GST Helpdesk   Subscription   Demo   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Extracts
Home List
← Previous Next →

Assessment procedures - Direct tax - Budget 2015

Tax in General + Budget + Finance Acts - By: - CS Swati Dodhi - Dated:- 2-3-2015 Last Replied Date:- 30-12-1899 - Assessment procedures 1. Sanction for issuance of notice in case of re-assessment proceedings Presently, before issuance of re-assessment notice, sanctions from certain authorities are required to be obtained based on various criteria such as, whether scrutiny assessment or re-assessment has been made earlier or not, whether notice is proposed to be issued within or after four years .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

f the Joint Commissioner is satisfied by the reasons recorded for issue of such notice. This amendment will be effective from 1 June 2015. 2. Assessment of income of any other person Presently, in case of search or seizure of a person, if an assessing officer is satisfied that the books of accounts or documents seized belong to any other person, then such books of accounts or documents seized shall be handed over to the assessing officer having jurisdiction over such other person and that assess .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ts will be effective from 1 June 2015. APPEALS 1. Procedure of filing of appeal by tax authorities when identical question of law is pending before Supreme Court At present, only the assessee can submit a claim that he would not agitate the same question of law before the higher appellate authorities in relevant assessment year provided the question of law arising in the relevant assessment year is identical with question of law already pending in his own case before the High Court or Supreme Co .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

nstitution under section 10(23)(vi) and 10(23)(via) are now, appealable before the Income-tax Appellate Tribunal as compared to earlier. This amendment will be effective from 1 June 2015. 3. Single member bench of Income-tax Appellate Tribunal Presently, the single member bench may pass order where total income as computed by the assessing officer does not exceed ₹ 0.5 million. Now, the above limit has been increased from ₹ 0.5 million to ₹ 1.5 million. The above amendment will .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ome will be considered for general provisions only. This amendment will be effective from 1 April 2016. 2. Penalty for accepting specified sum/advance Presently, for accepting any loan or deposit or repaying any loan or deposit of more than ₹ 20,000 otherwise than by an account payee cheque, bank draft or online transfer, penalty equivalent to amount of loan or deposit is levied. Now, in addition to loan or deposit , penalty for accepting any specified sum or repaying any specified advance .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version