Foundational assessment satisfaction is essential before initiating penalty for cash receipt of immovable-property sale consideration under section 27...
Tax collection at source on purchases removes duplicate withholding obligation, while trade-creditor evidence requires verification before unexplained...
Transfer-pricing comparability requires material turnover effects; adjustments must cover only associated-enterprise transactions and exclude abnormal...
Comprehensive review of Income-Tax Act, 1961 in six months proposed for simplification. All tax services to be digitalized and made paperless in two years. Vivad se Vishwas Scheme, 2024 announced to resolve pending income tax disputes. Reassessment period reduced, time limit for search cases curtailed. Merger of tax exemption regimes for charities, rationalization of TDS rates proposed. Monetary limits for filing appeals increased. Security Transaction Tax on futures/options hiked, income on buyback of shares to be taxed. Revenue forgone Rs. 37,000 crore, mobilized Rs. 30,000 crore.
Comprehensive review of Income-Tax Act, 1961 in six months proposed for simplification. All tax services to be digitalized and made paperless in two years. Vivad se Vishwas Scheme, 2024 announced to resolve pending income tax disputes. Reassessment period reduced, time limit for search cases curtailed. Merger of tax exemption regimes for charities, rationalization of TDS rates proposed. Monetary limits for filing appeals increased. Security Transaction Tax on futures/options hiked, income on buyback of shares to be taxed. Revenue forgone Rs. 37,000 crore, mobilized Rs. 30,000 crore.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4888 
