5.
6.
7.
8.
under sections 115A, 115AB, 115AC, 115AD, 115BBA
19. Provisions of sections 54, 54B, 54D, 54EC, 54F, 54G, 54GA and 54H
◆
◆
61
Provisions pertaining to rationalisation
R2.42-1 Show-cause notice [Sec. 148A]ReplyAction of the Assessing Officeri.e.
When show-cause notice provisions of section 148A not applicable -
R2.42-2 Issuance of reassessment notice under section 148 -
Prior approval required in cases covered by 135Ai.e.
What is escaped income -
a.
b. -
c.
d.
e.
f. Submission of return -
R2.42-3 Time-limit for issue of notice under section 148/148ATime-limit for issue of notice Under section 148A Under section 148
see
Note -
Time-limit for issue of notice Under section 148A Under section 148
R2.42-4 Other relevant provisions [Sec. 152] -
Search initiated during April 1, 2021 and August 31, 2024 -
Section 148 notice issued prior to September 1, 2024d
Special provisions for assessment of search cases [Secs. 158B to 158BI]
R2.43
R2.43-1 Date of applicability of new scheme
R2.43-2 Block period -
R2.43-3 Return of block period and assessment -
Status of completed assessments -
Total income -
Undisclosed income -
Time-limit for completion of block assessment -
Undisclosed income in the case of international transactions -
R2.43-4 Status of other person -
R2.43-5 Tax rate, interest, penalty -
No interest or section 270A penalty -
Penalty on undisclosed incomea. a b.
c. d.
R2.43-6 Other points -
Authority competent to make assessment of block period -
Prior approval - a
Para R2.43
Section 144C not to apply -
Assessment of previous year in which search is initiated -
R2.43-7 Computation of total income of block period -
Section
A i Add:
ii
iii
iv
Note -
Amendment to section 192(2B)
R2.44
Option 1 (computation without including other incomes) - minus minus
Option 2 (computation after including other declared incomes) - minus plus minus
R2.44-E1
Computation of tax deductible under section 192 –
Option 1 - Computation including other income (as well as TDS/TCS)
2 - Computation ignoring other income/TDS/TCS
Para R2.47
Amendment to section 194C
R2.47
Explanation iv
Explanation iv
Reduction in TDS rates under sections 194DA, 194G, 194H, 194-IB, 194M and 194-O
R2.48
Different sections
TDS rate
Up to September 30, 2024
From October 1, 2024
Note
Omission of section 194F
R2.49
TDS on sale of immovable property [Sec. 194-IA]
R2.50
Threshold limit -
Deduction of tax by firms from payment of remuneration/interest to partners [Sec. 194T]
R2.51
Who is responsible for tax deduction -
At what time tax should be deducted -
Rate of TDS -
67 TDS/ TCS quarterly statements Para R2.55
Threshold limit -
Lower/nil TDS rate certificate -
Points to be notedi.e. b
Withholding tax provisions under sections 196B and 196C R2.52
Extending the scope for lower deduction/collection certificate of tax at source [Secs. 197(1) and 206C(9)] R2.53 nil nil nil
Inclusion of taxes withheld outside India for purposes of calculating total income [Sec. 198] R2.54
i.e. minus
Grossing up when tax is withheld outside India -
see Sunil Shinde CIT Ambalal Kilachand CIT Oriental Co. Ltd.
Time-limit to file correction statement in respect of TDS/ TCS quarterly statements R2.55
Amendment to section 200A
R2.56
Reducing time limitation for orders deeming any person to be assessee-in-default [Secs. 201 and 206C]
R2.57
Amendment to section 206C
R2.58
R2.58-1 TCS under section 206C(1F) on notified goods - inter alia
R2.58-2 Correction statement - See
R2.58-3 Claiming credit for TCS of minor in the hands of parent -
R2.58-4 Interest for late payment of TCS -
69
Amendment relating to advance rulings Para R2.61
R2.58-5 Reducing time limitation for orders deeming any person to be assessee-in-default - See
R2.58-6 Tax collection at lower rate or nil rate [Sec. 206C(9)] - See
R2.58-7 No tax collection in notified cases [Sec. 206C(12)] -
Reference of Black Money Act, 2015 for the purposes of obtaining a tax clearance certificate [Sec. 230]
R2.59
Set off and withholding of refund [Secs. 244A and 245]
R2.60
R2.60-1 Additional interest under section 244A(1A) -
R2.60-2 Recording of reasons to withhold refund [Sec. 245(2)] -
R2.60-3 Time-limit withhold refund [Sec. 245(2)] -
Amendment relating to advance rulings [Secs. 245Q and 245R]
R2.61
