What is Section 288A?

Section 288A: Rounding off Incomes For the purpose of rounding off, firstly any part of rupee consisting of paise should be ignored. Thereafter, if the last digit in the total figure is 5 or greater than 5, the total amount should be increased to the next higher amount which is a multiple of Rs. 10.

What are the consequences of non payment of tax on self assessment?

As per section 140A (3), if the taxpayer fails to pay the self-assessment tax (either wholly or partly) or interest or fee, then, such taxpayer shall be treated as an assessee in default. In such a case, the penalty would be imposed by the assessing officer as per his discretion.

What is Malaysia transfer pricing?

Transfer pricing (TP) is the setting of transfer prices for transactions relating to sales and purchases of goods, services, intangibles and financing provided between associated persons within a Group.

What is 148 in income tax?

Section 148 of the Income Tax Act deals with the issuance of a notice wherein any income has escaped recomputation or assessment.

What is 288A in income tax?

‘288A, (1) Subject to the provisions of sub-section (2), the amount of total income computed in accordance with the foregoing provisions of this Act shall be rounded off to the nearest multiple of ten rupees and for this purpose any part of a rupee consisting of paise shall be ignored and thereafter if such amount is …

What is Section 35D meant for?

Section 35D of the Act was introduced to provide entrepreneurs with the facility to claim deductions for preliminary expenses. Preliminary expenses are expenses which the promoters of a company incur at the time of incorporating the company.

What is deposit under section 140A?

“140A. (1) Where a return has been furnished under section 139 and the tax payable on the basis of that return as reduced by any tax already paid under any provision of this Act exceeds five hundred rupees, the assessee shall pay the tax so payable within thirty days of furnishing the return.

Can you go to jail for not paying taxes in India?

Cases where the amount of tax sought to be evaded or tax on under-reported income is lesser than ₹25 lakh, the person can be punished with imprisonment of at least three months and up to two years and with fine. Tax evasion is a crime. Income Tax department has a rigorous punishment for tax evaders.

Is transfer pricing illegal in Malaysia?

Domestic law does not impose specific penalties for transfer pricing matters. Generally, penalties are covered by section 113(2) of the Income Tax Act 1967.

What are transfer pricing rules?

Transfer pricing refers to the pricing of transactions between related parties and covers goods, services, intangible property and debt. If your business has any transactions between related entities, such as group companies, then you will need to consider transfer pricing issues.

What is Section 147 and 148 of income tax?

Assessment or Reassessment Notice Under Section 148 of the Income Tax Act. 14 min read. As per Section 147 of the Income Tax Act, 1961, the Income Tax Department has the power to reassess an individual’s previously filed income tax returns.

What is Section 153 of income tax?

“153. Time limit for completion of assessment, reassessment and recomputation. —(1) No order of assessment shall be made under section 143 or section 144 at any time after the expiry of twenty-one months from the end of the assessment year in which the income was first assessable.

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