Income Tax Assessment

Considerable Points for Staying of Income Tax Demand

Income Tax - Applications seeking of stay of demand during the pendency of first appeal before CIT (Appeals) are generally rejected in a casual manner causing considerable hardships to the assessee. The assessing officers insist to deposit 20% deposit of tax demand as per July 2017 revised guidelines as precondition to grant a stay. However, the same ...

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Sanctity of Approval of Higher Authority u/s. 151 of Income Tax Act, 1961

Income Tax - The sanctity of the approval of the higher authority cannot be countenanced under the Income Tax Act 1961. The legislature has provided for many kind of safeguards against the action taken by the field officers one of them being  in the form of approval from higher authority.  One such approval is provided under section 151 […]...

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इनकम टैक्स रिटर्न्स फाइल करने पर मिलें ये नोटिस तो ऐसे दें जवाब

Income Tax - रिटर्न्स फाइल कर देने के बाद इनकम टैक्स डिपार्टमेंट की ओर से आपको नोटिस मिल सकता है। ऐसे में घबराने की बिल्कुल जरूरत नहीं है। आपको...

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Recovery Proceedings & Its Stay – A Sword for One & A Shield for another

Income Tax - As per Article 265 of the Constitution of India 'No tax shall be levied or collected except by authority of law'. In any civilized system, the assessee is bound to pay the tax to the government for which he is liable under the law. The Government on the other hand is obliged to collect only that amount of tax which is legally payable by a...

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Assessment of Partnership Firms under Income Tax Act,1961

Income Tax - The following conditions are required to be fulfilled by partnership firm to be assessed as a firm,1) Partnership should be evidenced by a registered deed: Partnership deed should be registered clearly explaining all the terms and conditions mutually decided between the partners of the said firm....

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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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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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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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Critical steps to complete time barring work u/s 143(3), 147, 153 A/C on 31.12.2018

F.No. System/ITBA/Assessment - (31/12/2018) - We are in the final phase of completion of the time barring work u/s 143(3), 147, 153 A/C before the midnight of 31st Dec 2018. Please find attached the latest position in MIS as available on system. At this critical juncture it is pertinent to draw attention to some critical tasks which must be com...

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Scrutiny Assessment only through ‘E-Proceeding’ facility subject to 7 exceptions

Instruction No. 03/2018 - (20/08/2018) - CBDT has vide Instruction No. 03 dated 20th August 2018 directs that In all cases (subject to exceptions provided), where assessment is required to be framed under section 143(3) of the Act during the year 2018-19, assessment proceedings shall be conducted electronically through the 'E-Proceeding' f...

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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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Income Tax Assessment’s Popular Posts

Recent Posts in "Income Tax Assessment"

Considerable Points for Staying of Income Tax Demand

Applications seeking of stay of demand during the pendency of first appeal before CIT (Appeals) are generally rejected in a casual manner causing considerable hardships to the assessee. The assessing officers insist to deposit 20% deposit of tax demand as per July 2017 revised guidelines as precondition to grant a stay. However, the same ...

Read More
Posted Under: Income Tax |

Sanctity of Approval of Higher Authority u/s. 151 of Income Tax Act, 1961

The sanctity of the approval of the higher authority cannot be countenanced under the Income Tax Act 1961. The legislature has provided for many kind of safeguards against the action taken by the field officers one of them being  in the form of approval from higher authority.  One such approval is provided under section 151 […]...

Read More
Posted Under: Income Tax |

इनकम टैक्स रिटर्न्स फाइल करने पर मिलें ये नोटिस तो ऐसे दें जवाब

रिटर्न्स फाइल कर देने के बाद इनकम टैक्स डिपार्टमेंट की ओर से आपको नोटिस मिल सकता है। ऐसे में घबराने की बिल्कुल जरूरत नहीं है। आपको...

Read More
Posted Under: Income Tax |

Recovery Proceedings & Its Stay – A Sword for One & A Shield for another

As per Article 265 of the Constitution of India 'No tax shall be levied or collected except by authority of law'. In any civilized system, the assessee is bound to pay the tax to the government for which he is liable under the law. The Government on the other hand is obliged to collect only that amount of tax which is legally payable by a...

Read More
Posted Under: Income Tax |

Assessment of Partnership Firms under Income Tax Act,1961

The following conditions are required to be fulfilled by partnership firm to be assessed as a firm,1) Partnership should be evidenced by a registered deed: Partnership deed should be registered clearly explaining all the terms and conditions mutually decided between the partners of the said firm....

Read More
Posted Under: Income Tax |

CIT(A)’s Power to Enhance Assessment – Too Wide but “Too Narrow”

1. CIT (A) is the first Appellate Authority under the Income Tax Act, 1961 to whom the Assessee can approach if he is aggrieved by the Order of the Assessing Officer. The CIT(A) shall dispose the appeal so filed by exercising his powers u/s 251 of the Act, which reads as under: – Powers of […]...

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Posted Under: Income Tax |

Income Tax E-Proceedings -An Aurora of New Era

CBDT is taking initiatives to make income tax proceedings paperless, faceless, nameless and jurisdiction-less to bring about transparency and accountability in assessments under Income-tax laws. ...

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Posted Under: Income Tax |

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

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 More
Posted Under: Income Tax |

Income Tax Assessment Procedure

Assessment Procedure under Income Tax  Act, 1961 Assessment in income tax is estimation of total income and tax thereon either by assessee himself or by income tax officer. Assessment is broadly covered in following types: (1) Self-assessment u/s 140A Every assessee before filing income tax return under various sections viz. 139, 142(1),...

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Posted Under: Income Tax |

Income Tax Return Filing, Processing, Assessments, Appeals & Revision

Article explains Filing of Income Tax Returns, Who are required to file Income Tax Return?,  ITR filing for some special entities, Time limit for filing of Returns,  Consequences of Late filing of Return, Revision of Income Tax Returns, Defective Income Tax Return u/s 139(9), Processing of Income Tax Return,   Income Tax Assessment Pro...

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Posted Under: Income Tax | ,

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