RESEARCH

rationalisation-of-the-provisions-relating-to-appellate-tribunal

India Budget Series November 10, 2016

RATIONALISATION OF THE PROVISIONS RELATING TO APPELLATE TRIBUNAL

In view of rationalisation of provisions relating to Appellate Tribunal, following amendments are proposed:- -To omit the reference of “Senior Vice President” under existing clause (b) of sub-section (3), sub-section (4A) and sub-section (5) of Section 252 -To omit Section 253 (2A) and Section 253 (3A) in relation to filing of appeal by Assessing Officer […]

rationalisation-of-penalty-provisions

India Budget Series November 10, 2016

RATIONALISATION OF PENALTY PROVISIONS

Penalty for concealment of income is leviable under Section 271 (1) (c). In order to provide more certainty and objectivity, it is proposed that Section 271 shall not apply in relation to any assessment for the assessment year commencing on or after the 1st day of April, 2017 and subsequent assessment years and penalty for […]

amendment-of-section-271aab

India Budget Series November 10, 2016

AMENDMENT OF SECTION 271AAB

As per the existing provisions, where search has been initiated, the general clause of penalty ranges from 30% to 90% of the undisclosed income. It is proposed to amend the rate of penalty to 60% of such undisclosed income. These amendments will take effect from the 1st day of April, 2017.

amendment-of-section-272a

India Budget Series November 10, 2016

AMENDMENT OF SECTION 272A

It is proposed to amend Section 272A(1) to further levy penalty of Rs. 10,000 for each default or failure to comply with a notice issued under sub-section (1) of Section 142 or sub-section (2) of Section 143 or failure to comply with a direction issued under sub-section (2A) of Section 142, wherein the authority to […]

provision-for-bank-guarantee-under-section-281b

India Budget Series November 10, 2016

PROVISION FOR BANK GUARANTEE UNDER SECTION 281B

As per the existing provisions of the Act, the Assessing Officer may provisionally attach any property of the assessee during the pendency of assessment or reassessment proceedings, for a period of 6 months with the prior approval of the specified income- tax authorities, if he is of the opinion that it is necessary to do […]

assumption-of-jurisdiction-of-assessing-officer

India Budget Series November 10, 2016

ASSUMPTION OF JURISDICTION OF ASSESSING OFFICER

As per existing provisions of Section 124 (3), person shall be entitled to call in question the jurisdiction of an Assessing Officer in a case where notices are issued under Section 153A or Section 153C which relate to assessment in cases where a search and seizure action has been taken or cases connected to such […]

legislative-framework-to-enable-and-expand-the-scope-of-electronic-processing-of-information

India Budget Series November 10, 2016

LEGISLATIVE FRAMEWORK TO ENABLE AND EXPAND THE SCOPE OF ELECTRONIC PROCESSING OF INFORMATION

In order to enable and expand the scope of electronic processing of information, following proposals shall be considered: -Adequate legislative backing for processing of information and documents so obtained shall be provided to Assessing Officer. -Assessing Officer shall reopen the case under Section 147 on the basis of the information received or documents obtained pursuant […]

immunity-from-penalty-and-prosecution-in-certain-cases

India Budget Series November 10, 2016

IMMUNITY FROM PENALTY AND PROSECUTION IN CERTAIN CASES

As per new Section 270AA, It is proposed 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 only if he pays the tax and interest payable as per the order of assessment or reassessment within […]

providing-time-limit-for-disposing-applications-made-by-assessee-under-section-273a-273aa-or-2202a

India Budget Series November 10, 2016

PROVIDING TIME LIMIT FOR DISPOSING APPLICATIONS MADE BY ASSESSEE UNDER SECTION 273A, 273AA OR 220(2A)

Section 220 (2A) provides for reduction or waiver of interest amount by various authorities. Section 273A provides for reduction or waiver of penalty amount, stay or compounding of recovery proceedings of penalty amount, by Principal Commissioner or Commissioner. Also, Section 273AA provides for grant of immunity from penalty by Principal Commissioner or Commissioner under certain […]

providing-legal-framework-for-automation-of-various-processes-and-paperless-assessment

India Budget Series November 10, 2016

PROVIDING LEGAL FRAMEWORK FOR AUTOMATION OF VARIOUS PROCESSES AND PAPERLESS ASSESSMENT

In order to enhance efficiency and reduce the compliance burden, the following proposals are made:- It is proposed to amend sub-section (1) of Section 282A so as to provide that no mandatory signature of the authority in manuscript shall be required to issue notice or other document and the same shall be issued either in […]

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