Income Tax Assessment

FAQs on Assessments under the Income-tax Law

Income Tax - Every taxpayer has to furnish the details of his income to the Income-tax Department. These details are to be furnished by filing his return of income. Once the return of income is filed by the taxpayer...

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Jurisdiction Free Assessment under Income Tax Act, 1961

Income Tax - Jurisdiction Jurisdiction means power or legal authority. The word jurisdiction is derived from Latin terms Juris and dicto which means I speak by the law. Jurisdiction generally describes any authority over a certain area or certain persons. It is an authority granted to a formally constituted legal body to deal with and make pronounceme...

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Format in MS Word of Letter for Consent of taxpayers and Letter for Migration of Email Based E-Assessment in E-Proceeding

Income Tax - owards this end, as a part of Government’s initiative towards E-governance, from this financial year, Income-tax Department has decided to deepen use of digital platform for conduct of scrutiny assessment proceedings. Accordingly, the pending scrutiny proceedings (getting barred by limitation in Financial Year 2017-18)...

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BCAS Representation on Intimation U/s. 143 (1) without Detailed Analysis

Income Tax - 1) Intimation issued under section 143(1) of the Income-tax Act, 1961 (`the Act') displays mismatch of income without detailed analysis or reconciliation, of income tax returns filed by assesses. 2) Challenges and potential consequences in relation to returns processed by CPC...

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Powers of AO and Appellate Authorities to consider bonafide claims beyond the window available for revising the return of income

Income Tax - A moot question is whether a Tax Payer is allowed to make fresh claims beyond the due date of revising the return of income? Various judicial precedents have held that the Appellate Authorities as well as Assessing authorities have the jurisdiction to exercise their discretion whether or not to permit such additional claims raised for the...

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Extension of Scheme for E-assessment to 2 more cities

Income Tax - Paperless assessment/ e-mail based assessment on a pilot basis was commenced in the financial year 2015-16 in non-corporate charges of five cities i.e. Ahmedabad, Bangalore, Chennai, Delhi and Mumbai. The e-mail based assessment scheme has now been extended to two more cities, namely Hyderabad and Kolkata during the current financial year...

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Retrospective amendment to Sec. 9 not applicable where assessment order already passed

Income Tax - The retrospective clarificatory amendments now under consideration of Parliament will not be used to reopen any cases where assessment orders have already been finalized. I have asked the Central Board of Direct taxes to issue a policy circular to clearly state this position after the passage of the Finance Bill....

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Enquiry into IPL Controversy

Income Tax - Indian Premier League (IPL) involves city teams managed by private entities. Ministry of Youth Affairs & Sports does not deal with IPL because the national team does not participate in the IPL tournaments. However, Ministry of Finance ( Deptt. Of Revenue has informed that Income Tax Department is conducting investigations to ascertain the...

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Quality assessment Scheme: Move to improve the quality of Assessment

Income Tax - The Central Board of Direct Taxes recently framed a scheme for ensuring quality tax assessments by its officers across India. In the preface to the scheme (issued in December 2009), the CBDT has expressed its concerns on the need for improving the general quality of tax assessments conducted by its officers....

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HC will hear the issue of tax on stake sale in Idea Cellular by foreign companies

Income Tax - The Bombay High Court has postponed a hearing on details of another significant court case on the issue of jurisdiction of Indian tax authorities on foreign companies in business deals with Indian domestic ones. MMM Holdings and New Cingular Wireless, subsidiaries of AT&T, have challenged a showcause notice from the Income Tax Department ...

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Addition by CIT(A) without Opportunity to Assessee is invalid

Shri Vinodbhai Naranbhai Vaghani Vs ITO (ITAT Ahmedabad) - Section 251(2) provides that the Commissioner (Appeal) shall not embark on enhancement of an assessment unless the assessee has been granted a reasonable opportunity of showing cause against such We find no reference to the issuance of enhancement notice in the appellate order of the CIT(A). ...

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Non-issue of s. 143(2) notice renders s. 147 assessment order invalid

UKT Software Technologies Vs. ITO (ITAT Delhi) - It is mandatory for the AO to issue notice u/s 143 (2). The issuance and service of notice u/s 143 (2) is mandatory and not procedural. If the notice is not served within the prescribed period, the assessment order is invalid...

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Reassessment beyond four years on the basis of retrospective amendment not justified

Sadbhav Engineering Ltd. Vs. DCIT (OSD) (Gujarat High Court) - Reopening of tax assessment beyond four years on the basis of a retrospective amendment is not justified, if the assessee has fully and truly disclosed all the material facts necessary during the original assessment proceedings...

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S. 263 Commissioner cannot revise a order when AO took a possible view

Grasim Industries Ltd. Vs Commissioner Of Income Tax (Bombay High Court) - CIT revised the order u/s 263 to include the sum of Rs.1,75,32,600/- in the total income of the assessee under Sec.41(1) of the Income Tax Act on the ground that there had been a complete cessation of liability in regard to this amount in the previous year relevant to the assessment year 1982-83 –...

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Burden to prove identity, creditworthiness and genuineness of cash credits under section 68 of IT Act

Kalyan Memorial & Charitable Trust Vs ACIT (ITAT Agra) - According to section 68 where any sum is found credited in the books of assessee maintained for any previous year, and the assessee offers no explanation about the nature and source thereof or the explanation offered by him is not, in the opinion of the Assessing Officer, satisfactory, the sum so c...

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Submit note in respect of each high-pitched assessment case: Revenue Secretary

F.No. 225/ 287 /2017/ITA.II- Income Tax Notification - (18/08/2017) - In April, 2017, Board had called for all India information regarding functioning of Regional Committees to deal with Tax Payer Grievances from High Pitched Assessments. Some of the charges had reported that the Committees had identified some cases as 'High-Pitched'....

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Reg. Group Assessment & Peer Review before Assessment

F. No. 225/246/2014-ITA-11 - (15/11/2016) - Reconstitution of Committee to study the feasibility of the recommendations regarding Group Assessment and System of Peer Review Before Assessment...

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New TDS and TCS payment and information reporting system

Circular No. 02/2009-Income tax - (21/05/2009) - CIRCULAR NO. 02 / 2009 One of the fundamental principles of financial accounting is that if a person claims credit for payment of money to a third person, the credit should be allowed only if the payment and the information relating to the transaction have been received from the third person. The ...

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Central Excise circular on manner of scrutiny of ER1, ER2 and ER3 returns and returns submitted by dealers

Circular No. 887/07/2009-CX - (11/05/2009) - These guidelines supersede the earlier instructions issued vide Circular No.818/15/2005- CX from F.No.224/1/2005- CX.6 dated 15th July, 2005 and Circular No.249/83/96- CX issued from F.No.206/1/96- CX.6 dated 11.10.96. These guidelines seek to explain the content of the Return Scrutiny Manual, whic...

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Service Tax Returns Preparer Scheme

Notification No. 7/2009-ST - (03/02/2009) - TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY PART II, SECTION 3, SUB-SECTION (ii) ] MINISTRY OF FINANCE (Department of Revenue) (Central Board of Excise and Customs) New Delhi, the 3rd February,2009 Notification No. 7/2009-ST G.S.R. …. (E). In exercise of the powers conferred by sub-sect...

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Income Tax Assessment’s Popular Posts

Recent Posts in "Income Tax Assessment"

FAQs on Assessments under the Income-tax Law

Every taxpayer has to furnish the details of his income to the Income-tax Department. These details are to be furnished by filing his return of income. Once the return of income is filed by the taxpayer...

Read More
Posted Under: Income Tax |

Jurisdiction Free Assessment under Income Tax Act, 1961

Jurisdiction Jurisdiction means power or legal authority. The word jurisdiction is derived from Latin terms Juris and dicto which means I speak by the law. Jurisdiction generally describes any authority over a certain area or certain persons. It is an authority granted to a formally constituted legal body to deal with and make pronounceme...

Read More
Posted Under: Income Tax |

Format in MS Word of Letter for Consent of taxpayers and Letter for Migration of Email Based E-Assessment in E-Proceeding

owards this end, as a part of Government’s initiative towards E-governance, from this financial year, Income-tax Department has decided to deepen use of digital platform for conduct of scrutiny assessment proceedings. Accordingly, the pending scrutiny proceedings (getting barred by limitation in Financial Year 2017-18)...

Read More
Posted Under: Income Tax |

BCAS Representation on Intimation U/s. 143 (1) without Detailed Analysis

1) Intimation issued under section 143(1) of the Income-tax Act, 1961 (`the Act') displays mismatch of income without detailed analysis or reconciliation, of income tax returns filed by assesses. 2) Challenges and potential consequences in relation to returns processed by CPC...

Read More
Posted Under: Income Tax | ,

Submit note in respect of each high-pitched assessment case: Revenue Secretary

F.No. 225/ 287 /2017/ITA.II- Income Tax Notification (18/08/2017)

In April, 2017, Board had called for all India information regarding functioning of Regional Committees to deal with Tax Payer Grievances from High Pitched Assessments. Some of the charges had reported that the Committees had identified some cases as 'High-Pitched'....

Read More

Powers of AO and Appellate Authorities to consider bonafide claims beyond the window available for revising the return of income

A moot question is whether a Tax Payer is allowed to make fresh claims beyond the due date of revising the return of income? Various judicial precedents have held that the Appellate Authorities as well as Assessing authorities have the jurisdiction to exercise their discretion whether or not to permit such additional claims raised for the...

Read More
Posted Under: Income Tax |

Paperless assessments – A welcome move

In 2006, the Indian Government introduced electronic filing of Income-tax returns for the first time in case of corporates which subsequently made mandatory for all tax payers. Since then there is constant digitization of processing of tax returns....

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Posted Under: Income Tax |

Addition by CIT(A) without Opportunity to Assessee is invalid

Shri Vinodbhai Naranbhai Vaghani Vs ITO (ITAT Ahmedabad)

Section 251(2) provides that the Commissioner (Appeal) shall not embark on enhancement of an assessment unless the assessee has been granted a reasonable opportunity of showing cause against such We find no reference to the issuance of enhancement notice in the appellate order of the CIT(A). ...

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How to opt for Online Assessment and Submit Online response

Presently, notice u/s 143(2) is generated by CASS in ITBA. Also, AO issues the statutory notice including notice u/s 142(1) with Questionnaire of the IT Act 1961 from the ITBA assessment module to the assessee’s designated email ID. Similarly, there are many proceedings of the Income Tax Act which require notice or correspondence betwee...

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Posted Under: Income Tax |

Understanding Section 143 of Income Tax Act, 1961

An assessee is required to file an income tax return under Section 139 or in response to notice under section 142, consisting all the details of income earned during the previous year. Once the return is filed the next step of Income tax department is to examine the return for its correctness. This examination is known as Assessment....

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Posted Under: Income Tax |
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