Delayed filing of returns will cost Rs 5000 if filed after due date but before 31st December of the assessment year and Rs 10,000 in any other case.
The fee shall be Rs 1000 in all cases where the total income does not exceed Rs five lakhs.
Income tax authorities have been empowered to issue refunds without waiting for processing of the return even where cases have been picked up for scrutiny.
A maximum limit of Rs. two lakhs has been imposed on the set off of loss from house property against any other head. Carry forward of unabsorbed losses has been provided for.
In a retrograde step, the tax authorities are no longer required to reveal the basis for conducting search and seizure to any other person or even the appellate tribunal. This will cause frivolous cases of searches where the tax officers will be able to raid premises and harass taxpayers for flimsy reasons.
Place where charitable organizations function can now also be raided. This has been enabled with the amendment of section 133(1) to include place at which any activity of charitable purpose is carried on.