Income Tax - Request To Cancel or Withdraw Notices / Reissue Amended Intimations Issued Under Section 143(1) of The Income Tax Act, 1961, Which Are Creating Unnecessary Hardship And Levying Double Tax on The Taxpayers Dated: 20.07.2022 To, The Hon’ble Finance Minister, Smt. Nirmala Sitharaman, Department Of Revenue, Ministry Of Finance, Room No. 134...
Read MoreIncome Tax - Every taxpayer has to furnish the details of his income to the Income-tax Department. These details are to be furnished by filing up his return of income. Once the return of income is filed up by the taxpayer, the next step is the processing of the return of income by the Income Tax Department. ...
Read MoreIncome 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...
Read MoreIncome Tax - Trust is an important organization as far Income Tax Act is concerned. Therefore, I hereby analyze various provisions of the Income Tax Act 1961 relating to Trusts .Following are some of the important provisions:- 1. Sec 115 UA Subject to the provisions of sec 111 A and sec 115, the total income of a business […]...
Read MoreIncome Tax - Assessment Of Income-Meaning And Scope/Procedure/Time Limit of Assessment Under Section 143(1)- Processing of Returns RETURN OF INCOME: – The Income-Tax Act, 1961 contains the provisions for filling of Return of Income. Return of Income is the format in which the assessee furnishes information as to his total income and tax payabl...
Read MoreIncome Tax - In view of Indiscriminate notices by income Tax Department without allowing reasonable time it is requested to Finance Ministry and CBDT that suitable steps should be taken so that adequate time is allowed for compliance and cases are not disposed of in a hurry, without giving adequate opportunity for the taxpayer to be heard. The [&helli...
Read MoreIncome Tax - Lucknow CA Tax Practicioners Association has made a Representation to FM for Extension of Time Limit for Assessment cases time barring as on 31.3.22 under the Income Tax Act 1961 in view of Problems faced in completion of Reopened Assessment cases (letting time barred on 31st March 2022, Problems faced in completion of Assessment as [&hel...
Read MoreIncome Tax - While uploading Manual order for the A Y 2017-18 user is getting the following message: Manual Order cannot be uploaded for this PAN AY as processing of Assessment order u/s 147 is still pending on ITBA...
Read MoreIncome Tax - Tax collections increased from Rs 6.38 Lakh Crore in year 2013-14 to almost Rs 12 Lakh Crore this year 80% growth in tax base; number of returns filed increased from 3.79 crore to 6.85 Crore Within the next 2 years, almost all verification and assessment of returns selected for scrutiny to be done electronically The […]...
Read MoreIncome 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...
Read MoreShri 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). ...
Read MoreUKT 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...
Read MoreSadbhav 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...
Read MoreGrasim 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 –...
Read MoreKalyan 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...
Read MoreNaFAC/Delhi/CIT-1/2022-23/112/92 - (03/08/2022) - Standard Operating Procedure (SOP) for Assessment Unit (AU), Verification Unit (VU), Technical Unit (TU) and Review Unit (RU) under the Faceless Assessment provisions of Section 144B of the Income-tax Act. National Faceless Assessment Centre, Delhi NaFAC/Delhi/CIT-1/2022-23/112/92 Dated: 03/08/2022 ...
Read MoreF.No.187/3/2020-ITA-1 - (31/03/2021) - CBDT hereby specifies that all the assessment proceedings pending as on 31.03.2021 and the assessment proceedings initiated on or after 01.04.2021 (other than those in the Central Charges and International Taxation charges) which fall under the following class of cases shall be completed under secti...
Read MoreITBA-Faceless Appeals Instruction No –1 - (19/10/2020) - Faceless Appeal Scheme has been implemented in ITBA and the allocation of cases to Faceless Appeal units is under progress. A number of requests have been received from the field formation for opening of the Appeal module in ITBA to enable the CIT (Appeals ) to upload the physical records and submis...
Read MoreNotification No. 66/2020-Income Tax [S.O. 2758(E)] - (13/08/2020) - CBDT notifies Prescribed Authority under Section 133C with effect from 13th August, 2020 vide Notification No. 66/2020, Dated: August 13, 2020. Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi Notification No. 66/2020, Dated: August 13, 2020 S.O. ...
Read MoreNotification No. 65/2020-Income Tax [S.O. 2757(E)] - (13/08/2020) - CBDT notifies 4195 Income-tax Authorities of Regional e-Assessment Centres to exercise the powers and functions of Assessing Officers concurrently, to facilitate the conduct of Faceless Assessment proceedings in respect of notified territorial areas vide Notification No. 65/2020, Dated: August 13,...
Read MoreNaFAC/Delhi/CIT-1/2022-23/112/92 - 03/08/2022