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...
The GoI notification precludes tax deductions for expenditures related to settling proceedings involving contraventions under specified financial regulatory statutes, including SEBI Act, Securities Contracts (Regulation) Act, Depositories Act, and Competition Act. The Central Government, exercising powers under Income Tax Act section 37(1), explicitly disallows tax deductions for settlement expenses arising from legal proceedings initiated due to defaults or violations in these regulatory frameworks. The notification becomes effective upon official gazette publication, mandating strict compliance and eliminating potential tax benefits for legal settlement costs in financial and competitive regulatory domains.
The GoI notification precludes tax deductions for expenditures related to settling proceedings involving contraventions under specified financial regulatory statutes, including SEBI Act, Securities Contracts (Regulation) Act, Depositories Act, and Competition Act. The Central Government, exercising powers under Income Tax Act section 37(1), explicitly disallows tax deductions for settlement expenses arising from legal proceedings initiated due to defaults or violations in these regulatory frameworks. The notification becomes effective upon official gazette publication, mandating strict compliance and eliminating potential tax benefits for legal settlement costs in financial and competitive regulatory domains.
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TaxTMI 
TaxTMI 
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