The Rashtriya Krishi Vikas Yojana aims to assist the agriculture sector in achieving 4 per cent annual agricultural growth. The RKVY scheme was launched in the year 2007, which was later re-named as Rejuvenating Approach for Agriculture and Allied Sector Rejuvenation (RAFTAAR), to be implemented for three years up to 2019-20 with a budget allocation […]
Additional wealth-tax Omitted by the Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1989. Chapter IVB, consisting of section 18D, was inserted by the Direct Tax Laws (Amendment) Act, 1987, with effect from the same date
The Indian Contract Act 1872 is a comprehensive guide that governs contracts and agreements in India. The act was passed to provide a legal framework for contract law and has been amended several times over the years to keep up with changing economic conditions. The Indian Contract Act of 1872, which is based on the principles
Jaipur, January 4, 2024 – The Rajasthan High Court, Jaipur Bench, has quashed reassessment notices issued by the Income Tax Department against Bijendra Singh in connection with alleged undisclosed cash deposits for the Assessment Year 2015-16. The court found procedural lapses, including non-compliance with mandatory timelines and jurisdictional errors, rendering the notices invalid. Background
Procedure when assessee claims identical question of law is pending before High Court or Supreme Court 1) Notwithstanding anything contained in this Act, where an assessee claims that any question of law arising in his case for an assessment year which is pending before the 80[Assessing Officer] or any appellate authority (such case being hereafter in
Power of Commissioner to grant immunity from penalty. (1) A person may make an application to the Commissioner for granting immunity from penalty, if— (a) he has made an application for settlement under section 22C and the proceedings for settlement have abated under section 22HA; and (b) the penalty proceedings have been initiated
Power to reduce or waive penalty in certain cases (1) Notwithstanding anything contained in this Act, the 65[66[***] Commissioner] may, in his discretion, whether on his own motion or otherwise,— (i) 67[***] (ii) reduce or waive the amount of penalty imposed or imposable on a person under clause (iii) of sub-section (1) of section
Penalty for failure to answer questions, sign statements, furnish information, allow inspection, etc. (1) If any person,— (a) being legally bound to state the truth of any matter touching the subject of his assessment, refuses to answer any question put to him by a wealth-tax authority in the exercise of his powers under this
Penalty for failure to furnish returns, to comply with notices and concealment of assets, etc (1) If the 28[Assessing Officer], 29[Deputy Commissioner (Appeals)], 30[Commissioner (Appeals),] 31[Chief Commissioner or Commissioner] or Appellate Tribunal in the course of any proceedings under this Act is satisfied that any person— (a) 32[***] (b) has 33[***] failed to comply with a notice under
Interest for defaults in furnishing return of net wealth (1) Where the return of net wealth for any assessment year under sub-section (1) of section 14 or section 15, or in response to a notice under clause (i) of sub-section (4) of section 16, is furnished after the due date, or is not furnished, the
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