On 11 December 2023, a Constitution Bench of the Supreme Court unanimously upheld the power of the President of India to abrogate Article 370 of the Indian Constitution. This abrogation in August 2019 led to the bifurcation of the erstwhile state of Jammu & Kashmir into two Union Territories of J&K and Leh and also […]
The Quality Council of India (QCI) is a national body established for raising the quality and standards related to every aspect of life for the overall development of the nation. This works as a quality infrastructure, maintaining the quality of Indian goods and services and leading them easily to the foreign markets. The Quality Council
Infrastructure investment trusts are investment instruments that work like mutual funds and are regulated by the Securities and Exchange Board of India. What are InvITs? Infrastructure Investment Trust (InvITs full form), their units are listed on different trading platforms like stock exchanges and are a wholesome combination of both equity and debt instruments. The primary objective of InvITs is
Punishment for failure to furnish in return of income, any information about an asset (including financial interest in any entity) located outside India. If any person, being a resident other than not ordinarily resident in India within the meaning of clause (6) of section 6 of the Income-tax Act, who has furnished the return of
Punishment for failure to furnish return in relation to foreign income and asset If a person, being a resident other than not ordinarily resident in India within the meaning of clause (6) of section 6 of the Income-tax Act, who at any time during the previous year, held any asset (including financial interest in any
Chapter not in derogation of any other law or any other provision of this Act (1) The provisions of this Chapter shall be in addition to, and not in derogation of, the provisions of any other law providing for prosecution for offences thereunder. (2) The provisions of this Chapter shall be independent of any order
Bar of limitation for imposing penalty (1) No order imposing a penalty under this Chapter shall be passed after the expiry of a period of one year from the end of the financial year in which the notice for imposition of penalty is issued under section 46. (2) An order imposing, or dropping the proceedings
Procedure (1) The tax authority shall, for the purposes of imposing any penalty under this Chapter, issue a notice to an assessee requiring him to show cause why the penalty should not be imposed on him. (2) The notice referred to in sub-section (1) shall be issued— (a) during the pendency of any proceedings under
Penalty for other defaults (1) A person shall be liable to a penalty if he has, without reasonable cause, failed to— (a) answer any question put to him by a tax authority in the exercise of its powers under this Act; (b) sign any statement made by him in the course of any proceedings under
Penalty for default in payment of tax arrear. (1) Every person who is an assessee in default, or an assessee deemed to be in default, as the case may be, in making payment of tax, and in case of continuing default by such assessee, he shall be liable to a penalty of an amount, equal
CA Bhuvnesh Kumar Goyal
Chartered Accountants
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