Sub-section (2) of section 143 of the Income-tax Act provides that the notice under this sub-section shall be served on the assessee within a period of twelve months from the end of the month in which the return is furnished. Further, the service of such notice must be affected in a manner laid down in […]
Presumption as to books of accounts, other documents, etc. Section 292C of the Income-tax Act provides for a rebuttable presumption with respect to books of account, other documents, money, bullion, jewelry or other valuable article or thing found in the possession or control of any person in the course of a search under section 132. […]
Extension of time limit set out in Rule 3 for complying with the condition laid down in Clause (ea) of rule 4 of Part A of the Fourth Schedule to the Income-tax Act Rule 4 of Part A of the Fourth Schedule to the Income-tax Act provides for the conditions which are required to be […]
The demand on the tax administration has been growing on account of increase in the volume of work. The widening and deepening of the tax base has resulted in substantial increase in the number of taxpayers. To cope with the sheer volume of work and render timely service to the taxpayer, the Department has been […]
Sub-section (1) of section 271 of the Income-tax Act empowers the Assessing Officer to levy penalty for certain offences listed in that sub-section. It is a requirement that the Assessing Officer is required to be satisfied before such a penalty is levied. In the context of levy of penalty under section 271 of the Income-tax […]
Delay in issuance of income tax refunds has topped the list of complaints received by Income Tax Ombudsman (North West Region) within three months of setting up of its office in New Delhi. “Over 60 per cent of complaints lodged by income tax assessees since the commencement of office here are related to delay in […]
CCE (ST) Vs. M/s. EID Parry – Demands on Indian companies for tax on services of BAS received from persons abroad – held that “it is only after enactment of Section 66A that taxable services received from abroad by a person belonging to India are taxed in the hands of the Indian residents – Since Section 66A was introduced on 18.4.2006 much after the material period, the impugned order had to be sustained – revenue’s appeal rejected
Section 98 of Chapter VII of Finance (No.2) Act, 2004, provides for charge of securities transaction tax (STT). It was provided that in the case of sale of a derivative, where the transaction of such sale is entered into in a recognized stock exchange, the securities transaction tax will be at the rate of 0.017 […]
There is a prescribed dispute resolution mechanism under the Income-tax Act. In this regard, the Central Board of Direct Taxes have issued instructions from time to time directing Departmental Officers to not file an appeal if the tax effect is less than the monetary limit prescribed by it. The Hon’ble Supreme Court in M/s. Berger […]
The Finance Act, 2007 carried out a comprehensive amendment to the scheme of settlement of cases. This scheme provides for abatement of proceedings before the Settlement Commission under various circumstances. In order to deal with the various issues that may arise in the event of abatement of proceedings before the Settlement Commission, an amendment has […]
