India Budget Series

India Budget Series July 23, 2019

National Economic Survey – Part II

Please click here to view the Presentation-Chapter-4 Please click here to view the Presentation-Chapter-5 Please click here to view the Presentation-Chapter-6 Please click here to view the Webinar Session

India Budget Series July 16, 2019

National Economic Survey – Part I

Please click here to view the Presentation-Chapter-1 Please click here to view the Presentation-Chapter-2 Please click here to view the Presentation-Chapter-3 Please click here to view the Webinar Session

India Budget Series July 5, 2019

Union Budget 2019:Clause by Clause Analysis of Direct Tax Provisions

Please click here to view the Presentation Please click here to view the Webinar Session

India Budget Series June 3, 2019

Income Deemed to Accrue or Arise in India

Please click here to view the Presentation

India Budget Series April 10, 2019

RATIONALIZATION OF TAX TREATMENT OF RECOGNISED PROVIDENT FUNDS, PENSION FUNDS AND NATIONAL PENSION SCHEME

Under the existing provisions, tax treatment for National Pension System is EET (Exempt, Exempt and Tax) i.e. periodic contributions are allowed as deductions from income, interest accrued is exempt from tax and lump sum withdrawal are taxable. However, under Recognised Provident Funds and Super Annuation Funds, the treatment is EEE (Exempt, Exempt and Exempt) i.e. […]

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 […]

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 […]

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.

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 […]

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 […]

12378