Loading...

⚠ ✕
❮ Top
☎ Help
☰
×

By creating an account you can:

Logo TaxTMI
Call Us / Help / Feedback✕

Contact Us At :

✉ E-mail: [email protected]

✆ Call / WhatsApp at: +91 99117 96707

For more information, Check Contact Us

FAQs :

To know Frequently Asked Questions, Check FAQs

Most Asked Video Tutorials :

For more tutorials, Check Video Tutorials

Submit Feedback/Suggestion :

Email :
Please provide your email address so we can follow up on your feedback.
Category :
Description :
Min 15 characters 0/2000
Make Most of Text Search ✕
  1. Checkout this video tutorial: How to search effectively on TaxTMI.
  2. Put words in double quotes for exact word search, eg: "income tax"
  3. Avoid noise words such as : 'and, of, the, a'
  4. Sort by Relevance to get the most relevant document.
  5. Press Enter to add multiple terms/multiple phrases, and then click on Search to Search.
  6. Text Search
  7. The system will try to fetch results that contains ALL your words.
  8. Once you add keywords, you'll see a new 'Search In' filter that makes your results even more precise.
  9. Text Search
╳
Add to...
You have not created any category. Kindly create one to bookmark this item!
✕
Create New Category
Hide
Title :
Description :
❮❮ Hide
❮ Default View
Expand ❯❯
Close ✕
🔎 Filters / Advanced Search ❯
TEXT

Press 'Enter' to add multiple search terms. Rules for Better Search

Search In
Main Text + AI Text ❯
  • Main Text
  • Main Text + AI Text
  • AI Text
Law:
---- All Laws---- ❯
  • ---- All Laws----
  • Benami Property
  • Bill
  • Central Excise
  • Companies Law
  • Customs
  • DGFT
  • FEMA
  • GST
  • GST - States
  • IBC
  • Income Tax
  • Indian Laws
  • Money Laundering
  • SEBI
  • SEZ
  • Service Tax
  • VAT / Sales Tax
Types:
---- All Types ---- ❯
  • ---- All Types ----
  • Act Rules
  • Case Laws
  • Circulars
  • Manuals
  • News
  • Notifications
Sort By: ?
In Sort By 'Default', exact matches for text search are shown at the top, followed by the remaining results in their regular order.
Relevance Default Date
    Case Laws Income Tax
    Form No.10B & Section 119(2)(b): Condonation of Delay in Tax Exemption Claims: Principles, Precedent...
    Case Laws Income Tax
    Section 195, DTAAs and Software Licences: A Practical Framework for Withholding Tax
    Case Laws Income Tax
    Section 263 Revisited: Jurisdictional Boundaries Where AO Takes a Plausible View on 80G Claims
    Case Laws Income Tax
    Section 11(3) After Finance Act, 2022: Utilization of Accumulated Income - Deemed Income, Vesting an...
    Case Laws Income Tax
    When Can an ITAT Reopen a Decision? Distinguishing Prior Binding Precedent from Subsequent Case-Law
    Case Laws Income Tax
    Faceless Assessment and Jurisdiction: Reconciling JAO Roles with NFAC u/ss 144B & 151A (JAO / FAO)
    Act Rules Income Tax
    Comparison of SCHEDULE XVI "PERMITTED MODES OF INVESTMENT OR DEPOSITS" between the Income-Tax Act, 2...
    Act Rules Income Tax
    Comparison of SCHEDULE-XV "DEDUCTION IN RESPECT OF LIFE INSURANCE PREMIA, CONTRIBUTION TO PROVIDENT ...
    Act Rules Income Tax
    Comparison of SCHEDULE XIV "INSURANCE BUSINESS" between the Income-Tax Act, 2025 (as passed) and the...
    Act Rules Income Tax
    Comparison of SCHEDULE XI "RECOGNISED PROVIDENT FUNDS" between the Income-Tax Act, 2025 (as passed) ...
    Act Rules Income Tax
    Comparison of SCHEDULE X "DEDUCTION FOR SITE RESTORATION FUND FOR COMPUTING INCOME UNDER THE HEAD "P...
    Act Rules Income Tax
    Comparison of SCHEDULE IX "DEDUCTION FOR TEA DEVELOPMENT ACCOUNT, COFFEE DEVELOPMENT ACCOUNT AND RUB...
    Act Rules Income Tax
    Comparison of SCHEDULE VIII "INCOME NOT TO BE INCLUDED IN THE TOTAL INCOME OF POLITICAL PARTIES AND ...
    Act Rules Income Tax
    Comparison of SCHEDULE VII "PERSONS EXEMPT FROM TAX" between the Income-Tax Act, 2025 (as passed) an...
    Act Rules Income Tax
    Comparison of SCHEDULE VI "INCOME NOT TO BE INCLUDED IN TOTAL INCOME OF CERTAIN ELIGIBLE PERSONS IN ...
    Act Rules Income Tax
    Comparison of SCHEDULE V "INCOME NOT TO BE INCLUDED IN TOTAL INCOME OF CERTAIN ELIGIBLE PERSONS INCL...
    Act Rules Income Tax
    Comparison of SCHEDULE IV "INCOME NOT TO BE INCLUDED IN TOTAL INCOME OF ELIGIBLE NON-RESIDENTS, FORE...
    Act Rules Income Tax
    Comparison of SCHEDULE III "INCOME NOT TO BE INCLUDED IN TOTAL INCOME OF ELIGIBLE PERSONS" between t...
    Act Rules Income Tax
    Comparison of SCHEDULE II "INCOME NOT TO BE INCLUDED IN TOTAL INCOME" between the Income-Tax Act, 20...
    Act Rules Income Tax
    Comparison of SCHEDULE I "CONDITIONS FOR CERTAIN ACTIVITIES NOT TO CONSTITUTE BUSINESS CONNECTION IN...
❮
❯
❯❯
Maximize Maximize Maximize
0 / 200
Expand Note
Add to Folder

No Folders have been created

+

Are you sure you want to delete "My most important" ?

NOTE:

Notes
Showing Results for :
Reset Filters
Results Found:
Show All Summaries Hide All Summaries
Case Laws Income Tax
Show AI Summary
Condonation of delay in tax exemption claims should favor substantive rights over mere technical filing defects when bona fide.
Equitable application of the Condonation Power requires authorities to admit late Form No.10B filings when short delays or credible explanations would otherwise strip claimants of substantive exemption rights; procedural defects such as digital-signature technicalities must be tested against documentary e-filing evidence and substantial compliance, while administrative safeguards permit subsequent verification of the audit report.
Case Laws Income Tax
Show AI Summary
Royalty characterisation for software determines withholding-non exclusive copies/licenses generally not subject to TDS unless income is chargeable.
Payments for off the shelf/shrink wrapped software or hardware embedded software that constitute a resale of a copyrighted article or a grant of a non exclusive, restricted licence for internal use do not ordinarily constitute royalty under section 9(1)(vi) or typical DTAA provisions; withholding under section 195 arises only where the non resident's receipts are chargeable to tax in India (e.g., due to a PE or transfer of substantive copyright rights), and retrospective domestic amendments cannot be used to impose past withholding obligations on payors who lacked notice of the expanded definition.
Case Laws Income Tax
Show AI Summary
Revisional jurisdiction cannot overturn a plausible assessment on charitable deductions where donation conditions are met.
Tribunals held that Explanation 2 limiting CSR expenditure as a business deduction operates within the business income chapter and does not ipso facto bar claims under the donations regime; specific statutory exceptions indicate Parliament's choice to restrict only certain items. A mandatory CSR outlay does not automatically negate donation character where there is no material return, provided donee approval and documentary evidence are established. On revisional power, section 263 cannot be invoked to overturn an assessing officer's tenable, precedent backed view where enquiries were made; revision is justified only if the AO's conclusion is legally untenable or there was no inquiry.
Case Laws Income Tax
Show AI Summary
Accumulated trust income: Tribunal rulings treat the 2022 amendment as prospective, preserving the prior six year utilisation window.
Two Tribunal benches held that the Finance Act, 2022 amendment to the accumulation provision is prospective; accumulations made before 1 April 2022 remain governed by the prior law including the additional one year grace, and utilisation within that six year window cannot be taxed for AY 2023 24. The Tribunals relied on the presumption against retrospectivity, the Finance Bill memorandum stating an effective date of 1 April 2023, and fairness doctrines to conclude Parliament did not intend to curtail vested rights retroactively.
Case Laws Income Tax
Show AI Summary
Tribunal recall power limited: later judicial overruling alone cannot reopen finalized tax orders under review rules.
The tribunal's power to amend is limited to rectifying a mistake apparent from the record existing at the time of the original order or to taking into account contemporaneous binding precedent not placed before it; a subsequent overruling or clarification by a superior court cannot alone justify recall, in light of the explanatory bar in Order XLVII Rule 1 CPC and related authorities.
Case Laws Income Tax
Show AI Summary
Concurrent jurisdiction between JAO and faceless authorities affirmed; JAO may initiate reassessment followed by faceless assessment.
The faceless scheme and RMS produce information that may be surfaced to the JAO, permitting the JAO to conduct the pre-notice inquiry and form satisfaction to issue a notice initiating reassessment; thereafter records may be transmitted for faceless assessment via automated allocation, embodying a two-stage model that preserves both JAO initiation authority and central faceless assessment.
Act Rules Income Tax
Show AI Summary
Permitted Modes of Investment: clarifies eligible instruments for registered non profit funds under section 350 compliance.
The schedule lists closed, enumerated permitted modes of investment for monies under section 350, privileging government backed and regulated instruments, specified sectoral debt and equity, deposits with public authorities, and notified schemes; it defines key terms (e.g., long term finance as five year minimum) and preserves transitional and historical exceptions including a one year short term holding rule for non specified assets and preservation of corpus assets held on specified historical dates.
Act Rules Income Tax
Show AI Summary
Deduction for specified payments: qualifying contributions allowed, but breach or early disposal triggers recapture of previously allowed deductions.
Schedule XV lists payments that qualify for deduction under section 123-notably life insurance premia subject to quantitative ceilings by policy issue date and disability status, specified provident/pension/superannuation contributions, notified securities and mutual fund units, certain term deposits and housing finance repayments-and sets withdrawal and recapture rules whereby surrender, premature transfer, early withdrawal or sale within holding periods causes previously allowed deductions to be treated as income; definitions and eligibility depend on cross-references and delegated notifications.
Act Rules Income Tax
Show AI Summary
Life insurance taxable profit computed by annual average of actuarial surplus, separate from other business for tax purposes.
Life insurance taxable profit must be computed separately as the annual average of actuarial surplus from statutory valuations excluding earlier inter-valuation surplus/deficits, with specified add-backs; non-life taxable income is the profit before tax and appropriations per statutory accounts subject to enumerated tax adjustments, and non-resident branch profits may be allocated by India-premium proportion absent suitably reliable alternative data.
Act Rules Income Tax
Show AI Summary
Recognition conditions for provident funds determine tax treatment and trustee obligations, with investment limits tied to securities definitions.
Schedule XI conditions tax-favourable treatment of recognised provident, superannuation and gratuity funds on structural and operational criteria (trust form, vesting, non-revocability, employee coverage, permitted assets and payment rules); recognition/approval is discretionary and revocable; failures attract inclusion of accumulated balances or contributions in employee income and procedural obligations such as TDS; trustees face record-keeping, reporting and potential liability, while the Board may make rules subject to statutory limits and section 534 oversight.
Act Rules Income Tax
Show AI Summary
Deduction for site restoration funds: designated SBI deposits allow capped tax relief but trigger deeming on improper use.
A deduction permits upstream petroleum and natural gas taxpayers to deduct amounts deposited in designated site restoration accounts held with the State Bank of India, limited to the lesser of actual deposits or 20% of business profits before the deduction; deposits and interest are treated as account balance, withdrawals are restricted to scheme permitted uses, and improper utilisation or account closure triggers deeming provisions or disallowance, with an eight year clawback on asset sales subject to narrow exceptions.
Act Rules Income Tax
Show AI Summary
Deduction for development account deposits: allowable up to 40% of profits, subject to strict deposit, audit and claw back rules.
The Schedule allows growers and manufacturers of tea, coffee and rubber to deduct deposits into prescribed development accounts up to the lesser of actual deposits or 40% of business profits, subject to carrying on the specified business in India, depositing funds in specified special or deposit accounts under board or National Bank schemes, and furnishing a prescribed audited report by the specified date; unauthorised withdrawals or use for specified articles are deemed taxable and assets acquired from such funds are subject to claw back if sold or transferred within eight years.
Act Rules Income Tax
Show AI Summary
Income exclusion for political funding conditioned on transparency, recordkeeping, prescribed receipt modes and distribution obligations.
The Schedule excludes specified receipts from total income of eligible political parties and electoral trusts-covering property income, other sources, capital gains and voluntary contributions for registered parties, and voluntary contributions for electoral trusts-conditional on maintenance of books, audited accounts, prescribed filing of returns, donor identification for significant contributions, prescribed modes of receipt for larger donations, distribution obligations for electoral trusts, and cross-referenced compliance with electoral and banking statutory provisions.
Act Rules Income Tax
Show AI Summary
Persons exempt from tax: categories qualify for total income exclusion subject to approvals, notifications and prescribed conditions.
Schedule VII lists 48 categories of persons whose total income is exempt from income tax subject to specified conditions: approvals by tax/regulatory authorities, Central Government notifications, prescribed financing thresholds to qualify as wholly or substantially government financed, and defined time limited exemptions for certain financing institutions. The Schedule relies on six Notes for statutory definitions and cross references other income tax provisions (including treatment of anonymous donations) to determine exclusion from total income.
Act Rules Income Tax
Show AI Summary
IFSC tax exclusion for specified financial incomes conditions relief on non-resident unit-holding, convertible receipts and prescribed rules.
Schedule VI excludes specified IFSC-related income from "total income" for defined eligible persons, listing discrete income heads (capital gains on IFSC exchange transfers, securities transfers, securitisation trust receipts, derivative and portfolio receipts, royalty/interest on aircraft/ship leases, specified fund returns, dividends of IFSC leasing units, and interest payable by IFSC units) together with conditional eligibility tied to convertible foreign exchange receipt, non-resident unit-holdings, commencement-of-operations windows, regulatory registration, and delegated computational prescriptions.
Act Rules Income Tax
Show AI Summary
Tax exclusion for institutional investment vehicles: conditional non inclusion of specified income subject to regulatory compliance and clawback.
Schedule V excludes specified income from total income for defined eligible persons-investment funds, business trusts (including REITs/InvITs), venture capital vehicles and certain foreign public investors-operating as a negative list subject to conditions and Notes. Exclusions include non business dividend and interest for investment funds, SPV interest/dividend exemptions for business trusts, REIT rental income exclusions for directly owned assets, and a layered specified person exemption with holding period, investment type, proportional computation, carve outs and clawback rules; implementation relies on cross references to SEBI/RBI/IFSC rules and Board guidelines.
Act Rules Income Tax
Show AI Summary
Non resident exemptions conditioned on residency, limited presence and Central Government notification restrict exclusions from taxable income.
Schedule IV excludes specified receipts from total income of defined non residents and foreign companies where each listed entry identifies the income class, eligible person and conditions for exclusion. Exclusions depend on factual predicates-residency under foreign exchange rules, limited period of presence, absence of employer taxable presence in India, RBI permissions for NR(E) accounts-and on Central Government notification or approved agreements. Key categories include NR(E) account interest, diplomatic remuneration, short term foreign employee remuneration, specified royalties/fees, Offshore Banking Unit deposits, intra group cruise lease rentals, regional community investments and notified crude oil arrangements.
Act Rules Income Tax
Show AI Summary
Income exclusions from total income: targeted, conditional exemptions rely on prescribed procedures and cross referenced regulations.
Schedule III excludes specified categories of receipts from total income for designated eligible persons, linking each excluded income to eligible person categories and conditional provisos. It covers personal reliefs (pensions, allowances, capped partial NPS withdrawals), partnership and family allocations, disaster compensation, conditional sectoral subsidies and institutional exemptions (research, khadi, securitisation, investor protection and settlement funds), and relies on prescribed procedures, certificates and cross references to subordinate legislation for operability.
Act Rules Income Tax
Show AI Summary
Life insurance exemption tightened by period, premium ratio and aggregate premium tests, altering tax treatment of policy and IFSC receipts.
Schedule II excludes specified classes of income from total income while imposing conditional tests on life insurance and retirement/savings receipts. Life insurance exclusions depend on policy issue periods, premium to sum assured ratios, aggregate premium ceilings and express ineligibility for certain receipts. Provident fund interest attributable to large post cut off contributions is excluded from exemption with the non excluded portion to be computed as prescribed. The Schedule adds an equalisation levy exclusion interacting with treaty notifications and treats IFSC issued policies differently under a targeted aggregate premium carve out.
Act Rules Income Tax
Show AI Summary
Business connection safe harbour for non-resident funds: compliance thresholds determine Indian tax nexus exclusion.
The Schedule establishes a safe harbour whereby certain non-resident investment funds and eligible fund managers will not constitute a business connection in India if they satisfy exhaustive investor-composition, concentration, corpus, independence, non-control, prohibited-associate-investment and arm's-length remuneration conditions, with specified carve-outs, transitional reliefs, registration requirements under prescribed securities-regulator frameworks, and filing and record keeping obligations to substantiate compliance.

TMI Notes

Back

All TMI Notes

Showing Results for :
Reset Filters
No Records Found

TMI Notes

Back

All TMI Notes

Comparison of section 351 "Specified violation." between the Income-Tax Act, 2025 (as passed) and the Income-Tax Bill, 2025 (as originally introduced)

11 September, 2025

Contents
Acts
Rules & Regulations
Summary
Note

Note

-

Bookmark

Print

Print

Section 351 Specified violation.

Income-tax Act, 2025

At a Glance

These texts set out Clause/Section 351 dealing with "specified violation" by a registered non-profit organisation under the Income Tax Bill, 2025 (old version) and the enacted Income-tax Act, 2025. They matter because they prescribe grounds and procedure for cancellation of registration of non-profit organisations and thus affect taxpayers (registered non-profit entities), tax administration (Principal Commissioner/Commissioner and Assessing Officers), and the broader charitable sector. Effective/commencement dates: Not stated in the document.

Background & Scope

Statutory hooks: Clause/Section 351 appears in Part IV (Violations) of the Income Tax Bill, 2025 / Income-tax Act, 2025. The provision addresses "specified violation" by a registered non-profit organisation and grants the Principal Commissioner or Commissioner power to inquire, call for documents, and pass orders including cancellation of registration. Definitions or extended explanations of terms used (e.g., "registered non-profit organisation", "objects", "commercial activity", or cross-referenced sections 332, 345, 346, 270(13)) are Not stated in the document.

Statutory Provision Mode

Text & Scope

The provision enumerates specified violations by a registered non-profit organisation, namely:

  • application of income otherwise than for its objects;
  • carrying out commercial activity in contravention of section 345 or 346 (enacted) / section 345 (Bill);
  • application of any part of total income for private religious purposes which does ensure/enure for the benefit of the public;
  • post-commencement organisations for charitable purpose applying income for benefit of particular religious community or caste other than SCs/STs or backward classes or women and children;
  • activities that are not genuine or not carried out in accordance with registration conditions;
  • non-compliance with requirements of other law as referred u/s 332(7)(a) and where the order/direction/decree is either undisputed or final;
  • false or incorrect information in the application referred to in section 332(1).

Procedure: Where the Principal Commissioner/Commissioner has noticed one or more specified violations, receives a reference from the Assessing Officer u/s 270(13), or the organisation is selected per Board-formulated risk strategy, the officer shall call for documents/inquiries, and then pass an order in writing either cancelling registration (after reasonable opportunity of being heard) for such tax year and subsequent years if satisfied violation occurred, or not cancelling if not so satisfied; copy to AO and organisation. Timeline: order to be passed within six months calculated from end of quarter in which first notice was issued calling for documents/inquiry.

Interpretation

Legislative intent indicated by text: the provision aims to create a statutory mechanism to protect the tax base by identifying specified breaches by non-profit organisations and providing a structured administrative route for cancellation of registration, incorporating procedural safeguards (opportunity of being heard, timelines). The text signals an intent to link tax-registration consequences to both internal misapplication of funds and external non-compliance with other laws.

Exceptions/Provisos

Carve-outs or conditions in the text include:

  • Cancellation is to be preceded by giving a reasonable opportunity of being heard.
  • Non-compliance under other laws is actionable only where the order/direction/decree "has either not been disputed, or has attained finality" (enacted text).
  • Specific temporal limitation on decision-making: order must be passed within six months from quarter-end of first notice.

Illustrations

  • Example 1: A registered non-profit uses grants to pay director's personal expenses - this falls under clause (a) (application other than for objects) and can trigger inquiry and potential cancellation if established. (Facts consistent with text.)
  • Example 2: A post-commencement charitable organisation awards scholarships exclusively to a single non-protected religious community (not SC/ST/backward classes/women/children) - under clause (d) this could be a specified violation. (Facts consistent with text.)
  • Example 3: A registered non-profit running a business arm in contravention of section 346 (enacted) would fall under clause (b) and could be subject to cancellation proceedings. (Facts consistent with text.)

Interplay

The provision cross-refers to sections 345, 346, 332(7)/(7)(a), 332(1), and 270(13). Specific interaction with Rules, Notifications or Circulars is Not stated in the document. The provision situates administrative power with Principal Commissioner/Commissioner while involving Assessing Officer by reference and communication; how this aligns with broader registration/renewal procedures or appeal remedies is Not stated in the document.

Differences between the two provisions and practical impact

  • Reference to section 345/346 (commercial activity): Old Bill (Document 2) lists contravention only of section 345; the enacted Section 351 (Document 1) lists contravention of the provisions of section 345 or 346.
    • Practical impact: expansion of trigger-more commercial-activity-related conduct (covered in section 346) can now constitute a specified violation, increasing exposure to cancellation for NGOs engaged in commercial activities that fall within section 346.
  • Wording on timing/temporal scope of cancellation: Old Bill states cancellation may be "for such tax year during which such specified violation took place and all subsequent tax years." Enacted Section omits the phrase "for such tax year during which such specified violation took place," instead providing cancellation "for such tax year and all subsequent tax years."
    • Practical impact: enacted text is arguably broader or at least less temporally precise; it appears to allow cancellation beginning with the relevant tax year (same as Bill) but the slight drafting change reduces explicit limitation language-practically similar but drafting difference could affect interpretation of retrospective/prospective reach if disputes arise.
  • Reference to compliance with other laws (section 332(7)): Old Bill refers to "requirements u/s 332(7)"; enacted Section refers to "requirements of any other law as referred u/s 332(7)(a) and the order, direction or decree... has either not been disputed, or has attained finality."
    • Practical impact: enacted provision clarifies that the non-compliance is with "any other law as referred u/s 332(7)(a)" (narrower/clarified cross-reference) and adds explicit textual emphasis that the order/direction/decree must either be undisputed or final. This makes the ground for cancellation contingent on a final/undisputed determination under those other laws.
  • Typographical/word choice correction: Enacted Section corrects "enure" to "ensure" (via corrigenda).
    • Practical impact: corrects potential ambiguity in clause (c) regarding private religious purposes "which does ensure for the benefit of the public" (document shows correction but intended meaning remains that such private religious application must not ensure public benefit). Substance unaffected except removal of typographical error.
  • Minor drafting/formatting differences: Enacted provision adds subparagraph labeling and slightly reorders phrasing (e.g., subsection (2)(a) temporal phrase "Where,--" vs Bill's "Where during any tax year,--").
    • Practical impact: no substantive change except possible differences in interpretive emphasis on temporal locus of detection; enacted text's condition list in (2) is substantively the same but more tightly cross-referenced in some places.

Practical Implications

  • Compliance and risk areas grounded in the text: strict internal compliance with objects and permitted uses of income; careful structuring of any commercial activities to avoid contravention of sections 345/346; avoidance of private-religious-purpose applications that do not benefit the public; adherence to registration conditions; ensure accuracy of initial registration application (section 332(1)).
  • Record-keeping/evidence points suggested by the text: documentary evidence of application of income to objects, minutes/authorisations for activities, contracts and accounts for commercial activities, demonstration of public benefit for religious activities, evidence of compliance with other laws (and any orders/directions) and dispute status thereof, and documentation submitted in registration application-since false/incorrect application information is a specified violation.

Key Takeaways

  • Clause/Section 351 lists seven discrete grounds that may constitute a "specified violation" leading to cancellation of registration of a registered non-profit organisation.
  • Enacted text expands commercial-activity trigger to include contravention of section 346 in addition to section 345, broadening potential exposure.
  • Cancellation can be ordered by Principal Commissioner/Commissioner after inquiry and hearing, and must be communicated to the Assessing Officer and organisation.
  • Non-compliance under other laws is actionable where the external order/direction/decree is undisputed or final, per enacted text.
  • Administrative timeline: order must be passed within six months from the quarter-end of the first notice calling for documents/inquiry.
  • Accuracy of registration application is critical-false or incorrect information is an explicit ground for specified violation.
  • Certain drafting differences between Bill and Act (e.g., reference to section 346 and clarified cross-reference to section 332(7)(a)) may have practical consequences for scope and enforcement.

Full Text:

Section 351 Specified violation.

Topics

Acts Income Tax