- What are the prescribed documents and information to be maintained under section 92D in respect of specified domestic transactions? As per rule 10D(1), every person who has entered into an international transaction or specified domestic transaction shall keep and maintain different types of information and documents (For details see Question No 37.39 of Chapter 37)...
- Can reference to TPO under section 92CA be made by the AO if notice under 143(2) has not been served on the assessee within stipulated period? Under provisions of section 92CA, a reference to TPO for computation of arm's length price in relation to international transactions is permissible only in course of assessment proceedings. In case where a return is filed and is processed and no notice under section 143(2) thereafter is served on assessee within stipulated period, assessment proceedings under section 143 come to an end and matter becomes final...
- Can AO recover the pending demand from the assessee after obtaining his consent even when a stay has been granted by the tribunal? If Tribunal grants stay of recovery of demand, the Assessing Officer cannot collect the pending amount from assessee even after obtaining a consent letter from him. [Johnson & Johnson Ltd. v Addl CIT [2014] 51 taxmann...
- Can reference to DVO be made by the Commissioner (Appeals) during appellate proceedings before him if the Assessing Officer has failed to make such reference? Where Assessing Officer fails to make enquiry under section 55A while passing assessment order, Commissioner (Appeals) during appellate proceedings before him can make such an enquiry (by making reference to DVO) either himself or direct Assessing Officer to do so in terms of section 250(4)...
- What shall be the consequences if direction given by the Commissioner (Appeal) to the AO for submission of remand report is not properly adhered to? Where on the direction of Commissioner (Appeal) the Assessing Officer was required to submit a remand report verifying authenticity of facts on merits stated by assessee and he was required to verify books of accounts, but remand report was submitted after a gap of more than six months and said report only dealt with issue of address and service of notice but did not deal with merits and the Commissioner (Appeal) deleted the addition thereto, it was held that addition made by AO was not justified...
- What is the amount of penalty imposed by Finance Act, 2015, for failure to furnish information or furnishing inaccurate information u/s 195 ? Currently there is no provision for levying of penalty for non-submission/inaccurate submission of the prescribed information in respect of remittance to non-resident as required under section 195(6). For ensuring submission of accurate information in respect of remittance to non-resident, the section 271-I has been inserted w...
- What is the new limit prescribed by the Finance Act, 2015 for the cases that may be decided by single member bench of ITAT ? The existing provision contained in section 255(3) of the Income-tax Act provides for constitution of a single member bench and a Special Bench. It provides that single member bench may dispose of any case which pertains to an assessee whose total income as computed by the Assessing Officer does not exceed Rs...
- How much amount has been increased by the Finance Act, 2015 under section 80U for persons with disability and severe disability ? In view of the rising cost of medical care and special needs of a disabled person, the Act has amended section 80U so as to raise the limit of deduction in respect of a person with disability from Rs.50,000 to Rs.75,000. The Act has further amended the section so as to raise the limit of deduction in respect of a person with severe disability from Rs...
- What are the amendments brought in by the Finance Act, 2015 in section 80JJAA relating to employment of new workmen ? The existing provisions contained in section 80JJAA of the Act, inter alia, provide for deduction to an Indian company, deriving profits from manufacture of goods in a factory. The quantum of deduction allowed is equal to thirty per cent of additional wages paid to the new regular workmen employed by the assessee in such factory, in the previous year, for three assessment years including the assessment year relevant to the previous year in which such employment is provided...
- What is the amendment brought in by the Finance Act, 2015 under section 80G, for allowing deduction, where any donation is made to National Fund for Control of Drug Abuse ? The National Fund for Control of Drug Abuse is a fund created by the Government of India in the year 1989, under section 7A of the Narcotic Drugs and Psychotropic Substances Act, 1985. Since, National Fund for Control of Drug Abuse is also a Fund of national importance, the Act has amended section 80G so as to provide 100% deduction in respect of donations made to the said National Fund for Control of Drug Abuse... More
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