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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Landmark Gift-Tax Amendment Introduces Two-Year Limitation Period and 20% Additional Tax on Excess Taxable Gifts</h1> The amendment modifies the Gift-tax Act, introducing time limitations for tax intimations and additional tax provisions. It establishes a two-year limitation for sending tax intimations after the assessment year, imposes a 20% additional tax on excess taxable gifts, and provides mechanisms for adjusting tax calculations based on assessment orders. The amendment also clarifies procedures for handling tax refunds and demands related to gift tax assessments.
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