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Section 133C Power to call for information by prescribed income-tax Authority
Section 133C is inserted vide Finance (No. 2) Act, 2014 to enable the prescribed Income tax authority to verify the information in its possession relating to any person. The said authority, may, issue...
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Section 143 – Need to create pre-assessment filters
The whole process of assessment and appeals needs to be looked at afresh, with a view to revamp and improve the current circuitous procedure. The following may be considered from this perspective:i. A...
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Section 145(2) – ICDSs should not be implemented- ICAI
Recently, the Hon’ble Delhi HC in its Judgement dated 8.11.2017 in the case of Chamber of Tax Consultants v. Union of India has struck down certain paras of the ICDSs to the extent as noted in the sai...
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Section 155(14A) Claim of FTC pertaining to taxes under dispute in foreign country
Section 155(14A) – Claim of FTC pertaining to taxes which are under dispute in foreign country – Clarification required on certain issues relating to period of limitation and documents which shall con...
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Section 263 – Reduce discretionary exercise of revisionary powers: ICAI
Explanation 2 to section 263 – Circumstances when an order passed by the Assessing Officer is erroneous in so far as it is prejudicial to the interest of revenue – Need for clarificationSection 263(1)...
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Include transactions made through RTGS, NEFT, ECS and EFT in Section 269SS / 269T retrospectively
Section 269SS and 269T– Mode of taking or accepting and repayment of certain loans and deposits through banking channelsSection 269SS of the Income–tax Act, 1961 requires that acceptance of any loan o...
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Stipulate time limits for issuing Order giving effects and Refund Order: ICAI
Delay by Assessing Officer in issuing Order giving effect to Orders of higher Appellate authorities, and also delay in issuing refunds arising out of such OrderIt has been experienced that when any or...
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Withdraw fees levied U/s. 234F for delayed filing of return: ICAI
Section 234F- Fee for delayed filing of return– Removal of provision levying fees to prevent undue hardship for the genuine assesseesThe Finance Act, 2017 vide section 234F levied fees of Rs.5,000 in...
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Section 271B- ICAI suggests day wise penalty for Failure to get accounts audited
Section 271B of the Income-tax Act, 1961 provides for imposition of penalty at the rate of one-half per cent of the total sales, turnover or gross receipts, as the case may be, in business, or of the...
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Section 269ST Restriction on cash transactions– Certain concerns
In order to achieve the mission of the Government to move towards a less cash economy to reduce generation and circulation of black money, the Finance Act 2017 inserted section 269ST in the Act to pro...
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Restore provisions of erstwhile Section 245E related to Settlement of Cases: ICAI
Section 245E of the Act was inserted in year 1975, amended in 1984, 1987 and the provisions were made inapplicable for applications filed on or after 01-06-2007. The erswhile provisions of section 245...
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Issues in levy of penalty in case of under reporting / misreporting of income
Section 270A inserted to provide for levy of penalty in case of under reporting of income and misreporting of income- Issues to be addresseda) Penalty order under section 270A be made an order appeala...
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Section 270AA – Immunity from Imposition of penalty
(a) Where penalty is levied on certain additions on ground of mis-reporting and certain additions on ground of only under-reporting than assessee will have to make a choice whether to file appeal or m...
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Section 271D & 271E- Penalty should be restricted to 30%
As per section 271D & 271E, if a person accepts/repays a loan or deposit or specified sum/advance, as the case may be in contravention with the provisions of section 269SS/269T, he shall be liable to...
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Section 271AAB – Relax restrictions to claim benefit of concessional rate of penalty @ 10%: ICAI
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...
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Section 271AAB Prosecution should not be initiated for Income disclosed during survey: ICAI
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...
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Section 271H- Penalty for failure to furnish TDS/TCS statements- Remove discretion
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...
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Issue guidelines penalty U/s. 271J for furnishing incorrect information in reports or certificates
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...
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Section 285BA(3) Widen scope of financial transaction to be reported
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...
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Ensure Non initiation of prosecution for delay in remittance of TDS against genuine tax deductors: ICAI Suggests
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...