The Union Budget 2017 relieved the working class with the introduction of an increased threshold with regards to tax payment.
In this article, an attempt has been made to analyze the provision whether this section is applicable to government departments.
An article on major changes in income tax for FY 2017-18/ AY 2018-19
This appears that the Govt. has chosen to ignore or not consider as relevant the recommendations of the Expert Committee formed by it.
Onus shifted from payer to recipient of cash
Income Tax Department ask assessee to update their information
Amendment is a legislation of Judicial precedents
CBDT has proposed to introduce a mechanism of self-reporting of income estimates, advance tax liability and payment thereof. CBDT has published draft notificati..
44ADA: Special provision for computing profits and gains of profession on presumptive basis
Due to amendment in Finance Act, 2016, applicability of Tax audit in cases where turnover < 1 crore and net profit < 8%, tax audit is not applicable
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