For FINAL Students:
SETTLEMENT COMMISSION
(w.e.f.1.6.2010)
1.Sec.245(b)of I.TaxAct &Sec22A of WealthTaxAct
Now,CASE will INCLUDE any proceeding4assessment/re-assessmnt as a result ofSEARCH/REQUISITION
2.Sec245C of IT Act
Additional Amt ofTax payable on Income disclosed in application
*if CASE is of Assessmnt ofSearch/Requisitn)-EXCEEDS 50Lacs
*Other CASE-Addtn Amt EXCEEDS 10Lacs(earlier,3Lac)
3.Sec245(4A)of IT Act &Sec22D(4A) ofW.TaxAct
Now,TimeLimit forOrder-18Months
SETTLEMENT COMMISSION
(w.e.f.1.6.2010)
1.Sec.245(b)of I.TaxAct &Sec22A of WealthTaxAct
Now,CASE will INCLUDE any proceeding4assessment/re-assessmnt as a result ofSEARCH/REQUISITION
2.Sec245C of IT Act
Additional Amt ofTax payable on Income disclosed in application
*if CASE is of Assessmnt ofSearch/Requisitn)-EXCEEDS 50Lacs
*Other CASE-Addtn Amt EXCEEDS 10Lacs(earlier,3Lac)
3.Sec245(4A)of IT Act &Sec22D(4A) ofW.TaxAct
Now,TimeLimit forOrder-18Months
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