The Indian government is continuously making thorough efforts for achieving the goal of substantially cashless national economy. The goal is not easy to achieve. It requires undertaking of large number of measures of different types and varieties. The list of such measures is endless.
Articles gives Suggestions For Budget 2017-18 – Rationalization Of Penalty Provisions U/s. 271B For Non / Delayed Filing Of Tax Audit Report
Articles discuses Need To Introduce Transparency In Bank Locker Facility to Discourage generation of Black Money or to keep the same in check.
Presently, in our country, there is no limit on number of accounts which a person / entity can have with banks / Post Offices. A person / entity can open, keep and operate numerous saving accounts, current accounts and many other type of deposit accounts in various branches of one or more banks and in post offices (P.O.s) .
The Dispute Resolution Scheme, 2016 has been introduced through Union Budget, 2016. The scheme has been brought with the object to collect tax arrears, clear pendency of appeals, achieve reduction in administrative costs etc. In most of the cases apart from filing appeal, the demand amount, either partly or fully, is generally deposited by the assesses.
t has remained a matter of great debate that whether as per the provisions of section 206C(1D), the TCS in respect of bullion, jewellery, any other goods and provision of service is leviable :
Introduction: From 01st June, 2016 TCS is to be collected by seller from the buyer in respect of : (i) sale of motor vehicle of the value exceeding Rs. 10 lakhs (on receipt of sale consideration through any mode ) and also in respect of ;
Every tax audit assignment involves numerous steps since commencement to its completion. Further, during tax audit season, various tax audit assignments remains in process in our offices at a similar point of time. Similarly, various staff persons remains involved in doing different steps of tax audit work.
Suggestion For Union Budget 2016-17 For Amendment In Section 119(2)(A) To Give CBDT Specific Powers For Granting General Immunity From Penalty U/S.271B (As An Effective Alternative Remedy For Extension Of Due Date For Obtaining And Furnishing Of Tax Audit Reports)
It is generally expected that the Income Tax Return (ITR) forms and Tax Audit Report (TAR) form and utilities for uploading them on the website of the Income Tax Department should become finally available for public use, as on the Ist day of the Assessment Year e.g., for AY 2016-17 on 01st April, 2016 and, thereafter there should not be any changes therein. The changes if any required should be incorporated only in the forms and utilities for the subsequent assessment years.
