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...
Central Government, exercising powers under section 10(46A)(b) of the Income-tax Act, 1961, notifies a state development authority constituted under the Punjab Regional and Town Planning and Development Act, 1995, as eligible for tax exemption on specified income under clause (46A). The exemption is effective from assessment year 2024-25, conditional upon the authority's continued constitution under the 1995 Act and its pursuit of one or more purposes specified in section 10(46A)(a). An explanatory memorandum certifies that no person is adversely affected by the notification's retrospective effect.
Central Government, exercising powers under section 10(46A)(b) of the Income-tax Act, 1961, notifies a state development authority constituted under the Punjab Regional and Town Planning and Development Act, 1995, as eligible for tax exemption on specified income under clause (46A). The exemption is effective from assessment year 2024-25, conditional upon the authority's continued constitution under the 1995 Act and its pursuit of one or more purposes specified in section 10(46A)(a). An explanatory memorandum certifies that no person is adversely affected by the notification's retrospective effect.
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TaxTMI 
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