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 r...

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...

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 […]...

The existing provisions of sub-section (1) of section 115JEE of the Act provide that the provisions of Chapter-XI I BA shall be applicable to any person who has claimed a deduction under part C of Chapter VI-A or claimed a deduction u/s 1 0AA. Further the present provisions of sub-section (2) of section 1 15JEE […]...

Interest payable by the assessee under section 220 Interest under section 220 is proposed to be increased or decreased as consequent to any appeal, rectification or revision from the date of expiry of period stated in the notice of demand under section 156 of the Income Tax Act, 1961....

Estimate of value of assets by Valuation Officer Power given to AO to get a valuation report of any asset, property or investment. Earlier powers of AO were restricted to bullion, jewelry or any other valuable article or thing. Under the existing provisions contained in section 142A, the Assessing Officer may, for the purpose of […...

CA Sanjeev Singhal Download PPT on Budget 2014 highlights on Income Tax Download PPT  Budget 2014 highlights on  Service Tax...

Jagdishkumar Gor 1.  Pre-deposit Made Mandatory in Appeal Procedures for Central excise, Customs & Service Tax. Significant amendment to Section 35F of the Central Excise Act, 1944 and Section 129E & 129B of the Customs Act, 1962 and proposed Mandatory (1) 7.5% pre-deposit of duty demanded or penalty imposed or both for filing ap...

Power of survey The existing provision contained in section 133A of the Act enables the Income-tax authority to enter any premises in which business or profession is carried out for the purposes of survey. An income-tax authority acting under this section may impound and retain in his custody any books of account or documents inspected [&...