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...
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)...
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...
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...
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)...
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...
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...
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...
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...
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...
