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Vivad Se Vishwas Scheme 2020

July 25, 2020 119283 Views 14 comments Print

> INTRODUCTION DTVSV Scheme was announced in Budget 2020 as “No Dispute but Trust Scheme-Vivad se Vishwas Scheme” to settle pending disputes relating to direct taxes. It is an attempt to release 9.32 trillion (as on 30th Nov 2019) blocked in approximately 483000 appeals pending at various appellate forums. The Scheme got assent from Hon’ble […]

New Form 26AS

July 23, 2020 7308 Views 6 comments Print

1. CONCEPT OF FORM 26AS Form 26AS is the consolidated annual tax credit statement issued by income tax department. It  contain information about tax deducted by employer, banks and other persons, tax collected on sale made to buyer, refund given, self-assessment tax and advance tax taxes paid, details of high value transactions and TDS defaults. […]

Practical Aspects on Completion of Assessments regarding Substantial Cash Deposits made during demonetization

July 29, 2019 5436 Views 0 comment Print

Practical Aspects on Completion of Assessments regarding Substantial Cash Deposits made during demonetization We all remember the date 08 November 2016 when our Hon’ble Prime Minister Shri Narendra Modi took huge step and demonetized the specified bank notes (SBN) i.e. Rs.500 and Rs.1000 currency notes. This was the step taken to clean black money from […]

Section 148: Practical aspects on Reopening of Cases

July 28, 2019 10932 Views 0 comment Print

Section 148 of the Income-tax Act, 1961 is a powerful weapon used by Income-tax department to reopen the case of past years. The basis for reopening of case u/s 147 is that Assessing Officer has reasons to believe that income of assessee has escaped assessment.

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