Opportunity to furnish unsecured-loan confirmations is required before reassessment initiation; proceedings require fresh consideration after taxpayer...
Under-reporting on a first reassessment return attracts penalty, while enhanced misreporting penalty requires proof of a statutory misreporting catego...
No deduction of tax shall be made u/s 194Q of the IT Act 1961 by a buyer on purchase of goods from an International Financial Services Centre Unit seller, subject to conditions: seller furnishing statement-cum-declaration in prescribed form for 10 consecutive assessment years opted for section 80LA deduction; buyer not deducting tax after receiving form and furnishing payment details in tax statement. Relaxation available only for declared years. Definitions of seller, buyer, IFSC, Unit provided. DGIT(Systems) to prescribe procedures and formats.
No deduction of tax shall be made u/s 194Q of the IT Act 1961 by a buyer on purchase of goods from an International Financial Services Centre Unit seller, subject to conditions: seller furnishing statement-cum-declaration in prescribed form for 10 consecutive assessment years opted for section 80LA deduction; buyer not deducting tax after receiving form and furnishing payment details in tax statement. Relaxation available only for declared years. Definitions of seller, buyer, IFSC, Unit provided. DGIT(Systems) to prescribe procedures and formats.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
