Introduction: – 1. On 21.02.2019, Govt. Of India has brought Banning of Unregulated Deposit Schemes Ordinance 2019 with following objectives: – a) For banning of unregulated deposits schemes; b) To protect the interest of depositors; and c) Other matters relating to or connected to the above two objectives 2. The Banning of Unregulated Deposit Schemes […]
The government of India, taking lessons from the past mistakes of other countries who have implemented the GST model, has established the National Anti-Profiteering Authority to ensure that the benefit of rates reduction by GST council as on November 14, 2017, passes to the final consumer.
In layman’s term, the union budget presents an estimate of revenue and expenditure of the country in the forthcoming financial year that begins on the 1st of April and ends on 31st March.
Government aims to prosecute persons who have deposited someone else money in their bank account by bringing new legislature called Benami transaction (prohibition) amendment act, 2016.
As per the income tax act the assessing officer has the power to call for information under section 133(6). So essentially the notices for calling of information will be sent to all the assesse who have deposited in excess of 2,50,000, by exercising power under this section only.
The Finance bill 2016 bought a new array of sections to the income tax act that are section 270A and 270AA. The law aims to provide a new procedure for charging penalty for concealment or understatement of income which intends to replace the existing array of sections that is 271(1)(c).
