by the said two Judgments. In the circumstances, we allow this writ petition and quash and set aside the impugned letter dated 821999. We direct that the declaration of the petitioners shall now be proceeded with and decided in accordance with law.
Settlement Notice: Except in cases which are excluded from settlement, a settlement notice indicating the substance of the charges and probable actions may be issued in advance of the notice to show cause so as to afford an opportunity to file a settlement application, within fifteen calendar days from receipt of the settlement notice.
Unlisted non-convertible debentures/bonds issued by an Indian company subject to the guidelines issued by the Ministry of Corporate Affairs, Government of India from time to time;
This Article Compiles Various Due dates on which some provisions need to be complied under Income Tax Act, 1961 i.e. related to Payment of TDS / TCS /Advance Tax, Submission of Quarterly TDS/ TCS Return, Furnishing of TDS / TCS /Income Tax Returns/ Annual Financial Statement / Statement of Non-Deduction of Tax At Source, challan-cum-statement […]
