Legal Corner

  Ø   General Understanding of Penal Provisions Ø   Section 270A Vs 271(1)(c) Ø   Charge of Penalty under Sub Section 1 to Section 270A   Ø   Under Reporting of Income under Sub Section 2 and 4 of Section  -270A Ø   Exceptions from Under reported income u/s 270A(6) 270A Ø   Mis Reporting of Income under  Sub Section 9 of Section 270A  & key Words and Phrases Ø   Quantification of Penalty Under Section 270A Ø   Quantification Of “Under Reported Income” u/s 270A (3) Ø   Quantification of  “Tax Payable” Ø   Immunity [Section 270AA] Ø   Appeal /Revision where an order u/s. 270AA has been made. Download the Research Paper here :  Link to the Research Paper

Due to outbreak of pandemic COVID-19, the Assessing Officer finding difficulties in disposing of the applications for lower or nil rate of TDS/TCS. Thus, to mitigate hardship of assessees, the Central Board of Direct Taxes (CBDT) has issued following directions and clarifications: a) In case the application is pending, the certificate issued to assessee in the Financial Year (FY) 2019-20 will be applicable for FY 2020-21 as well till June 30, 2020 or disposal of their application, whichever is earlier. b) In case asseessee couldn’t apply for issue of lower or nil deduction of TDS/TCS certificate, he can also use certificate issued for FY 2019-20 till June 30, 2020. However, he needs to apply at the earliest giving details of the transactions. c) In case of assessee who is not having such certificate for FY 2019-20, can apply for application for lower or nil TDS/TCS certificate vide e-mail addressed to the concerned Assessing Officer. Certificate will be issued to him via ema

Sections 220 to 232 of the Income-tax Act deals with collection and recovery of taxes. These provisions will become active every year in the months of February and March. Probably each officer or Commissioner may have to report to the higher authority the taxes outstanding, and total collection of taxes in their charge. As the scope of this Article is very limited. I will not deal with various controversial issues of Recovery Proceedings and will restrict only to few provisions which are useful in our day-to-day practice. Recovery proceedings under the Act can be started against a person only when he is in default or deemed to be in default in making payment of taxes. The assessee who is in default or is deemed to be in default in making payment of taxes may make an application, requesting the Assessing Officer not to treat him as the assessee in default in respect of the amount in dispute in the appeal preferred by the assessee. The Assessing Officer may in his discretion and wit

Assessing officers in case of property being acquired by an assesse, for a cost less than the stamp valuation have started issuing show cause notices, in order to add such difference u/s 56(2)(vii) of the Act. (Stamp Valuation - Consideration). However, in order to understand the provisions, the same are reproduced as under for your ready reference :- “ “ ( vii )  where an individual or a Hindu undivided family receives, in any previous year, from any person or persons on or after the 1st day of October, 2009,—      ( a )  any sum of money, without consideration, the aggregate value of which exceeds fifty thousand rupees, the whole of the aggregate value of such sum;   [ ( b  )  any immovable property, without consideration, the stamp duty value of which exceeds fifty thousand rupees, the stamp duty value of such property; ]       ( c )  any property, other than immovable property,—       ( i )  without consideration, the aggregate fair market value of which exceeds fifty