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Income Tax : Explore the Finance Bill 2024, detailing income tax rates, surcharges, and provisions for various taxpayers, including individuals...
Income Tax : Insight Instruction No. 79 details procedures for managing high-risk PAN cases in the Insight portal, guiding tax officers through...
Income Tax : UIDAI's specified income receives tax exemption for AY 2024-2025 to 2028-2029 under Income-tax Act, 1961, as per the latest CBDT n...
21. We have heard the parties and have perused the material on record. The learned Commissioner (Appeals) has held that the case of the Assessing Officer was based on the statement of Shri Ramesh Kumar, which was not confronted to the assessee, which was incumbent upon the department to do, since it was a case of reopening of a completed assessment.
7. We have considered the issue. The learned CIT (A) has considered that there was a change of opinion by the A.O. and he deemed to have formed an opinion at the time of original assessment on allowing 80HHC deduction on DEPB. There is nothing on record to support the opinion formed by the learned CIT(A) on this issue. The learned counsel during the present proceedings
If the notice under section 148 of the Income-tax Act is sustainable on any of the reasons taken by the Assessing Officer, the initiation of reassessment cannot be declared as invalid; there cannot be any initiation of reassessment proceedings on the basis of an item of income or disallowance which has been made in another proceedings of the same assessee for the same year.
16. On the perusal of the return of income, the statement of total income alongwith notes thereto and form no. 30 claiming refund, filed alongwith the return of income, it is clear that though the assessee had shown total income at Rs. 5,11,68,95,840, the assessee claimed its total tax liability to be Rs. Nil for the reasons given in the notes, and claimed the refund of tax that was deducted at source
19. First we will marshal the facts of the present case. The assessee had availed terms loans from three banks, viz. ICICI Bank Ltd., Standard Chartered Bank Ltd. and Sumitomo Mitsui Banking Corporation (SMBC), Hong Kong. These terms loans were availed by the assessee company for the purpose of acquiring capital assets necessarily to be deployed in the manufacturing system
For the current year, there have been a few changes which have been introduced and need to be kept in mind while filing the returns.The tax department has taken steps to make income tax returns filing easier and simple. In the past few years, there have been many improvements and use of technology by the Income Tax […]
Due date of July 31 fast approaching, it is that time of the year again when the nation’s tax payers scramble to file I-T returns. After all, filing of tax return is compulsory for everyone whose gross total income exceeds the basic exemption limit. For financial year 2007-08, for instance, the basic exemption limit was […]
Learn what Permanent Account Number (PAN) is and why it is compulsory to obtain and quote PAN. Understand its significance in income tax, business, and more.
Instruction No : 05/2009 Date : 20.07.2009- Withdrawal of Instruction No. 1829, dated 21-9-1989 dealing with taxability of income arising to non-residents from the execution of power projects on turnkey basis
12. Under the provisions of Section 147 of the I.T. Act, the Assessing Officer has the power to reassess the income for any Assessment Year where he has a reason lo believe that any income chargeable to tax had escaped assessment for any Assessment Year. The power is also given to Assessing Officer to recompute the loss or the depreciation allowance or any other allowance for the Assessment Year