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1.Cost of acquisition of asset declared under Income Declaration Scheme, 2016, where the income chargeable to tax is declared in the form of investment in any asset, the fair market value of such asset.
2.The benefit of concessional tax rate to Cos shall also be available to the companies engaged in research in relation to or distribution of article or thing manufactured or produced by it.It is also provided that once the option to avail of benefit of concessional tax rate has been exercised by the company for any previous year, it cannot subsequently withdraw the same or for any other previous year.
3.The processing of return is not necessary before the expiry of one year from the end of the financial year in which return is furnished, where a notice is issued for scrutiny assessment under Section 143(2).
4.Section 276C to provide that under reporting of income as per section 270A shall be punishable with rigorous imprisonment under section 276C.
5.The tax payable in respect of the underreported income shall be as under:
(a) Return not furnished: where return of income has not been furnished and the income has been assessed for the first time, the tax shall be calculated on underreported income as increased by maximum amount not chargeable to tax.
(b) In case of loss: Where the total income assessed or re-assessed is a loss, the tax shall be calculated on underreported income as if it was the total income.
(c) In any other case: Tax on underreported income as increased by income assessed or re-assessed originally less tax on income assessed or re-assessed originally.
6.TCS shall be collected under section 206C only at the time of receipt of consideration.
7.Any contribution by employer in excess of 12% of salary to the recognized provident fund account of the employees shall be deemed as income of employee.
8.Unlisted shares of company would be treated as short-term capital asset if it is held for a period of 24 months or less immediately preceding the date of its transfer.
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1.Cost of acquisition of asset declared under Income Declaration Scheme, 2016, where the income chargeable to tax is declared in the form of investment in any asset, the fair market value of such asset.
2.The benefit of concessional tax rate to Cos shall also be available to the companies engaged in research in relation to or distribution of article or thing manufactured or produced by it.It is also provided that once the option to avail of benefit of concessional tax rate has been exercised by the company for any previous year, it cannot subsequently withdraw the same or for any other previous year.
3.The processing of return is not necessary before the expiry of one year from the end of the financial year in which return is furnished, where a notice is issued for scrutiny assessment under Section 143(2).
4.Section 276C to provide that under reporting of income as per section 270A shall be punishable with rigorous imprisonment under section 276C.
5.The tax payable in respect of the underreported income shall be as under:
(a) Return not furnished: where return of income has not been furnished and the income has been assessed for the first time, the tax shall be calculated on underreported income as increased by maximum amount not chargeable to tax.
(b) In case of loss: Where the total income assessed or re-assessed is a loss, the tax shall be calculated on underreported income as if it was the total income.
(c) In any other case: Tax on underreported income as increased by income assessed or re-assessed originally less tax on income assessed or re-assessed originally.
6.TCS shall be collected under section 206C only at the time of receipt of consideration.
7.Any contribution by employer in excess of 12% of salary to the recognized provident fund account of the employees shall be deemed as income of employee.
8.Unlisted shares of company would be treated as short-term capital asset if it is held for a period of 24 months or less immediately preceding the date of its transfer.
For more News Like us onhttps://www.facebook.com/caonlineofficial Or Subscribe on mail visit : www.caonline.in
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