Amendment of section 200A In section 200A of the Income-tax Act, with effect from the 1st day of April, 2025,— (a) in the marginal heading, for the word “source”, the words “source and other statements” shall be substituted; (b) after sub-section (2), the following sub-section shall be inserted, namely:— “(3) The Board may make a scheme for processing of statements made by any other person, not being a deductor.”.
Section 68 – Finance Acts Read More »
Amendment of section 194 In section 194 of the Income-tax Act, after the word, brackets and letter “sub-clause (e)”, the words, brackets and letter “or sub-clause (f)” shall be inserted with effect from the 1st day of October, 2024.
Section 52 – Finance Acts Read More »
Amendment of section 139 In section 139 of the Income-tax Act, after sub-section (9) and the proviso to the Explanation thereof, the following sub-section shall be inserted with effect from the 1st day of October, 2024, namely:— “(9A) Where any return of income is furnished in pursuance of an order under clause (b) of sub-section (2) of section 119, the provisions of this section shall apply.”.
Section 41 – Finance Acts Read More »
Amendment of section 80G In section 80G of the Income-tax Act,— (a) in sub-section (2), in clause (a), in sub-clause (iiihg), for the words “the National Sports Fund to be set up”, the words “the National Sports Development Fund set up” shall be substituted with effect from the 1st day of April, 2025; (b) in sub-section (5), with effect from the 1st day of October, 2024,— (I) in the first proviso,— (i) in clause (iii), for the words “whichever is earlier;”, the words “whichever is earlier; or” shall be substituted; (ii) in clause (iv),— (a) the words “in any other case,” shall be omitted; (b) in sub-clause (B), the portion beginning with the words “and where no income or part” and ending with the words “such application,” shall be omitted; (II) in the second proviso, in clause (ii), in sub-clause (b), for item (B), the following item shall be substituted, namely:— “(B) if he is not so satisfied, pass an order in writing, rejecting such application and cancelling its approval, if any, after affording it a reasonable opportunity of being heard;”; (III) for the third proviso, the following proviso shall be substituted, namely:— “Provided also that the order under clause (i) and clause (iii) of the second proviso shall be passed in such form and manner as may be prescribed, before expiry of the period of three months and one month, as the case may be, calculated from the end of the month in which the application was received:”; (IV) after the third proviso, the following proviso shall be inserted, namely:— “Provided also that the order under sub-clause (b) of clause (ii) of the second proviso shall be passed in such form and manner as may be prescribed, before expiry of the period of six months from the end of the quarter in which the application was received:”
Section 26 – Finance Acts Read More »
Amendment of section 92CA “(8) The Central Government may make a scheme, by notification in the Official Gazette, for the purposes of determination of the arm’s length price under sub-section (3), so as to impart greater efficiency, transparency and accountability by— (a) eliminating the interface between the Transfer Pricing Officer and the assessee or any other person to the extent technologically feasible; (b) optimising utilisation of the resources through economies of scale and functional specialisation; (c) introducing a team-based determination of arm’s length price with dynamic jurisdiction. (9) The Central Government may, for the purpose of giving effect to the scheme made under sub-section (8), by notification in the Official Gazette, direct that any of the provisions of this Act shall not apply or shall apply with such exceptions, modifications and adaptations as may be specified in the notification: Provided that no direction shall be issued after the 31st day of March, 2022. (10) Every notification issued under sub-section (8) and sub-section (9) shall, as soon as may be after the notification is issued, be laid before each House of Parliament.”;
Information in cognizable cases (1) Every information relating to the commission of a cognizable offence, if given orally to an officer in charge of a police station, shall be reduced to writing by him or under his direction, and be read over to the informant ; and every such information, whether given in writing or reduced to writing as aforesaid, shall be signed by the person giving it, and the substance thereof shall be entered in a book to be kept by such officer in such form as the State Government may prescribe in this behalf: [Provided that if the information is given by the woman against whom an offence under section 326A, section 326B, section 354, section 354A, section 354B, section 354C, section 354D, section 376, [section 376A, section 376AB, section 376B, section 376C, section 376D, section 376DA, section 376DB,] section 376E or section 509 of the Indian Penal Code (45 of 1860) is alleged to have been committed or attempted, then such information shall be recorded, by a woman police officer or any woman officer: Provided further that— (a) in the event that the person against whom an offence under section 354, section 354A, section 354B, section 354C, section 354D, section 376, [section 376A, section 376AB, section 376B, section 376C, section 376D, section 376DA, section 376DB,] section 376E or section 509 of the Indian Penal Code (45 of 1860) is alleged to have been committed or attempted, is temporarily or permanently mentally or physically disabled, then such information shall be recorded by a police officer, at the residence of the person seeking to report such offence or at a convenient place of such person’s choice, in the presence of an interpreter or a special educator, as the case may be; (b) the recording of such information shall be videographed; (c) the police officer shall get the statement of the person recorded by a Judicial Magistrate under clause (a) of sub-section (5A) of section 164 as soon as possible.] (2) A copy of the information as recorded under sub-section (1) shall be given forthwith, free of cost, to the informant. (3) Any person aggrieved by a refusal on the part of an officer in charge of a police station to record the information referred to in sub-section (1) may send the substance of such information, in writing and by post, to the Superintendent of Police concerned who, if satisfied that such information discloses the commission of a cognizable offence, shall either investigate the case himself or direct an investigation to be made by any police officer subordinate to him, in the manner provided by this Code, and such officer shall have all the powers of an officer in charge of the police station in relation to that offence.
Section 154 – Code of Criminal Procedure, 1973 Read More »
Inspection of weights and measures (1) Any officer in charge of a police station may, without a warrant, enter any place within the limits of such station for the purpose of inspecting or searching for any weights or measures or instruments for weighing, used or kept therein, whenever he has reason to believe that there are in such place any weights, measures or instruments for weighing which are false. (2) If he finds in such place any weights, measures or instruments for weighing which are false, he may seize the same, and shall forthwith give information of such seizure to a Magistrate having jurisdiction.
Section 153 – Code of Criminal Procedure, 1973 Read More »
Information of design to commit cognizable offences Every police officer receiving information of a design to commit any cognizable offence shall communicate such information to the police officer to whom he is subordinate, and to any other officer whose duty it is to prevent or take cognizance of the commission of any such offence.
Section 150 – Code of Criminal Procedure, 1973 Read More »
Invoices and tax invoices are integral to all financial transactions in a business. They provide a document that can be used as evidence of a transaction and to calculate taxes due. In India, all sellers registered with the GST must issue a tax invoice when selling goods or services. All other sellers must issue a regular invoice or bill.Invoices are an instrument that drives a business on a successful path. Invoices act as proof of the transaction that happened between customers and owners. There are two main types of invoices: Retail and tax invoices. What is a GST tax invoice? An invoice bill is a statement given by a vendor to a buyer detailing the goods sold or services provided and the amounts due for payment. It is a contract between the seller and the buyer. Invoices play a vital role in all financial transactions, from the simple sale of goods to the complex supply chain of a company.Tax invoice is an invoice issued for the sale of taxable goods or services. Tax invoice includes details such as the description, quantity, price, applicable taxes, and and any other information required by local tax authorities. A tax invoice is a crucial formal document issued by a seller to a buyer that describes a transaction between them. This document is essential for keeping clear financial records and complying with tax requirements. Example of a GST tax invoice A company, RZ Electronics, selling a laptop to a customer XYM for ₹10,000. The tax invoice would itemize the buyer and seller details, invoice number, date, product details, quantity, and value. Additionally, it would specify the tax rates and amounts, such as an 18% GST. In this scenario, the tax invoice would calculate a total tax amount of ₹1,800, leading to a total payable amount of ₹11,800. It is issued by RZ Electronics to XYM, ensuring a transparent record of the transaction. This clarity helps the organization comply with tax laws and mitigates the risk of disputes or legal complications in the future. What is an invoice bill? An invoice bill is a statement given by a vendor to a buyer detailing the goods sold or services provided and the amounts due for payment. It is a contract between the seller and the buyer. Invoices play a vital role in all financial transactions, from the simple sale of goods to the complex supply chain of a company. What are some differences between an invoice bill and a GST tax invoice? An invoice bill is a document sent to a customer from a seller with details of goods or services purchased and the total amount due. A GST tax invoice is a document issued by a seller to a customer when goods or services are sold at a taxable price. An invoice bill does not include the tax amount payable, while a GST tax invoice does. This is important to remember when filing taxes, as the tax amount payable must be included in the calculation. The purchaser or end customer often receives an invoice bill. A GST tax invoice is issued to another firm or company for supplies that will be resold or used for manufacturing. The primary goal of an invoice bill is to demand payment for delivered products or rendered services. The primary goal of a GST tax invoice is to obtain a tax credit or other form of tax relief. The purpose of an invoice bill is to keep track of sales and purchases for accounting. A GST tax invoice helps keep track of taxable sales and purchases to calculate taxes. In addition to the tax amount payable, there are a few other differences between an invoice bill and a GST tax invoice. For example, an invoice may not include the buyer’s GSTIN (Goods and Services Tax Identification Number). In contrast, a GST tax invoice must include the buyer’s GSTIN. Furthermore, a GST tax invoice must include the seller’s GSTIN, which an invoice bill does not. FAQs How is a tax invoice different from a receipt? The seller issues the customer a tax invoice, which specifies the transaction, including the price, quantity, and relevant taxes. In contrast, a receipt serves as verification of the buyer’s payment. While an invoice seeks payment, a receipt confirms that payment was made. How do tax invoices relate to VAT/GST? Tax invoices are critical for VAT/GST systems because they reflect the taxes levied on sales and enable organizations to claim input tax credits. They guarantee that taxes are collected and reported appropriately, which helps VAT/GST systems run smoothly.
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Imprisonment in default of security (1)(a) If any person ordered to give security under section 106 or section 117 does not give such security on or before the date on which the period for which such security is to be given commences, he shall, except in the case next hereinafter mentioned, be committed to prison, or, if he is already in prison, be detained in prison until such period expires or until within such period he gives the security to the Court or Magistrate who made the order requiring it. (b) If any person after having executed a [bond, with or without sureties,] for keeping the peace in pursuance of an order of a Magistrate under section 117, is proved, to the satisfaction of such Magistrate or his successor-in-office to have committed breach of the bond, such Magistrate or successor-in-office may, after recording the grounds of such proof, order that the person be arrested and detained in prison until the expiry of the period of the bond and such order shall be without prejudice to any other punishment or forfeiture to which the said person may be liable in accordance with law. (2) When such person has been ordered by a Magistrate to give security for a period exceeding one year, such Magistrate shall, if such person does not give such security as aforesaid, issue a warrant directing him to be detained in prison pending the orders of the Sessions Judge and the proceedings shall be laid, as soon as conveniently may be, before such Court. (3) Such Court, after examining such proceedings and requiring from the Magistrate any further information or evidence which it thinks necessary, and after giving the concerned person a reasonable opportunity of being heard, may pass such order on the case as it thinks fit : Provided that the period (if any) for which any person is imprisoned for failure to give security shall not exceed three years. (4) If security has been required in the course of the same proceeding from two or more persons in respect of any one of whom the proceedings are referred to the Sessions Judge under sub-section (2), such reference shall also include the case of any other of such persons who has been ordered to give security, and the provisions of sub-sections (2) and (3) shall, in that event, apply to the case of such other person also, except that the period (if any) for which he may be imprisoned, shall not exceed the period for which he was ordered to give security. (5) A Sessions Judge may in his discretion transfer any proceedings laid before him under sub-section (2) or sub-section (4) to an Additional Sessions Judge or Assistant Sessions Judge and upon such transfer, such Additional Sessions Judge or Assistant Sessions Judge may exercise the powers of a Sessions Judge under this section in respect of such proceedings. (6) If the security is tendered to the officer in charge of the jail, he shall forthwith refer the matter to the Court or Magistrate who made the order, and shall await the orders of such Court or Magistrate. (7) Imprisonment for failure to give security for keeping the peace shall be simple. (8) Imprisonment for failure to give security for good behaviour shall, where the proceedings have been taken under section 108, be simple, and, where the proceedings have been taken under section 109 or section 110, be rigorous or simple as the Court or Magistrate in each case directs.
Section 122 – Code of Criminal Procedure, 1973 Read More »