https://www.taxtmi.com/circulars?id=4605 The Amending Act introduces broad reforms to exemptions, trust taxation and compliance: expands the definition of child; creates a new exemption category for national and notified charitable funds; revises section 11 to require application of 75 percent of income with extended time and options and authorises alternate application where original purposes cannot be met; prescribes specific investment modes for trust funds with phased applicability; mandates account-keeping for specified professionals and businesses; treats unexplained expenditures and non-bank hundi payments as assessable; empowers audit directions and best-judgment assessments for non-compliance; establishes a statutory Settlement Commission with power to admit, investigate, settle or reopen cases and, subject to conditions, grant immunity; and overhauls the penalty, PAN and reporting regimes to strengthen enforcement and administrative procedures. en-us Sat, 24 Jul 1976 00:00:00 +0530 Thu, 31 Jul 2008 12:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=4605 The Amending Act introduces broad reforms to exemptions, trust taxation and compliance: expands the definition of child; creates a new exemption category for national and notified charitable funds; revises section 11 to require application of 75 percent of income with extended time and options and authorises alternate application where original purposes cannot be met; prescribes specific investment modes for trust funds with phased applicability; mandates account-keeping for specified professionals and businesses; treats unexplained expenditures and non-bank hundi payments as assessable; empowers audit directions and best-judgment assessments for non-compliance; establishes a statutory Settlement Commission with power to admit, investigate, settle or reopen cases and, subject to conditions, grant immunity; and overhauls the penalty, PAN and reporting regimes to strengthen enforcement and administrative procedures. Circulars Income Tax Sat, 24 Jul 1976 00:00:00 +0530 https://www.taxtmi.com/circulars?id=4605