Income Tax : Govt. has come out with index table called Cost Inflation Index whose base year was fixed as 1-4-1981. In Finance Bill 2017 the Go...
Income Tax : Krishna, Government of India has taken a major step towards ensuring that people get their own house by introducing Pradhan Mantri...
Income Tax : Article discusses Union Budget 2017 provisions related to ELECTORAL BOND. It discusses if the same is a legal weapon to curb and m...
Income Tax : Central Government is putting all efforts to curb use of cash which is focused on un-accounted transactions. As we all know, not a...
Income Tax : Finance Act’2017 had made some major changes relating to Charitable and religious trusts. In this Article we have discussed five...
Income Tax : TAXGURU invites you to be a part of ‘BUDGET 2021 Knowledge Sharing Campaign‘. The campaign has been initiated with the...
Income Tax : The Finance Bill, 2017 proposes to levy fees of Rs.5,000 in case where return is furnished after the due date but on or before 31S...
Income Tax : Download Union Finance Budget 2018 as presented by Finance Minister Arun Jaitley today in Lok Sabha AS INTRODUCED IN LOK SABHA ON ...
CA, CS, CMA : The Finance Bill, 2017 proposed an insertion of Section 271J in the Income-tax Act, 1961. Considering the undue hardships to be ca...
Finance : Lok Sabha Speaker congratulates the Prime Minister, Union Finance Minister, Members of Union Cabinet, Members of Lok Sabha and Off...
Income Tax : A petition has been filed in the Madras High Court challenging the section 271J of the Income Tax Act inserted vide Finance Act 2...
Income Tax : CBDT has issued Explanatory Notes to the Provisions of the Finance Act, 2017 vide Circular No. 02/2018 dated 15.02.2018 clarifying...
Income Tax : Every person responsible for deduction of tax under section 194-IB shall furnish the certificate of deduction of tax at source in ...
Corporate Law : Central Government hereby appoints the 26th day of May, 2017 as the date on which the provisions of the PART XIV of Chapter VI of ...
Goods and Services Tax : The Acts and Rules, which are amended, vide budget 2017-18 in Maharashtra are as follows: 1. The Maharashtra Purchase Tax on Sugar...
Income Tax : CBDT notified that Section 269ST not applies to cash receipt from banking company, post office savings bank or co-operative bank....
It is hence proposed to amend the provisions of sub-section (5) of section 139 to provide that the time for furnishing of revised return shall be available upto the end of the relevant assessment year or before the completion of assessment, whichever is earlier.
In this article, taking three provisions of Finance bill 2017, taxation effect is studied under different scenarios with hint of tax planning. Further, controversial provision of surcharge under one of the scenarios with its suggested solution is also given.
Budget 2017: It has been decided by the Government to merge the Authority for Advance Ruling (AAR) for income-tax, central excise, customs duty and service tax. Accordingly, necessary amendments, have been made to Chapter XIX-B to allow merger of these AARs.
In order to protect the interest of the revenue in cases where tangible evidence(s) are found during a search or seizure operation (including 132A cases) and the same is represented in the form of undisclosed investment in any asset, it is proposed that section 153A relating to search assessments be amended to provide that notice under the said section can be issued for an assessment year or years beyond the sixth assessment year already provided upto the tenth assessment year if—
It is proposed to amend section 133C to empower the Central Board of Direct Taxes to make a scheme for centralised issuance of notice calling for information and documents for the purpose of verification of information in its possession, processing of such documents and making the outcome thereof available to the Assessing Officer for necessary action, if any.
The existing provisions of section 1 33A empower an income-tax authority to enter any place, at which a business or profession is carried on, or at which any books of account or other documents or any part of cash or stock or other valuable article or thing relating to the business or profession are kept, for the purposes of conducting a survey.
The existing provisions of section 133 empower certain income-tax authorities to call for information for the purpose of any inquiry or proceeding under the Act. The second proviso to the said section provides that the power in respect of an inquiry, in a case where no proceeding is pending
Section 132 of the Act provides the power of search and seizure subject to fulfilment of conditions specified therein.
The existing provisions of section 204 of Act, has defined the meaning of ‘person responsible for paying’ to include employer, company or its principal officer or the payer. Further clause (iii) of section 204 of the Act, inter alia, provides that in the case of credit or payment of any sum chargeable under the provisions of this Act
Finance Act, 2012 with effect from 1st April, 2013 amended the provisions of section 112(1)(c) to provide concessional rate of taxation of ten per cent for long-term capital gains arising from the transfer of unlisted securities in case of non-resident.
