Income Tax : Know about Statement of Financial Transaction (SFT) or Reportable Account under Section 285BA — entities liable to file, reporta...
Income Tax : Understand TDS on immovable property transactions. Section 194-IA mandates TDS deduction at 1% for sale consideration exceeding Rs...
Income Tax : Annual Information Return (AIR) – meaning, provisions, Applicability & FAQs Annual Information Return (AIR) of ‘hi...
Income Tax : Income Tax Department nowadays selects almost all cases for scrutiny assessment under section 143(2) of Income Tax Act 1961 based ...
Income Tax : Downloading the utility 1. Go to e-filing portal at https:iincometaxindiaefiling.gov.in/ 2. Click on the Forms (other than ITR) ta...
Income Tax : Statement of Financial transactions (SFT) should be filed by all reporting persons covered under Rule 114E of Income-tax Rules, 19...
Company Law : As per Rule 114E of the Income Tax Rules 1962, for and from 2016-17, all companies have to be furnish SFT in respect of certain ...
Income Tax : Income-tax Rules amended to provide that bank shall obtain and link PAN or Form No. 60 (where PAN is not available) in all existin...
Income Tax : Cash transactions did not require aggregation and the reporting requirement under SFT for this purpose is on receipt of cash payme...
Income Tax : This Guidance Note is for providing guidance to the Financial Institutions, Regulators and officers of the Income Tax Department f...
Income Tax : The case involved an addition based on AIR information regarding a property transaction. The Tribunal deleted the addition after f...
Income Tax : ITAT Mumbai quashed ex-parte assessment based solely on AIR entries, directing AO to provide full details so assessee can respond ...
Income Tax : The Kerala High Court rules in favor of Director of Income Tax in Sub Registrar vs Director of Income Tax, asserting that the bona...
Income Tax : Since AO had not carried out any exercise to rebut the contention of assessee that they have not received any sum higher than what...
Income Tax : Penalty under 271FA was unjustified as there was no requirement to file the AIR in absence of reportable transaction during the fi...
Income Tax : Cash deposits during the period 1st April, 2016 to 9th November, 2016 in respect of accounts that are reportable to be reported by...
Income Tax : The Income Tax Department has received information about large value transactions relating to you under the Annual Information Ret...
Income Tax : Central Government with respect to registration of persons, due diligence and maintenance of information, and the Central Board of...
Income Tax : Financial institutions are in the process of carrying out the due diligence of financial accounts and obtaining self-certification...
Income Tax : Submission of Form 61B: Every reporting financial institution is required to submit the Statement of Reportable Account in Form 61...
Latest From Directorate of Systems ALERTS: Last date of submission of ITR-V for A.Y 2010-11 has been extended up to 31/12/2011 AOs are requested to immediately send ITR-Vs of A.Y. 10-11 & 11-12, if any, lying with them to CIT (CPC), Bangalore. AOs should not accept ITR-Vs from taxpayers.
Secondary market transactions of Rs 10 lakh or more in a year, insurance premium of above Rs 1 lakh, debit card payments above Rs 2 lakh, fixed deposits and recurring deposits of over Rs 10 lakh each, and cash deposits of Rs 20 lakh in current accounts are likely to be added to the AIR list, which currently comprises eight items. High-value sales and purchases of property are taken as two items.
In the event the assessee claims that he has not purchased the property, as revealed in the AIR, before the ld.AO, then, it would be proper for the ld.AO to obtain the Sale Deed from the Sub Registrar’s office to prove the revenue’s claim. Assessment order based only on the AIR report will not stand in the eye of law.
The Income Tax department will soon launch an Internet-based grievance redressal system for taxpayers to lodge their complaints with taxman. The new online facility will also enable taxpayers to register their complaints and put applications to the I-T Ombudsman present in 12 cities across the country including Mumbai and Delhi, the two topmost tax paying regions respectively.
The Income Tax Department needs to immediately add 30,000 more employees to carry out its existing operations, a senior Finance Ministry official said.“To avoid affecting the overall revenue collection and delivery of tax payer services, the department immediately requires 22,000 additional employees apart from filling up the 8,000-odd vacant positions,” the official said.
The income tax return filing process requires that a lot of information be provided to the tax authorities. Most people gear up by ensuring they have collected all the details necessary for ensuring the correct income is shown and the right deductions are available. This is not enough, as individuals need to ensure there is some […]
Wrong selection of ITR :- One may sorely miss the old ‘one size fits all’ SARAL forms for the sheer ease and convenience of filling up the one page return, but they were not e-friendly. It was also cumbersome to attach a whole lot of supporting documents and spend a day away from the office […]
12. In order to come to a definite conclusion whether section 194H of the Act would be applicable to the assessee-airline in respect of transaction, in issue, we propose to first look at the scope and ambit of section 194H of the Act and then analyse the transaction as to whether it falls within the purview of the said Section. In this context, it would be necessary to extract the relevant portions of Section 194H of the Act.
These guidelines will issue in modification of paragraph 2(e) of Press Note 4 of 2006 and will be effective from the date of issue of this Press Note. FDI policy announced vide Annex to Press Note 7(2008) dated 16th June 2008 stands amplified to the above extent.
AIRs pertaining to financial year 2007-08 (Assessment year 2008-09) and subsequent years should be utilized in the manner laid down in paragraphs 2 to 8 below.
