Home Highlights January 2018 Year 2018 This

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1. Insertion of new section 271GB- Penalty for failure to furnish report or for furnishing inaccurate report under section 286 - the prescribed authority may direct such...

2. Amendment of section 194LA. - TDS - no deduction shall be made in case where the amount of compensation or aggregate of such sum relating to acquisition of immovable...

3. Duty Drawback - Levy of penalties or abetment - The appellant, implicated in a fraudulent drawback scheme, was found to have abetted by creating a fake identity for the...

4. Deduction on salary and family pension enhanced for taxpayers opting for new tax regime. Standard deduction on salary increased from fifty thousand to seventy five...

5. Amendment of section 192A. - no deduction of income-tax shall be made where the amount of income relating to accumulated balance due to an employee credited or paid or...

6. Resignation of statutory auditors from listed entities and their material subsidiaries

7. Prosecution proceedings against the Auditor of the company - The High Court has materially erred in holding that on resignation of auditors – BSR & Deloitte and on...

8. Levy of penalty in case of professional or other misconduct - minimum penalty reduced from ₹ 10 lakh rupees to 5 lakh rupees - Section 132(4) of the Companies Act, 2013

9. Amendment of section 194BB. - TDS any person responsible for paying to any person any income by way of winning from horse race in excess of five thousand rupees shall...

10. Amendment of section 272A. - penalty for failure to answer questions, sign statements, furnish information, returns or statements, allow inspections, etc. - to include...

11. Amendment of section 194H. - TDS - deduction of income-tax at the rate of ten per cent. shall be made in a case where the amount of income, of the aggregate of the...

12. Amendment of section 194G. - TDS - deduction of income-tax at the rate of ten per cent. shall be made in a case where, the amount of income exceeding one thousand rupees...

13. Amendment of section 17. - “perquisite” to include, inter alia, the amount of any contribution to an approved superannuation fund by the employer in respect of the...

14. Substitution of new section for section 80EE - Deduction in respect of interest on loan taken for residential house property. - a deduction for those who buy residential...

15. Amendment of section 194C. - TDS - the person responsible for paying the sums referred to in subsection (1) of the said section shall be liable to deduct income-tax,...