Charitable trust registration requires a specified-violation notice; settled cash deposits and related-party payments did not justify cancellation or ...
External development charges trigger TDS under section 194C, while disputed administrative payments require factual verification and fresh adjudicatio...
Section 270AA penalty immunity requires identified statutory defaults and a hearing before rejection; reassessment disclosure may constitute under-rep...
Section 80JJAA employee-cost deduction allowed for deployed staff but barred against transfer-pricing income enhancement, with pricing issues remanded...
Transfer-pricing methodology protects commercially genuine associated-enterprise payments, while pre-2016 secondary adjustments and related notional i...
Negative liens over operating assets can constitute international transactions requiring arm's-length pricing reflecting restricted borrowing and expa...
Cross-examination rights in Customs Broker revocation inquiries require witness examination; procedural denial may be cured through fresh adjudication...
ICAI's Suggestions for Review of Income Tax Act, 1961: Tax Deducted at Source (TDS) prosecution proceedings are appropriate only where deductors deliberately do not deposit TDS, as mens rea is required. Relief from prosecution u/s 276B should be extended to deductors who pay tax after the prescribed time limit but before service of any notice. For secondary adjustments u/s 92CE, the threshold for primary adjustment may be increased from Rs. 1 crore to Rs. 2 crore to align with FEMA limits. Provisions should allow reversal of advances in books when AE relationship ceases or excess money is repatriated. Section 94A should prevail over section 206AA for withholding tax rates on payments to notified jurisdictional areas. To reduce compliance burden: - Reconsider introducing section 194T for 10% TDS on partner remuneration, or reduce the rate to 2%. - Increase the threshold u/r 37BB for filing Part A of Form 15CA from Rs. 5 lakh to Rs. 10 lakh. - Increase the threshold for obtaining tax clearance certificate u/s 230(1A) from Rs. 10 lakh to Rs. 50 lakh. - Extend the due date for filing belated/revise returns.
ICAI's Suggestions for Review of Income Tax Act, 1961: Tax Deducted at Source (TDS) prosecution proceedings are appropriate only where deductors deliberately do not deposit TDS, as mens rea is required. Relief from prosecution u/s 276B should be extended to deductors who pay tax after the prescribed time limit but before service of any notice. For secondary adjustments u/s 92CE, the threshold for primary adjustment may be increased from Rs. 1 crore to Rs. 2 crore to align with FEMA limits. Provisions should allow reversal of advances in books when AE relationship ceases or excess money is repatriated. Section 94A should prevail over section 206AA for withholding tax rates on payments to notified jurisdictional areas. To reduce compliance burden: - Reconsider introducing section 194T for 10% TDS on partner remuneration, or reduce the rate to 2%. - Increase the threshold u/r 37BB for filing Part A of Form 15CA from Rs. 5 lakh to Rs. 10 lakh. - Increase the threshold for obtaining tax clearance certificate u/s 230(1A) from Rs. 10 lakh to Rs. 50 lakh. - Extend the due date for filing belated/revise returns.
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