Saturday, February 27, 2010
Union Budget 2010-11:Amendments to Income Tax Act
21. Sec. 271B : Penalty for not getting books audited and furnish audit report
Maximum penalty has been increased to Rs. 1,50,000
Maximum penalty has been increased to Rs. 1,50,000
Union Budget 2010-11:Amendments to Income Tax Act
20. Sec. 201(1A) : Interest for non deduction or delayed remittance of TDS
Interest has been increased to 1.5% per month or part thereof
Interest has been increased to 1.5% per month or part thereof
Union Budget 2010-11:Amendments to Income Tax Act
19. Sec. 245 : Settlement Commission
| · Proceeding from assessment or reassessment resulting from search or as a result of requisition of books of accounts or any other documents or any other assets has been included within the definition of case which can be admitted by settlement commission. · In the aforesaid case, application can be made to SC if the additional amount of income tax payable on the income disclosed in the application exceeds Rs. 50 Lakhs. · In any other case, application can be made if the income tax payable exceeds Rs. 10 Lakhs · SC shall pass order within a period 18 months in respect of application made on or after 1-6-2010. |
Union Budget 2010-11:Amendments to Income Tax Act
18. Sec. 203 : TDS Certificates
| Deductor of TDS or collector of TCS required to furnish TDS/TCS certificates to deductees/collectee |