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QUESTIONS & ANSWERS
Changes in procedural law
What are the changes made to the proposals in the Bill as regards procedural provisions?
There are quite a few changes in procedural law. The bar against objections to jurisdiction on grounds of non-service or improper service, where the assessee has participated in further proceedings under Sec. 292BB inserted by the Finance Bill, is toned down in the Act by providing that objection to jurisdiction can be taken up during assessment and that if it had not been raised during the assessment, it cannot be taken up on appeal.
Time limit for tax audit report under Sec. 44AB is curtailed to September 30 in conformity with the date of filing returns.
Time limit for adjustment of returned fringe benefits is now set at six months from the end of the financial year in which return is filed.
The other amendments relate to cases reverting from Settlement Commission, wealth tax and other minor procedural matters.
The Finance Minister has gone on record that in his personal opinion exemptions should not continue. He has promised a new Bill shortly.
Most other suggestions as regards the proposals in the Finance Bill have not been found acceptable.
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