The NDA Government led by Prime Minister Narendra Modi made history by getting the Finance Bill passed before the commencement of the financial year 2017-18. The Opposition cried foul for overriding tax law amendments in the Rajya Sabha and a few other changes in the Finance Bill. Apart from diluting the procedure for appointments to a few tax Appellate Tribunals and merger of such quasi-judicial bodies, the major point of the Opposition attack pertained to amendments to Section 132 of the Income Tax Act relating to the search and seizure of property.
The Finance Act 2017-18 has in-serted an explanation to sub section (1) & 1(A) of Section 132 and sub section 1 of Section 132 A of the Income Tax Act to declare that reason to believe or reason to suspect shall not be disclosed to any person or any Authority or Appellate Tribunal with retrospective effect from April 1962 and October 1, 1975, respectively. This has been done to cover the ambiguity created by some judicial pronouncements.
Further sub section (9B) & (9C) has been inserted in Section 132 to provide during search or seizure or within 60 days from the last day of authorization of search was executed an attachment of property provisionally belonging to the assessee with the prior approval of the DG or the Pr DIT (Inv).
Such provisional attachment of property shall cease to have effect after six months of the date of order of the attachment. Sub section 9(D) inserted provides for reference to the Valuation Wing to estimate a fair market value of property and the Valuation Officer is required to furnish his report in 60 days.
Section 133 empowers the tax authorities to call for information for an inquiry or proceedings under the Act with the prior approval of the Pr CIT or Pr DIT. It is now provided that the Joint or Deputy or Assistant Director will require no prior approval to exercise this power.
This story is from the May 01 - 31, 2017 edition of Bureaucracy Today.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the May 01 - 31, 2017 edition of Bureaucracy Today.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
has bureaucracy failed modi?
the ambitious swachh bharat abhiyaan, which was officially launched on october 2, 2014 amid much fanfare with prime minister narendra modi himself cleaning the road with a broom at rajghat in new delhi, was seen as a harbinger of change which would influence the behaviour of millions of indians who are notoriously known for dumping their wastes in public places. for months, bureaucrats wielding the broom also continued to dominate the media space. however, over two years since the campaign was launched, the cleanliness zeal, it seems, has taken a backseat. a reality check done by bureaucracy today in shastri bhawan in lutyens’ delhi which houses major central ministries indicates that those in the corridors of power are not readying themselves to become part of a new, clean and swanky india.
can cag audits be more innovative and transformative?
audit, if used properly, can become an effective aid to administration. the thumb rule is that audit must essentially capture the other side of the coin of governance. a responsive, relevant and responsible audit can only complement, supplement, support and strengthen quality governance. right audit themes, analysis and outcome can help administrators conduct a swot analysis of their strengths and weaknesses, providing deeper insights on missing issues to evaluate and take a midcourse corrective and preventive action, and help the government refocus to derive the planned outcome from projects and schemes.
increase import duty on stainless steel flat products: issda
bogged down by an unprecedented surge in imports in the last three years, especially from china, and to remain globally competitive, the indian stainless steel development association (issda) has recommended the government to increase the basic import duty on stainless steel flat products from 7.5% to 15% and to decrease the import duty on key raw materials like ferro nickel, pure nickel, ferro moly and stainless steel scrap to nil.
amritsar's emergence as a real estate hotspot
amritsar, famous for the golden temple, is the second largest city of punjab after ludhiana. it is also the most popular destination for non-resident indians in india. amritsar enjoys a strategic location with good connectivity to the prime cities of india. along with its excellent connectivity through road and rail transport, the city has an airport with a capacity of 150 commercial flights per week, both domestic and international. for the population of approximately 1.21 million in amritsar, a 31-kmlong brt corridor is nearing the completion stage to ease traffic congestion and improve public transportation in the city.
how much protection is available to judges and magistrates?
after the recent supreme court observation that no public servant is entitled for the protective umbrella of section 197 of the code of criminal procedure, it is being debated whether this ruling applies equally to judges of the district courts or other subordinate courts in india.
five trends that will reshape the indian real estate market
among the many different factors influencing the way real estate is developed, transacted and used in india, there are five big major emerging trends that have both real-time and long-term significance.
Is it a Crackdown or Creation of New Lords of Black Money Hoarders?
On the night of november 8 this year, Prime minister narendra modi appeared on national television to declare his Government’s decision to demonetise Rs 500 and Rs 1,000 currency notes, with a window of 50 days for a smooth transition. no doubt the move has hit those who have accumulated unaccounted black money. the Bureaucracy Today magazine analyses whether the move will stop the hoarding of black money in time to come.
A Paradigm Project for the Future
What makes for a great development project in Morocco? Which qualities imbue an initiative with longevity and sustainability, enabling it to meet a whole range of interconnected material and emotional needs? Is there a single concept applicable to a specific geographical location that exceptionally embodies those qualities?
Minority Shareholders 'Short-Changed' At Bombay House
The National Company Law Tribunal (NCLT) has turned down a request from Shapoorji Pallonji Group (SPG) vide its investment outfits, viz, Sterling Investment Corporation and Cyrus Investments, to initiate action against Tata Sons for the “oppression of minority interest and mismanagement”. It was done on the ground that the petitioner does not have the required minimum shareholding of 10%.
Should You Buy Your Dream Home Now?
The RERA or the Real Estate Regulation Act has finally become a reality. Though there are still plenty of hiccups and it will obviously take some time for the industry to absorb all the facets of the Act, it should be kept in mind that the RERA is a process, not an event. Meanwhile, the foremost question in property buyers’ minds is - should they wait until the RERA process is streamlined, or can they go in for home purchase now?
