I-T law may be amended to formalise penalty
Saturday, November 26, 2016 IST
The Union Cabinet is understood to have given its nod past due on Thursday night for an invoice to amend the earnings-tax regulation inside the context of the latest demonetisation declaration of November eight.
The intent is to modify existing penalty provisions in the income-tax law in order to enable the taxman to levy a penalty of as much as 200 in line with cent on certain high-priced deposits made into bank bills from November nine to December 31 this year.
It's far extensively believed that the profits tax regulation’s present day penal provisions suggesting a two hundred consistent with cent penalty won't cover conditions wherein voluntary taxes are paid so most via taxpayers on any massive excessive-fee deposits.
The goal of the government may be to give enough statutory backing and power to the taxman to levy the penalty of 200 percent — even in instances where taxes have been paid voluntarily on deposits, the sources said.
Related Topics
Related News & Articles
The general understudies' quality of the Indian Institutes of Technology (IITs) in the nation will be upgraded to one lakh by 2020, the government told the Rajy...
Recently posted . 952 views . 18 min read
The commercial flights to Pakyong airport have commenced as part of Modi government's ambitious UDAN scheme. The flight is from Kolkata's Netaji Subhas Chan...
Recently posted . 1K views . 2 min read
The Indian Air Force said that Singh landed after a four-aircraft combat sortie at Air Force station in Kalaikunda, West Bengal, on Thursday.
Recently posted . 680 views . 1 min read
The official, who is part of a team debriefing Varthaman after he walked back into India across the Wagah border on March 1, said the Wing Commander was deprived ...
Recently posted . 907 views . 2 min read
Sadhvi Saraswati, the president of the Sanatan Dharma Prachar Seva Samiti, has found herself in the soup, the flavour of which she is unlikely to appreciate. On F...
Recently posted . 776 views . 4 min read
Trending News & Articles
While the Uttarakhand High Court has asked to block 857 websites, the Ministry of Electronics and IT (Meity) found 30 portals without any pornographic content.
...
Recently posted . 64K views . 1 min read
The four boys as well as five school officials, including the director and principal, were arrested after the incident. The minors were presented before the Juvenil...
Recently posted . 9K views . 1 min read
Rahul was having an Italian passport and was carrying suitcase full of dollars. Some say it was about was it $2 million.
Rahul and his girl friend was th...
Recently posted . 9K views . 7 min read
True – Tr...
Recently posted . 8K views . 83 min read
More in National
Mr. Rajan said he believes that capitalism is breaking down because it is not providing equal opportunities.
Recently posted. 517 views . 0 min read
The deadly Nipah Virus outbreak in Kerala which has claimed 12 lives so far many not have been caused by fruit bats, experts have said.
Recently posted. 684 views . 0 min read
The amount, released for acquisition in the first phase of airport construction, is to be spent for land acquisition and payment to the farmers concerned, the lette...
Recently posted. 699 views . 1 min read
Recently posted . 1K views
Recently posted . 2K views
Recently posted . 2K views
Recently posted . 2K views
Recently posted . 3K views . 34 min read
Recently posted . 3K views . 19 min read
The slogan 'Save Trees, Save Lives' is written on the auto
Recently posted. 615 views . 0 min read
One of the most delayed infrastructure projects in Delhi, the Signature Bridge is expected to reduce the travel time by at least half an hour for commuters going ...
Recently posted. 1K views . 1 min read