Section 269ST: Measures to boost digital transactions After insertion of section 269ST by the F.A. 2017 w.e.f. A.Y. 2018-19, it has become illegal for a person to receive Rs. 2 lakhs or more from a person in one day, in respect of single transaction or for one event or occasion. This provision has been brought in the statute book to …

Rebate u/s 87A New section 87A was inserted by the F.A. 2013 w.e.f.  A.Y. 2014-15. Rebate under this section is applicable only to resident individual. Rebate under this section is lower of tax amount or specified rebate amount which is Rs. 2,500/- for A.Y. 2018-19. Rebate under this section is allowable to small tax payer whose total income is upto …

Budget 2017 has provided for imposing fees for late filing of income tax returns. It is Rs. 5,000 for those who file after due date but upto 31st December and Rs. 10,000 who file after this date. Small tax-payer has been kept in mind and late filing fee shall be Rs. 1,000 only in the case of person whose total …

Quoting and linking of Aadhar with PAN mandatory Finance Act, 2017 has inserted section 139AA as per which w.e.f. 01.07.2017 every resident individual has to get theirs Aadhar no. linked with their PAN. AAdhar no. has also been made mandatory for applying PAN. If an individual has no Aadhar, he has to first apply for his or her Aadhar no. …

Estimation of value of assets by Valuation Officer-Section 142A The Assessing Officer may, for the purposes of assessment or reassessment, make a reference to a Valuation Officer to estimate the value, including fair market value, of any asset, property or investment and submit a copy of report to him. The Assessing Officer may make a reference to the Valuation Officer …

Time limit for notice u/s 148-Section 149  (1) No notice under section 148 shall be issued for the relevant assessment year,— if four years have elapsed from the end of the relevant assessment year, unless the case falls under clause (b) or clause (c); if four years, but not more than six years, have elapsed from the end of the …

Special Audit-Section 142(2A) If, at any stage of the proceedings before him, the Assessing Officer, having regard to the nature and complexity of the accounts, volume of the accounts, doubts about the correctness of the accounts, multiplicity of transactions in the accounts or specialised nature of business activity of the assessee, and the interests of the revenue, is of the …

Sanction for issue of notice-Section 151 (1) No notice shall be issued under section 148 by an Assessing Officer, after the expiry of a period of four years from the end of the relevant assessment year, unless the Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner is satisfied, on the reasons recorded by the Assessing  Officer, that …

Time limit for notice where assessment is in pursuance of an order on appeal, etc-Section 150(1) Notwithstanding anything contained in section 149, the notice under section 148 may be issued at any time for the purpose of making an assessment or reassessment or recomputation in consequence of or to give effect to any finding or direction contained in an order …

Scrutiny Assessment-Section 143  Notice for Scrutiny Assessment-Section 143(2)(ii) Where a return has been furnished under section 139, or in response to a notice u/s 142(1), the Assessing Officer shall,— serve on the assessee a notice if he considers it necessary or expedient to ensure that the assessee has not understated the income or has not computed excessive loss or has …