Income Tax Assessment

Faceless E-Assessment: Procedures, Difficulties & Role of Professional

Income Tax - The income tax department on October 7, 2019 launched its faceless e-assessment scheme for taxpayers. Under the scheme, there would be no physical interface between an assessing officer and an Assessee. The plan was first introduced in the Union Budget 2019 by finance minister Nirmala Sitharaman. Sitharaman told the parliament that the ...

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Analysis of Income Tax Assessment of demonetisation cases

Income Tax - In its ongoing Operation Clean Money drive (OCM), Various cases were selected for scrutiny assessment for AY 2017-18 where large amount of CASH was deposited during demonetisation period i.e. 9th November 2016 to 31st December 2016. It is observed that while passing order for scrutiny assessment for cash deposited during demonetisation pe...

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Jurisdiction Free Assessment under Income Tax Act, 1961

Income Tax - This article is covering in depth knowledge of various types of Jurisdictions, Various types of Assessments under Income Tax Act, 1961 and details of new system i.e. Jurisdiction-Free Assessment which was introduced from 2016. Jurisdiction is prescribed under Section 124 of the Income-tax Act, 1961 and assessment includes Summary assessme...

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Various 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 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. The […]...

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E-Assessment Procedures – Income Tax

Income Tax - Electronic assessment, also known as e-assessment, online assessment, computer assisted/mediated assessment and computer-based assessment, is the use of information technology in various forms of assessment. Finance Minister, Arun Jaitley, also announced of such scheme in his budget speech on February 1, 2018; which would almost eliminate...

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FAQs on Issues faced by field users in Assessment module of ITBA

Income 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...

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IT Scrutiny and assessment to get fully online in next two year

Income 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 […]...

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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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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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Completion of time barring e-Assessment-regarding

F. No. Pr. DGIT(S)/Tech/Time-barring E-assessment/2019-20 - (08/11/2019) - In view of the large number of pendency, there is a possibility of problems arising in computation and calculation of tax by system. In view of the large number of pendency, there is a possibility of bulk of the pending assessments being completed around the end of the time barring period. As you ar...

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Setting up of ReACs under E-assessment Scheme, 2019

Order No. 2 - (03/10/2019) - Central Board of Direct Taxes hereby sets up the Regional e-Assessment Centres (ReACs) as specified in column 2 of the Schedule-1, with their headquarters at the place mentioned in column 3 of the said Schedule and shall comprise of the Income Tax authorities as per Annexure to this order....

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Conduct of assessment proceedings through ‘E-Proceeding’ facility

Circular No. 27/2019-Income Tax - (26/09/2019) - In all cases (other than the cases covered under the `e-Assessment scheme, 2019' notified by the Board), where assessment is to be framed under section 143(3) of the Act during the financial year 2019-20, it is hereby directed that such assessment proceedings shall be conducted electronically subjec...

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CBDT notifies Income-tax Authorities to facilitates conduct of e-assessment

Notification No. 72/2019-Income Tax [S.O. 3435(E)] - (23/09/2019) - Notification No. 72/2019- CBDT notified the Income-tax Authorities which shall exercise and perform, concurrently, the powers and functions of Assessing Officer, to facilitate the conduct of E-assessment proceeding in a centralised manner in respect of returns furnished under Section 139 or in respo...

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Directions for giving effect to Income Tax E-assessment Scheme, 2019

Notification No. 62/2019- Income Tax [S.O. 3265(E)] - (12/09/2019) - [Notification No. 62/2019 For giving effect to the E-assessment Scheme, 2019 the Central Government hereby makes the following directions ...

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Recent Posts in "Income Tax Assessment"

Faceless E-Assessment: Procedures, Difficulties & Role of Professional

The income tax department on October 7, 2019 launched its faceless e-assessment scheme for taxpayers. Under the scheme, there would be no physical interface between an assessing officer and an Assessee. The plan was first introduced in the Union Budget 2019 by finance minister Nirmala Sitharaman. Sitharaman told the parliament that the ...

Read More
Posted Under: Income Tax |

Analysis of Income Tax Assessment of demonetisation cases

In its ongoing Operation Clean Money drive (OCM), Various cases were selected for scrutiny assessment for AY 2017-18 where large amount of CASH was deposited during demonetisation period i.e. 9th November 2016 to 31st December 2016. It is observed that while passing order for scrutiny assessment for cash deposited during demonetisation pe...

Read More
Posted Under: Income Tax |

Jurisdiction Free Assessment under Income Tax Act, 1961

This article is covering in depth knowledge of various types of Jurisdictions, Various types of Assessments under Income Tax Act, 1961 and details of new system i.e. Jurisdiction-Free Assessment which was introduced from 2016. Jurisdiction is prescribed under Section 124 of the Income-tax Act, 1961 and assessment includes Summary assessme...

Read More
Posted Under: Income Tax |

Various 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 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. The […]...

Read More
Posted Under: Income Tax | ,

E-Assessment Procedures – Income Tax

Electronic assessment, also known as e-assessment, online assessment, computer assisted/mediated assessment and computer-based assessment, is the use of information technology in various forms of assessment. Finance Minister, Arun Jaitley, also announced of such scheme in his budget speech on February 1, 2018; which would almost eliminate...

Read More
Posted Under: Income Tax |

Why Effective Documentation a must for Income Tax Assessment Procedures?

Documentation can play a pivotal role in ensuring correct tax impact. It reduces great amount of time and energy of the company, advisors, auditors and most importantly the judiciary system....

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Posted Under: Income Tax |

Digital Evidences & Handling during Assessment Proceedings

The article proposes useful procedures and steps in ensuring that any critical data collected and digital evidence discovered, which is useful in fulfilling the objectives of Income Tax Department, should be admissible in any Court of law in India and its authenticity and integrity should be unquestionable....

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Posted Under: Income Tax |

Assessment of Cash Deposits in OCM Cases

A large number of assessments pertaining to cash deposited in banks during demonetization period are pending. The article analysis relevant sections of I.T. Act as well as various legal issues to assist assessing officers in passing error free sustainable assessment orders....

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Posted Under: Income Tax |

Income Tax Assessment: Mistakes are the Stepping Stones to Learning

Prasenjit Singh Commissioner, Income Tax (TDS) Vadodara prasenjit.singh@incometax.gov.in Prasenjit Singh is an Indian Revenue Service (IRS) officer of 1990 batch and is currently posted as Commissioner of Income Tax, TDS, Vadodara. The present article is based on my experience while adjudicating the appeals as Commissioner (Appeals) and a...

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Posted Under: Income Tax |

Principles of Cross Examination in Context of Income Tax Proceedings

The issue of cross examination of witnesses in Income Tax proceedings has seen substantial litigation before various appellate fora. Many a time, income tax assessments, otherwise sound on facts and merits, suffer adverse consequences due to opportunity of cross examination not being provided to the assessees....

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Posted Under: Income Tax |

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