Understanding the recent Supreme Court decision on reassessment notices issued under the Income-tax Act, 1961. Find out the impact on ongoing litigation.
In the previous financial year that is FY 2020, in India, fresh Demat accounts opening jumped to a record high, around 14.2 million fresh Demat accounts have been opened during the year. This jump is more than three times the number of new accounts opened in FY 2019 (4.70 million accounts). The accounts are not […]
The ongoing Covid – 19 pandemic has affected the human lives severely. Besides the impact on human lives it has drastically impacted the businesses. As per the data of the National Statistical Office (NSO) India has recorded worst GDP growth rate of -23.90% for quarter 1 of FY 2020-2021. This indicates that the businesses are […]
Reopening of an assessment is one of the weapons in the armoury of the Income tax Department, it empowers assessing officer to reassess or recompute the income of an assessee which has escaped assessment. Section 147 to 153 of the Income tax Act, 1961 [ Act] deals with the provisions of reassessment proceedings. The said […]
Generally,due to following reasons, people enter into benami transactions: a) To invest unaccounted money. b) To invest money earned from illegal means, that is, through corruption, etc. c) To hide the ownership of the property from banks or creditors.
Article summarises Provisions of Direct Tax Vivad Se Vishwas Act, 2020 and contains/Explains Introduction to Direct Tax Vivad Se Vishwas Scheme, Who Are Eligible To Avail Direct Tax Vivad Se Vishwas Scheme, Quantification Of The Disputed Tax, Computation Of The Amount Payable Under Direct Tax Vivad Se Vishwas Scheme, Procedure For Filing Declaration Under Direct […]
