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Highlights / Annotations / Catch Notes For 2016

Home Highlights Year 2016

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Showing 101 to 150 of 252 Records

March 2, 2016 Act Rules Bill

Proposed Amendment to Fourth Schedule Sets Rs. 1.5 Lakh Cap on Employer Contributions to Recognized Provident Funds.
March 2, 2016 Act Rules Bill

Income-Tax Act Update: Section 288 Amended to Allow Penalized Individuals Representation Rights Before Authorities and Tribunal.
March 2, 2016 Act Rules Bill

New Section 286 Requires Report Submission for International Groups with Indian Parent Entities to Boost Transparency and Compliance.
March 2, 2016 Act Rules Bill

Income Tax Authority Updates Section 282A for Electronic and Paper Document Authentication.
March 2, 2016 Act Rules Bill

Section 281B Amendment: Assessing Officer Must Revoke Property Attachment with Adequate Bank Guarantee from Scheduled Bank.
March 2, 2016 Act Rules Bill

Amendment to Section 281B: Authorizes Assessing Officer to Invoke Bank Guarantee for Unpaid Tax Demands.
March 2, 2016 Act Rules Bill

Section 281B Amended: Assessing Officer Can Invoke Bank Guarantee if Taxpayer Fails to Renew or Provide New One.
March 2, 2016 Act Rules Bill

Section 279 Amendment: No Prosecution for Offenses u/ss 276C, 277 if Penalties Reduced/Waived u/s 273A.
March 2, 2016 Act Rules Bill

Section 273AA Amended: Commissioners Now Have 12 Months to Decide on Immunity from Penalties Applications.
March 2, 2016 Act Rules Bill

Amendment to Section 273A: Penalties for Under-Reporting Income Now Include Section 270A, Replacing Section 271 from April 2017.
March 2, 2016 Act Rules Bill

Section 272A Amended: Rs. 10,000 Penalty for Non-Compliance with Notices and Directions u/ss 142 and 143.
March 2, 2016 Act Rules Bill

Section 271GB: Daily Penalties for Failing to File or Inaccurate Reports u/s 286, Escalating After One Month.
March 2, 2016 Act Rules Bill

Section 271AAB Amended: 60% Penalty on Undisclosed Income Found in Searches; Excludes Penalty u/s 270A.
March 2, 2016 Act Rules Bill

Section 271AA Amendment: Penalty for Non-compliance in Maintaining and Providing Docs for International Group Transactions.
March 2, 2016 Act Rules Bill

Section 271A Amended: New Penalties for Not Keeping Required Financial Records, Independent of Section 270A Rules.
March 2, 2016 Act Rules Bill

Section 271 Amendment: Penalties for Concealing Income Not Applicable from Assessment Year Starting April 1, 2017.
March 2, 2016 Act Rules Bill

New Section 270AA: Assessees Can Seek Immunity from Penalties and Proceedings by Paying Dues and Not Appealing.
March 2, 2016 Act Rules Bill

New Section 270A Penalizes Income Underreporting and Misreporting, Shifting Focus from Concealment Penalties to Direct Income Discrepancies.
March 2, 2016 Act Rules Bill

New Section 270A Introduced: Penalties for Underreporting and Misreporting Income, Addressing Minimum Alternate Tax Compliance.
March 2, 2016 Act Rules Bill

New Section 270A: Penalties for Income Underreporting & Misreporting; Sub-section (6) Lists Exemptions from Under-reporting Classification.
March 2, 2016 Act Rules Bill

New Section 270A Introduces 50% Penalty for Underreporting and Misreporting Income Tax Payable.
March 2, 2016 Act Rules Bill

New Section 270A Introduces 200% Penalty for Misreporting Income, Targeting Underreported Cases with Hefty Tax Consequences.
March 2, 2016 Act Rules Bill

Section 270A Introduces Penalties for Underreporting Income: Companies Face Total Income Tax, Others Face 30% Tax Rate.
March 2, 2016 Act Rules Bill

Section 270A Imposes Penalties for Income Misreporting, Exempts Cases Already Penalized in Same or Different Year.
March 2, 2016 Act Rules Bill

New Section 270A Introduces Penalties for Underreporting and Misreporting Income, Enforced by Written Order.
March 2, 2016 Act Rules Bill

Section 270A Introduces 200% Penalty for Misreporting Income Without Evidence of Expenditure Claims.
March 2, 2016 Act Rules Bill

Section 270A Introduces 200% Penalty for Underreporting and Misreporting Income, Including Failure to Record Receipts in Accounts.
March 2, 2016 Act Rules Bill

Section 255 Amendment: ITAT Single Member Bench Can Now Decide Cases Up To Rs. 50 Lakh, Up From Rs. 15 Lakh Limit.
March 2, 2016 Act Rules Bill

Section 254 Amendment: ITAT Can Rectify Order Mistakes Within 6 Months, Down from 4 Years, for Faster Corrections.
March 2, 2016 Act Rules Bill

Amendment to Section 253: Removal of Sub-sections (2A) & (3A) Stops Assessing Officer Appeals to ITAT on DRP Orders.
March 2, 2016 Act Rules Bill

Assessees can now appeal to the Appellate Tribunal against orders from Commissioners u/s 270A per amended Section 253.
March 2, 2016 Act Rules Bill

Section 252 Amendment: Removing "Senior Vice-President" Reference in Appellate Tribunal Appointment and Powers.
March 2, 2016 Act Rules Bill

Income-tax Act Section 249 Amended: Excludes Penalty Immunity Application Period from 30-Day Appeal Filing Deadline.
March 2, 2016 Act Rules Bill

Section 244A Amendment: Interest on Late Tax Refunds Starts from Filing Date, Not Due Date.
March 2, 2016 Act Rules Bill

Section 244A Amended: Assessees Now Earn Interest on Self-Assessment Tax Refunds from Payment Date to Refund Date.
March 2, 2016 Act Rules Bill

Tax Refunds: Extra 3% Interest on Delayed Appeals u/s 244A, Linked to Section 153 Timing.
March 2, 2016 Act Rules Bill

Section 234C Amendment: Interest on Deferred Advance Tax for Non-Company Assessees Aligns with Companies; Impacts Section 44AD Filers.
March 2, 2016 Act Rules Bill

Section 234C Amended: No Interest on Tax Shortfall from First-Time Business Income Estimation Errors.
March 2, 2016 Act Rules Bill

Section 220 Amended: Tax Application Orders Must Be Issued Within 12 Months of Application Receipt Month End.
March 2, 2016 Act Rules Bill

Amendment to Section 211: Advance Tax for Businesses u/s 44AD Due in One Installment by March 15.
March 2, 2016 Act Rules Bill

Section 211 Amendment: Aligning Advance Tax Payment Schedule for Non-Company Assessees with Company Schedule.
March 2, 2016 Act Rules Bill

Tax Code Section 206C Amended: 1% TCS on Motor Vehicle Sales Over Rs. 10 Lakh, Cash Sales Over Rs. 2 Lakh.
March 2, 2016 Act Rules Bill

Non-residents and foreign companies exempt from PAN requirement for interest payments on long-term bonds u/s 206AA.
March 2, 2016 Act Rules Bill

Proposed Amendment to Section 197A: Exempt Certain Rent Payments from TDS by Referencing Section 194-I Conditions.
March 2, 2016 Act Rules Bill

Section 197 Amended: Assessing Officers Can Issue Certificates for Lower/No Tax Deductions for Income u/ss 194LBB and 194LBC.
March 2, 2016 Act Rules Bill

New Section 194LBC: Tax Deduction at Source for Income to Investors in Securitisation Trusts u/s 115TCA.
March 2, 2016 Act Rules Bill

Amendment to Section 194LBB: TDS on Investment Fund Income Set at 10% for Residents, Current Rates for Non-Residents.
March 2, 2016 Act Rules Bill

Amendment to Section 194LBA: Updates TDS rules for income from business trust units, aligning with Section 10(23FC) regulations.
March 2, 2016 Act Rules Bill

Section 194LA Amendment: No TDS on Property Compensation Below Rs. 250,000, Raising Exemption Limit from Rs. 200,000.
March 2, 2016 Act Rules Bill

Bill Proposes Removing Income-Tax Act Sections 194K and 194L on TDS for Units and Capital Asset Compensation.

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