Ujjain : Study Circle, Tax Practitioners Association organized a seminar on the changes in different provisions of Income Tax in financial bill, at Sales Tax building at Bharatpuri on Tuesday. CA Rajesh Mehta from Indore addressed to the seminar.
Mehta underwent the different provisions minutely and discussed their effects. He told that TDS officer can also conduct survey for TDS related investigation. TDS will be charged on the taxable amount received from Life Insurance Corporation. IT officer can impose fine under Section 276D in case of not presenting documents for tax determination. There is no limit of fine and hence tax consultants are unhappy. There is a provision of imposing penalty of Rs 50, 000 in case of providing wrong information in annual information report by financial institutions and registrar of immovable asset.
Chairman Study Circle KK Atal addressing on this occasion informed that efforts have been made to clarify old provisions in finance bill. Approval has been given to electronic transfer under Sections 269SS and 269TT of IT Act. There has been increase in the rights of officials under certain sections. Tax payers will have double benefits with the hike of deposit limit from Rs 1 to 1.5 lakh in PPF. Convener Sourabh Maheshwari conducted the programme.