Income Tax : The framework outlines different assessment types to verify income and tax liability. It ensures accuracy through self, summary, s...
Income Tax : Explore the assessment procedures for partnership firms in the upcoming years 2022-2023 to 2024-2025. Understand key provisions un...
Income Tax : This article explains the five most frequent issues arising in modern income tax assessments, including unexplained cash deposits,...
Income Tax : Explains how Section 3 defines the earning year and the taxation year under the Income-tax Act. Clarifies why income earned in one...
Income Tax : Courts have ruled that notices or orders issued by a Jurisdictional AO under the faceless regime are void due to lack of authority...
Income Tax : Read KSCAA's representation to the Commissioner of Income Tax, addressing practical issues faced by taxpayers and suggesting solut...
Income Tax : In view of Indiscriminate notices by income Tax Department without allowing reasonable time it is requested to Finance Ministry an...
Income Tax : Lucknow CA Tax Practicioners Association has made a Representation to FM for Extension of Time Limit for Assessment cases time bar...
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 P...
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; n...
Income Tax : The Tribunal admitted a new legal ground and held that jurisdictional defects can be raised at any stage. It quashed the assessmen...
Income Tax : The ITAT has declared an assessment against SoftwareONE India Pvt. Ltd. void, ruling that an assessment framed in the name of a no...
Income Tax : Delhi High Court directs acceptance of Acuity KP Solutions' tax return and refund, citing time-barred assessment proceedings after...
Income Tax : In a case of BVM Global Education Trust vs Assessment Unit, Madras High Court declares computation sheet and demand notice invalid...
Income Tax : Read about the Madras High Court's order for rectification of an income tax assessment order regarding addition on sale considerat...
Income Tax : A CAG audit report on direct taxes for FY 2022-23 reveals over ₹7,929 crore in tax effect from 481 observations, highlighting as...
Income Tax : Standard Operating Procedure (SOP) for Assessment Unit (AU), Verification Unit (VU), Technical Unit (TU) and Review Unit (RU) unde...
Income Tax : CBDT hereby specifies that all the assessment proceedings pending as on 31.03.2021 and the assessment proceedings initiated on or ...
Income Tax : Faceless Appeal Scheme has been implemented in ITBA and the allocation of cases to Faceless Appeal units is under progress. A numb...
Income Tax : CBDT notifies Prescribed Authority under Section 133C with effect from 13th August, 2020 vide Notification No. 66/2020, Dated: Aug...
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 person-to-person contact in the Tax Department for greater transparency in 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.
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.
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.
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 also from the posting at ITAT as Senior […]
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.
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
This presentation is based on my first hand experience in income tax assessments over past 3 years. I have tried to explain in brief as to what transpired at ground level in each case without use of much of jargon.
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 are aware, the computation and tax calculation process can be complex in certain cases which may cause delay in completion of accounting in the system.
E-assessment Scheme, 2019 is notified vide Notification No. 61/2019- Income Tax dated 12th September, 2019. ‘Assessment’ means assessment of total income or loss of the assessee under sub-section (3) of section 143 of the Act. ‘e-assessment’ means the assessment proceedings conducted electronically in ‘e-Proceeding’ facility through assessee’s registered account in designated portal. The assessment under […]
