Daily Archives: March 6, 2016

Now Assesee can claim Immunity from penalty and prosecution u/s 270AA

By | March 6, 2016

Finance Bill 2016 Immunity from penalty and prosecution in certain cases by inserting new section 270AA It is proposed to provide that an assessee may make an application to the Assessing Officer for grant of immunity from  imposition of penalty under section 270A and initiation of proceedings under section 276C, provided he pays the tax… Read More »

Now Income tax deptt can add income of 26AS,Form No 16 ,Audit Report, in Intimation issued u/s 143(1)

By | March 6, 2016

Finance Bill 2016 Legislative framework to enable and expand the scope of electronic processing of information The existing provisions of section 133C empower the prescribed income-tax authority to issue notice calling for information and documents for the purpose of verification of information in its possession. In order to expedite verification and analysis of the information and… Read More »

Jurisdiction of Assessing Officer can not be questioned after one month

By | March 6, 2016

Finance Bill 2016 Assumption of jurisdiction of Assessing Officer The existing sub-section (3) of the section 124, inter-alia, provides that no person shall be entitled to call in question the jurisdiction of an Assessing Officer in a case where return is filed under section 139, after the expiry of one month from the date on which he… Read More »

Extension of time limit to Transfer Pricing Officer

By | March 6, 2016

Finance Bill 2016 Extension of time limit to Transfer Pricing Officer in certain cases As per the existing provisions, the Transfer Pricing Officer (TPO) has to pass his order sixty days prior to the date on which the limitation for making assessment expires. It is noted that at times seeking information from foreign jurisdictions becomes necessary for… Read More »

Now Bank Guarantee can be given in lieu of provisional attachment of property under Income tax act

By | March 6, 2016

Finance Bill 2016 Provision for bank guarantee under section 281B Under the existing provisions of section 281B the Assessing Officer may provisionally attach any property of the assessee  during the pendency of assessment or reassessment proceedings, for a period of six months with the prior approval of the income- tax authorities specified therein, if he is… Read More »

Penalty Rs 10000 for failure to comply notice of Income tax

By | March 6, 2016

Finance Bill 2016 Amendment of Section 272A Existing provision of Sub-section (1) provides for levy of penalty of ten thousand rupees for each failure or default to answer the questions raised by an income-tax authority under the Income-tax Act, refusal to sign any statement legally required during the proceedings under the Income-tax Act or failure to attend… Read More »

Income Tax penalty under New Section 270A Income Tax Act

By | March 6, 2016

 Section 270A of Income Tax Act  ( Section 270A – penalty in cases of under reporting and misreporting of income ) Finance Bill 2016 Rationalisation of penalty provisions Under the existing provisions, penalty on account of concealment of particulars of income or furnishing inaccurate particulars of income is leviable under section 271(1)(c) of the Income-tax Act. In… Read More »

Rationalisation of the provisions relating to Appellate Tribunal

By | March 6, 2016

Finance Bill 2016 Rationalisation of the provisions relating to Appellate Tribunal Existing clause (b) of sub-section (3), sub-section (4A) and sub-section (5) of section 252 provide for the appointment and powers of Senior Vice- President of the Appellate Tribunal. In view of the fact that there are no extra-judicial or administrative duties or difference in the… Read More »