The issue was excessive compliance burden on brokers due to reporting requirements. It was decided that demat account reporting by brokers is no longer required, reducing duplication and improving efficiency.
The circular settles confusion between CPC Bengaluru and Commissioners on delay condonation powers. It confirms Commissioners as the competent authority under section 12A.
The document clarifies that furnishing the audit report is only a compliance requirement. Deduction is subject to further scrutiny by the Income-tax Department. This ensures accountability in claiming tax incentives.
The prescribed authority cannot extend programme duration or increase cost after approval. This ensures certainty and discipline in implementation. Sponsors must adhere strictly to approved parameters.
The form requires detailed reporting of investments across multiple tax years. This ensures proper tracking of fund deployment. It strengthens regulatory oversight and reduces misuse risks.
A ll about Income Tax Form No. 1- Monthly Statement to be furnished by a stock exchange in respect of transactions in which client codes have been modified after registering in the system for the month of
Assessments, appeals, rectifications, and search-related proceedings for earlier years remain governed by the old law. This avoids retrospective application of new provisions. It ensures fairness and consistency in adjudication.
Losses computed under the earlier law can be carried forward under the new Act. However, eligibility depends strictly on compliance with original provisions. Ineligible or belated losses cannot be revived.
The new Act retains existing TDS rates and thresholds while reorganising provisions. It prioritises simplification and clarity without altering tax liability. This ensures continuity in tax treatment despite legislative reform.
The framework mandates show-cause notice, taxpayer response, and approval before reopening assessments. It strengthens procedural fairness while ensuring proper scrutiny of escaped income.
