1.
As per Section 269SS if specified sum (any sum of money receivable, whether as
advance or otherwise, in relation to transfer of an immovable property, whether
or not the transfer takes place) taken or accepted in cash is Rs. 20,000 or
more , penalty equal to amount taken shall be imposed under S. 271D.
2.
As per
Section 269T, if specified advance (any sum of money in the nature of advance,
by whatever name called, in relation to transfer of an immovable property,
whether or not the transfer takes place) is repaid in cash and amount received together with interest is Rs. 20000 or more
(whether in the name of person making repayment singly or jointly with some
other person), penalty equal to amount repaid shall be imposed under S.271E
3.
Section
263 amended to provide invokation if in the opinion of CIT/Pr CIT order
passed -without making inquiries/ verification, and relief allowed without
inquiring into the claim, CBDT directions u/s 119 not followed, prejudicial
order of Jurisdictional High Court or Supreme Court not followed. The moot
point is whether Trinity Charitable Trust (Cochin Trib) still holds good.
4.
Limit
for SMC of ITAT raised from Income of 5 lacs to 15 lacs (as computed by AO)
5.
Order of
CCIT under 10(23C)(vi)/via now appealable before ITAT
6.
For invoking section 148 to reopen the
assessment, now if four years have not expired from the relevant assessment
year, approval of JCIT is required. If four year from the end of relevant
assessment year have expired, the approval of CC/PrCC or CIT/Pr CIT is
required. Section 151 has been amended for the purpose, where in no approval
was required in cases
a) where
four years from the end of relevant assessment years had not expired and no assessment under 143 or 147 had been made
or
b) where
assessment under 143/147 had been made and period of 4 years had not expired
but notice is being issued by officer not below the rank of AC/DC
7.
Overruling Delhi High Court Judgement in Pepsi
Co India Holdings, which said that if
title deed is found with person searched who is buyer, no proceedings
under section 153C can be taken against vendor, because it relates/referes to
vendor and does not belong to vendor. On the other hand, if photocopy of title
deed is found with vendor whose premises are searched, it can not be said that
it belongs to buyer because it refers to buyer who holds the original title
deed. Possession of documents and possession of photocopies of documents are
two different things.
8.
Requirement of TAN to be relaxed for Ind/HUF non
audit cases required to deduct TDS of non resident under section 195 by
separate notification
9.
Provisions of section 154 for rectification,
section 246A applicable to appealable orders, section 156 for notice of demand as
they were applicable to intimations/ assessments under 143/200A also made
applicable to TCS intimations.
10.
As the intimation generated after proposed
processing of TCS statement shall be deemed as a notice of demand under section
156 of the Act, the failure to pay the tax specified in the intimation shall
attract levy of interest as per the provisions of section 220(2) of the Act.
However, section 206C (7) of the Act also contains provisions for levy of
interest for non-payment of tax specified in the intimation to be issued @1%
p.m. or part from the date tax was collectible till date of payment. To remove
the possibility of charging interest on the same amount for the same period of
default both under section 206C (7) and section 220(2) of the Act, it is
proposed to provide that where interest is charged for any period under section
206C (7) of the Act on the tax amount specified in the intimation issued under
proposed provision, then, no interest shall be charged under section 220(2) of
the Act on the same amount for the same period.
11.
By inserting 206C(3B) TCS correction return can
be filed like TDS correction return u/s 200A(3)Proviso
12.
TCS return processing u/s 206CB introduced
13.
Now the fee of Rs. 200 per day ( max tax amt) leviable under S. 234E and paid at
the time of/ before delivery of TDS
return can levied at the time of processing return under Section 200A/206CB
14.
It is proposed to amend the provisions of
sections 200 and 206C of the Act to provide that where the tax deducted
[including paid under section 192(1A)] / collected has been paid without the
production of a challan, the PAO/ TO/CDDO or any other person by whatever name
called who is responsible for crediting such sum to the credit of the Central
Government, shall furnish within the prescribed time a prescribed statement for
the prescribed period to the prescribed income-tax authority or the person authorised
by such authority by verifying the same in the prescribed manner and setting
forth prescribed particulars.
Section 200(2A) and 206C(3A) introduced for the purpose.
To ensure compliance of
this proposed obligation of filing statement, it is proposed to amend the
provisions of section 272A of the Act so as to provide for a penalty of
Rs.100/- for each day of default during which the default continues subject to
the limit of the amount deductible or collectible in respect of which the
statement is to be furnished
15.
Section192(2D) introduced to provide that
employer shall obtain evidence/proofs or particulars of prescribed claims in
prescribed manner only.
16.
Form 15CA/CB required to be furnished also for
transactions where no income is chargeable to tax in India.
17.
Penalty for not providing/ incorrect furnishing
of 15CA/CB is Rs. 1 lacs subject to
pleading reasonable cause under section 273B.
18.
Transporters having 10 or lesser goods carriages
at any time during the year shall only be relieved from TDS u/s 194C subject to
furnishing of their PAN.
19.
TDS on Interest by Co-operative Banks to members
exceeding Rs. 10,000 shall now also be subject to deduction of tax. Decisions
of Banglore and Pune Tribunals favoring assessee over ruled.
20.
In respect
of banks/co-op banks/ housing finance institutions under CBS, limit of
Rs. 10,000 shall be calculated bank wise and not branch wise.
21.
Interest on recurring deposit also made subject
to TDS subject to limit of Rs. 10,000 by including recurring deposits in the
definitions of time deposits.
22.
TDS on Interest on Compensation in Motor
accident claim cases to be made on receipt basis only.
23.
Only CA in practice can represent the cases of
clients. CA employees not holding COP can not represent tax cases.
24.
For protection of independence in tax audits, certain restrictions imposed on
qualifications of tax auditors barring them from auditing the related cases.
25.
Withdrawl from recognized provident fund
(RPF) before five years which was
earlier taxable on basis of yearly data of earlier years treating the RPF
unrecognized shall now be subjected to 10% TDS only subject to furnishing PAN,
failing which tax shall be deducted at MMR. No TDS if withdrawl lesser than Rs.
30000/-. Employee can file 15G/15H also
26.
TDS on redemption of single premium/keyman
insurance policies introduced by FA 2014 now shall be subject to furnishing of
Form 15G/15H
27.
Interest Calcualtion u/s 234 B for increase in
tax amount u/s 143/153A/245D(4) shall now run from Ist April of assessment year
and not date of determination. Interest u/s 234B for additional tax amount
under application u/s 245C also introduced and shall also run from Ist April of asstt year
28.
Bar to make subsequent application u/s 245K before
Settlement Commission by a person to
apply to entities controlled by such person also.
29.
Seized Assets can be used to recover tax in
application before settlement commission u/s 245C
No comments:
Post a Comment