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Rationalising Penalty and Prosecution
FM Sitharaman proposes to integrate assessment and penalty proceedings by way of a common order for both.
No interest liability on the taxpayer on the penalty amount for the period of appeal before the first Appellate Authority, irrespective of the outcome of appeal process.
Further, the Quantum of pre-payment is reduced from 20% to 10%
In an effort to reduce litigation, she proposes to allow taxpayer to update their return even after Re-Assessment proceedings have been initiated.
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