Income Tax : Explore the significant changes in capital gains taxation proposed in Budget 2024, including revised tax rates, holding periods, a...
Income Tax : Learn about Section 194T introduced in Finance Bill 2024, covering TDS on payments to partners, its implications, and potential c...
Income Tax : Budget 2024 introduces significant amendments in trust-related provisions under the Income Tax Act, including registration timelin...
Income Tax : Explore the latest tax provisions affecting mutual fund income, including recent changes in capital gains taxation and classificat...
Company Law : Tax implications of the Finance Bill 2024 on share buybacks. Key changes, examples, and their impact on shareholders' tax liabilit...
Income Tax : Key amendments to the Finance (No.2) Bill, 2024, include changes in tax rates, capital gains, customs duties, and excise laws, eff...
CA, CS, CMA : ICAI President's August 2024 message highlights India's economic growth, recent exam results, and the Union Budget's role in achie...
Goods and Services Tax : Discover the major amendments in GST, excise, and customs duties introduced in Budget 2024, including changes in CGST, IGST, and C...
Income Tax : Finance Bill 2024 proposes an amendment to Section 55 of the Income Tax Act to clarify the computation of cost of acquisition for ...
Income Tax : Budget 2024 extends the scope for lower deduction/collection certificates under Sections 197 and 206C, effective from October 2024...
Goods and Services Tax : Discover the key amendments in the Finance (No. 2) Bill, 2024, affecting CGST, IGST, UTGST, and Cess Act, including tax exemptions...
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 : U/s 250(4), the CIT (A) has the power to direct enquiry and call for evidence from the assessee. Under Rule 46A, the assessee has ...
Income Tax : Explore the Finance Bill 2024, detailing income tax rates, surcharges, and provisions for various taxpayers, including individuals...
Goods and Services Tax : Govt. sets October 1, 2024, for Finance Act 2024, Section 13; April 1, 2025, for Sections 11 and 12, under Notification No. 16/202...
Custom Duty : Notification No. 51/2024-Customs (N.T.) introduces New Shippers Review in countervailing duty rules, effective from 24th July 2024...
Custom Duty : Notification No. 39/2024-Customs amends No. 45/2017-Customs to extend re-import period from 3 to 5 years, effective from 24th July...
Custom Duty : Government of India amends 32 Customs notifications and extends the re-export period for certain foreign-origin goods under Notifi...
Section 271AAB provides for imposition of penalty at specified rates where search has been initiated. The rate of penalty varies from 10% to 60 % depending on the time when the assessee admits the undisclosed income.
Section 271AAB provides for imposition of penalty @ 10% on undisclosed income found during the course of search and admitted at the stage of search. Undisclosed income not admitted at the stage of search but disclosed in the return of income filed after the search to attract penalty @ 20%.
The Finance Act, 2012 had inserted the penalty provisions under section 271H providing for penalty ranging from Rs. 10,000 to Rs. 1,00,000 for failure to furnish quarterly statements of TDS and TCS within the time prescribed under the Income-tax law.
The Finance Act 2017 has inserted a new provision by way of section 271J which provides that where the Assessing Officer (AO) or Commissioner (Appeals) {CIT(A)}, in the course of any proceedings under the Income-tax Act 1961, finds that an accountant or a merchant banker or a registered valuer (hereinafter referred to as professional)
Sales and purchases of shares exceeding a specified amount respectively in the case of day traders. This information can be filed by the concerned brokers who are dealing with the day traders.
Under section 276B, the consequence of failure to comply with the provisions of Chapter XVII-B is rigorous imprisonment for a term which shall not be less than three months but which may extend to seven years and with fine.
The Finance Act, 2016 introduced a tax rate of 29% of total income to (domestic) company assessees provided its total turnover or the gross receipts in the previous year 2014-15 does not exceed five crore rupees.
Section 282A provides for issue of any income tax notice or other document without it being signed by the requisite authority. Although, the said section has been provided in the context of computerized generation of notices and other documents
Section 281B empowers Assessing Officer to invoke bank guarantee wholly or in part if demand raised on the assessee is not paid within time limit provided in the demand notice served. Very wide powers are conferred upon Assessing Officer.
The definition of accountant was amended vide the Finance Act, 2015. The reason for introducing the amended definition of an accountant as per the Explanatory Memorandum to Finance Bill 2015 was to avoid conflict of interest and for better governance.
