The issue under consideration is whether reopen assessment u/s 147 based on the same material which is examined by AO in original assessment is justified in law?
CBDT notifies L&T Infra Debt Fund as Infrastructure Debt Fund under section 10(47) of Income Tax Act, 1961 for the assessment year 2018-2019 and subsequent years. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 74/2020-Income Tax New Delhi, the 11th September, 2020 S.O. 3122(E).—In exercise of the powers conferred by […]
The issue under consideration is whether denial of CENVAT credit availed by the appellant for construction/setting up of landfill is justified in law?
Various concerns have been raised during the proceedings of the ongoing hearing in Hon’ble Supreme Court of India, in the matter of Gajendra Sharma Vs. UoI and Others, of the matter regarding the relief sought in terms of waiver of interest and waiver of interest on interest and other related issues.
It has been decided that if cost audit report for the financial year 2019-20 by the cost auditor to the Board of Directors of the companies is submitted by 30th November, 2020
Kangana Ranaut Vs. Municipal Corporation of Gr. Mumbai & Ors. (Bombay High Court) Section 354A of the Act (which is invoked by the MCGM by issuing the impugned Notice dated 7th September, 2020), sets out the ‘power of Commissioner to stop erection of building or work commenced or carried on unlawfully.’ From the works set […]
Radha Tradelinks Pvt Ltd Vs State of Gujarat (Gujarat High Court) The present writ petition is filed for requesting to quash the detention and confiscation order passed under GST Act. The writ applicant, is engaged in the business of areca nut, spices, etc. A consignment of areca nut was transported from Karnataka so as to […]
What is an ITR-V? ITR-V stands for ‘Income Tax Return – Verification’ form. This form is received when you e-file without using a digital signature. Income Tax Department needs to verify the authenticity of income tax return when filed online without using a digital signature. On receipt of ITR-V you have to sign the copy and submit to the Income Tax Department to complete the filing process.
The definition of assessment has not been provided with the IT Act4, but a perusal of the term within the scope of the Act makes it obvious that it implies an investigation and ascertainment of the correctness of the returns and accounts filed by the Assessee. Essentially the assessment would evidently mean determination of the quantum of taxable turnover and also the quantum of taxable amount payable by the tax payer5. This assessment is made on the basis of returns and accounts furnished by an Assessee in support thereof but on an estimate made by the assessing authority which may, of course, be based inter alia on the accounts and documents furnished by the Assessee6.
Is the Challan Identification Number compulsory? Is PAN mandatory for deductors and employees/deductees? I am a deductor having more than one office/branch, do I file separate e-TDS/TCS returns for each office/branch or can I file a consolidated return for all offices/branches? Can I quote the same TAN for filing e-TDS/TCS returns for each branch? What is ‘Bank Branch Code’? Where do I get it from?
