Income-tax rates and surcharge revised, new audit obligation, cash-transaction restrictions and penalties introduced for specified taxpayers. The Act revises income-tax rates and surcharges across taxpayer categories and prescribes aggregation and computation rules for net agricultural income when charging tax or computing advance tax. It amends numerous Income-tax provisions to restrict or qualify deductions and exemptions, introduces a mandatory audit requirement for persons above turnover/receipt thresholds and penalties for noncompliance, and prohibits accepting certain loans or deposits except by account-payee cheque or draft with criminal and fine consequences for breaches.
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Provisions expressly mentioned in the judgment/order text.
Income-tax rates and surcharge revised, new audit obligation, cash-transaction restrictions and penalties introduced for specified taxpayers.
The Act revises income-tax rates and surcharges across taxpayer categories and prescribes aggregation and computation rules for net agricultural income when charging tax or computing advance tax. It amends numerous Income-tax provisions to restrict or qualify deductions and exemptions, introduces a mandatory audit requirement for persons above turnover/receipt thresholds and penalties for noncompliance, and prohibits accepting certain loans or deposits except by account-payee cheque or draft with criminal and fine consequences for breaches.
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