Income Tax

Section 271AAB – Relaxation in restrictions to claim the benefit of concessional rate of penalty @ 10%Section 271AAB provides for imposition of penalty at specified rates where search has been initiat...

Section 271AAB – Penalty where search has been initiatedSection 271AAB provides for imposition of penalty @ 10% on undisclosed income found during the course of search and admitted at the stage of sea...

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 wi...

Section 271J – Request to issue guidelines for levy of penalty under section 271J for furnishing incorrect information in reports or certificatesThe Finance Act 2017 has inserted a new provision by wa...

Section 285BA(3) Obligation to furnish statement of financial transaction or reportable accountSection 285BA may appropriately be amended to require information regarding the following financial trans...

Genuine hardship faced by tax deductors on account of provisions of section 276B of the Income-tax Act, 1961 attracting prosecution proceedings for delay in remittance of tax to the credit of the Cent...

Reduction of 1% in rate of taxation in case of company assessees with total turnover/ gross receipts of up to Rs. 5 crore– Reduction in rate may be made applicable to Firms/ Limited LiabilityThe Finan...

(TO BE PUBLISHED IN PART II, SUB-SECTION (ii) OF SECTION 3 OF THE GAZETTE OF INDIA)Government of IndiaMinistry of Finance(Department of Revenue)(Central Board of Direct Taxes)New Delhi, the 22nd Janua...

Signing of notices under Section 282ASection 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...

Section 281B – Provisional attachment of property – Treatment of amount realized by invoking bank guarantee – Clarification requiredSection 281B empowers Assessing Officer to invoke bank guarantee who...

Modification to the amended definition of “accountant” under section 288 of the Income- tax Act 1961 (IT Act)The definition of accountant was amended vide the Finance Act, 2015. The reason for introdu...

The purpose behind introduction of MAT was to bring all zero tax companies within the tax net and to neutralize the impact of certain benefits/ incentives. The Finance Minister while introducing the F...

The Finance Minister while introducing the Finance Bill, 2015, proposed to reduce the rate of corporate tax from 30 per cent to 25 per cent over the next 4 years. It was also stated that the process o...

Adopt Tax consolidation SchemeIn India, separate entities are incorporated based on their specialization in various lines of businesses (like manufacturing, trading, retail, infrastructure etc.) by th...

The Finance Act, 2016 has introduced a levy of 6% on consideration paid or payable by an Indian resident carrying on business or profession, or by an Indian permanent establishment of a non-resident t...

With regard to rates of taxation for individuals and HUFs, the Parliamentary Standing Committee on Direct Taxes Code had earlier observed the following:“When the present Income Tax Act was enacted way...

Relaxation from scrutiny provisions for assessees, having taxable income upto Rs.5 lakhs other than business income, filing return for the first time – Scope of relaxation to be extendedIn the Budget...

Income tax return forms are such that they have reasons to capture some Information about other tax payments like service tax, VAT etc. The return form should be made more elaborate so as to give comp...

a) One person Company (OPC)Section 2(62) of the Companies Act, 2013 has introduced the concept of “One Person Company” which means a company which has only one person as a member. Section 2(31) of the...

Targets for collection of taxes- Not essential India adopts a progressive system of taxation where the tax rate depends on the level of income earned during a financial year. Taxes paid by the taxpaye...