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Income Tax : Release of File Validation Utilities (FVUs) and Return Preparation Utility for e-TDS/TCS Statements File Validation Utility (FVU)...
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Income Tax : Read the full text of the ITAT Bangalore order in Laxmilal Badolla Vs NFAC. Penalty under Sec 271D cancelled due to reasonable cau...
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Income Tax : Explore the latest guidelines for issuing notice under Section 148 of the Income Tax Act, 1961. Understand key procedures, amendme...
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Income Tax : CBDT issued Notification No. 01/024-25-Income Tax dated 24th June 2024, specifying Form 3CN, Form 3CS, Form 3CEC, Form 3CEFB, Form...
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Optionally Fully Convertible Debentures (OFCDs) do not fall under and cannot be equated with receipt of ‘loan’ or ‘deposit’ under the provisions of Section 269SS of the IT Act, evidently, no violation of the said Section can be said to have been committed by the assessee to attract penalty u/s 271D.
Release of File Validation Utility (FVU) version 4.0 and 2.136 for e-TDS/TCS Statements. 1. FVU version 4.0 – For Statements pertaining to FY 2010-11 onwards. 2. FVU version 2.136 – For Statements pertaining to FY 2007-08 to FY 2009-10.
The existing procedure for monitoring cases of ‘Non-Filers of IT Returns’ as identified by Director General of Income, Tax (System) has been examined by the Board.
In the case in hand the interest is received in pursuance to the directions of the SEBI and due to delay in completion of the process of buy back of shares as prescribed under the SEBI regulations.
Notification No. 75/2013 – Income Tax Vide Notification dated 23.09.2013 issued by the CBDT, Rules 10U to 10UC have been inserted in the Income-tax Rules, 1962 to provide for the entire procedure for monitoring the General Anti Avoidance Rules (GAAR). The relevant forms have also been notified. The said Rules will come into effect on 1st April 2016.
– We were unaware that the law required anyone to give an explanation for having tea, whether in the morning, noon or night. One might take tea in a variety of ways, not all of them always elegant or delicate, some of them perhaps even noisy.
Section 132 contemplates existence of certain eventualities in the event of existence where of the competent authority should have reason to believe the existence of the circumstances mentioned in clause (a) to (c) of sub-section (1) of Section 132 of the Act
Inspite of strong representation from us as well as various Associations and ICAI, on the basis of the talk and discussion prima facie it appears that date of filing the Return of Income of 30th September, 2013 will not be extended.
CBDT is constantly making changes in the 3CD e-return schema such as addition of new elements, changes in description, frequent changes in depreciation table, etc. Sometimes changes are done in the 3CD e-return software of the IT Dept. without changing the schema.
(j) Cases where registration u/s 12 AA of the IT Act has not been granted or has been cancelled by the CIT/DIT and the assessee has been found claiming tax-exemption under section 11 of the IT Act. However, the cases where such order of CIT/DIT has been reversed/set-aside in appellate proceedings will not pe picked up for scrutiny under this clause.
