Income Tax Search and Seizure & Income Tax Settlement Commission (ITSC)- Detection of any undisclosed income subsequent to the final order of ITSC Introduction:- Chapter XIX – A of Income Tax Act, 1961 provides for settlement of cases. Income Tax Settlement Commission was set up in the year 1976 on the recommendation of Direct T...
Read MoreWhether, for section Section 40(a)(ii), word ‘cess’ would be labeled as a ‘tax’ and hence accordingly, will not be allowed business expenditure....
Read MoreINTRODUCTION: ‘Families Are That Compass That Guide Us, Inspire Us and Comfort us When We Falter’ But additionally, as family members we can save money and grow together. Let’s dive into the article to understand how to take family route for saving taxes. WAYS OF PLANNING TAXES THROUGH FAMILY MEMBERS: IN CASE OF HOME LOAN: [...
Read MoreNew Tax regime vs Old Tax Regime: Till now i am writing Articles related to GST but today one of my friend asked me – Should I opt for New Scheme or Old Scheme for A.Y 2021-22 ?? So today I will discuss very interesting topic – New Tax regime vs Old tax regime– Answer […]...
Read MoreSection 35CCD of the Income Tax Act provides deduction towards expenditure incurred on the skill development project. Whereas, rule 6AAF of the Income Tax Rules provides the guidelines to be followed by the company in order to notify the skill development project. Further, rule 6AAG provides the conditions to be satisfied by the skill dev...
Read MoreThe Income Tax Department carried out search and survey operations on 19.01.2021 in Jaipur on three groups, involving one jeweller and two real-estate colonizers and developers. Co-ordinated search operation was conducted at 20 premises and survey was conducted at 11 premises....
Read MoreThe Income Tax Department carried out search and survey operations on 12.01.2021 in the cases of leading builders located in Borivali-Mira Road-Bhayander Area of Thane....
Read MoreRe-strengthening economy through reforms: Assuring fair, courteous and rational behavior to the taxpayer, demonstrating our commitment to improve taxpayer services. DELIVERY ON BUDGET PROMISES (2020-21) TAXPAYERS’ CHARTER THE INCOME TAX DEPARTMENT IS COMMITED TO 1. Provide fair, courteous, and reasonable treatment 2. Treat taxpayer ...
Read MoreSo far, concealment of income amounting to more than Rs. 450 crore has been detected. The assessee has made an admission of undisclosed income amounting to Rs. 105 crore. The search action has resulted in seizure of unaccounted cash of Rs.1.58 crore....
Read MoreThe Taxpayer can submit the response online to the outstanding demand by performing the below steps. 1. Go to the Income Tax e-Filing portal, `www.incometaxindiaefiling.govin’ 2. Login to e-Filing portal by entering user ID (PAN), Password, Captcha code and click ‘Login’. 3. Post login, click on the ‘e-File’ ...
Read MoreDCIT Vs Barclays Technology Centre India Pvt. Ltd. (ITAT Pune) - DCIT Vs Barclays Technology Centre India Pvt. Ltd. (ITAT Pune) Conclusion: Liability to deduct tax at source on leased line charges could be fastened only under the law prevailing at the time of payment. If no liability existed at the time of payment, any subsequent retrospective amendment could not...
Read MoreHarvey Heart Hospitals Ltd. Vs. ACIT (Madras High Court) - Unabsorbed depreciation pertaining to the assessment year 1997-98 to 2001-02 can be carry forward and adjusted after the lapse of eight assessment years in view of the section 32(2) as amended by the Finance Act, 2001. ...
Read MoreSmt. Bhavna B. Kothari Vs ITO (ITAT Bangalore) - Merely because the issue was not elaborately discussed in the quantum assessment could not be a ground to invoke revisional jurisdiction u/s 263 particularly when the details called for by AO were submitted and placed on record....
Read MoreGimpex Pvt. Ltd. Vs ACIT (ITAT Chennai) - Gimpex Pvt. Ltd. Vs ACIT (ITAT Chennai) There is no dispute with regard to the fact that receivables is included under the definition of international transactions by amending section 92B by the Finance Act, 2012 w.e.f. 01.04.2002. Therefore, we are of the considered view that there is no merit in t...
Read MoreAmbuja Housing & Urban Infrastructure Co. Ltd Vs DCIT (ITAT Kolkata) - Ambuja Housing & Urban Infrastructure Co. Ltd Vs DCIT (ITAT Kolkata) It appears that while invoking Rule 8D of the I.T Rules, 1962 the AO has not pointed out/identified any specific infirmity in the disallowance so offered by the appellant/ assessee. A single sentence ‘explanation of the a...
Read MoreF No. 187/4/2021-ITA-I - (20/01/2021) - Order under Para 4 of the Faceless Penalty Scheme, 2021 for directing the National Faceless Assessment Centre /Regional Faceless Assessment Centre/ Assessment Unit/ Review Unit to act as the National Faceless Penalty Centre /Regional Faceless Penalty Centre/ Penalty Unit/ Penalty Review Unit under t...
Read MoreF. No. 275/29/2020-IT(B) - (19/01/2021) - F. No. 275/29/2020-IT(B) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes ********* North Block, New Delhi Dated, 19th January, 2021 Office Memorandum Subject: Clarification regarding approval for attachment provided in the Order dated 19th October, 2020 is...
Read MoreCircular No. 1 of 2021-Income Tax - (15/01/2021) - Finance (No 2) Act, 2019, inter alia, amended clause (m) of sub-section (3) of section 9A of the Income-tax Act, 1961 (the Act) w.e.f. 01.04.2019 to provide for payment of remuneration by an eligible investment fund to an eligible fund manager in respect of fund management activity undertaken by him...
Read MoreF.No. C-50/04/2021-Ad.II - (12/01/2021) - No officer may be allowed to attend conferences/ seminars/webinars organized by non-government entities as resource person without the prior permission of the Secretary, Department of Revenue, Ministry of Finance, unless it is organized by Government agencies....
Read MoreNotification No. 03/2021-Income Tax [S.O. 118(E)] - (12/01/2021) - CBDT issues Notification No. 03/2021-Income Tax and notifies directions to give effect to the Faceless Penalty Scheme, 2021 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 03/2021-Income Tax New Delhi, the 12th January, 2021 INCOME-TAX S.O. 118(E).—In...
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DCIT Vs Barclays Technology Centre India Pvt. Ltd. (ITAT Pune) -
Harvey Heart Hospitals Ltd. Vs. ACIT (Madras High Court) -
Smt. Bhavna B. Kothari Vs ITO (ITAT Bangalore) -