It is proposed to amend section 271C inserting two new sub-clauses under clause (b) in sub-section (1) providing reference to the first proviso to section 194R and the first proviso to section 194S. Similar amendments are also proposed in section 276B.
Non- Banking Financial Companies [NBFCs] which are engaged in the business of financing should also be excluded from the scope of this section as they are undertaking the similar functions and are now being subject to similar regulations and compliances in respect of those functions.
Benefit of tax treaty may be considered at the time of TDS so that if the treaty provides a rate lower than 20%, TDS is made at that lower rate.
The digital age has brought with it a host of new opportunities, including the ability to conduct business electronically. However, with this newfound convenience comes the potential for fraud, which can have a devastating impact on an organisation’s finances and reputation.
When it comes to fraud in organizations, know the red flags: employee theft, financial fraud and more. Auditors must review financial statements, governance documents, employee files to spot differences & check for accuracy.
During search authorised officer, may requisition services of any other person or entity, as approved by PCIT or CCIT, Principal Director General or DGIT
It is proposed to substitute section 170A, to provide that notwithstanding anything contained in section 139, in a case of business reorganisation, where prior to the date of order of the tribunal or the High Court or Adjudicating Authority as defined in clause (1) of section 5 of the Insolvency and Bankruptcy Code, 2016
Understand changes to the provisions of the PBPT Act,1988 with budget 2023 – Section 46 appeals & more
Budget 2023 aligns timeline under section 153 of Income Tax Act. Learn more about the 2016 Finance Acts reduced assessment order period of 9 months for 2021-22 and later assessment years.
Modification of directions related to faceless schemes and e-proceedings – Budget 2023. Central Government’s measure to eliminate person to person interface and optimize resources. Time limitations for timely implementation.
