Income Tax : Explore the fairness of tax assessments & raids through a detailed analysis of a recent case. Learn about the powers of income tax...
CA, CS, CMA : Comprehensively assess trusts for A.Y 2022-2023, A.Y 2023-2024 and A.Y 2024-2025 by discussing key provisions, changes, and implic...
Income Tax : Explore impact of high-pitch assessments in income tax on small taxpayers. Learn challenges they pose, the need for fairness, and ...
Income Tax : Legal responsibilities of deceased's representatives in income tax proceedings. Learn about Section 159 and key judgments shaping ...
Income Tax : Explore the nuances of Income Tax Assessment for Associations of Persons (AOP) and Bodies of Individuals (BOI) for the Assessment ...
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 : 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 : Kerala High Court nullifies Income Tax assessment order for 2016-17 after petitioner couldn't attend video conferencing due to tec...
Income Tax : Read about the Madras High Court's decision in Rakesh Beniyal Vs ITO case, where the court dismissed a writ petition challenging a...
Income Tax : Kerala High Court rules that an income tax assessment order passed on an old PAN is appealable even if a new PAN is issued, provid...
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...
Income Tax : CBDT notifies 4195 Income-tax Authorities of Regional e-Assessment Centres to exercise the powers and functions of Assessing Offic...
Author in this article discusses potential problems in the proposed faceless assessment. IT has been on the cards of the Government for quite a few times.
The present article is based on the appellate order passed by me as Commissioner (Appeals). Relevant extracts from my order have been reproduced. However, the name of the assessee has been muted. This order was widely appreciated and the author was awarded the title of ‘BEST INNOVATOR’ in the charge of Pr. CCIT, Gujarat for the exceptional ideas utilized in the appellate proceedings.
Extension of timeline for completion of assessments in OCM cases where no return has been filed in response to notice u/s.142(1) of the Income-tax Act,1961(‘Act’) and the assessments have to be completed u/s.144 of the Act
C&AG had carried out a Performance Audit regarding ‘Assessment of Firms’ under the Income-tax Act, 1961 (‘Act) and in its Report No. 7 of 2014, has made certain suggestions so that in future, assessments in these cases are handled in a more effective manner by the Assessing Officers (AOs).
Article explains various Types of Income Tax Return and Assessment Procedure. It Includes Voluntary Income Tax Return U/s. 139(1), Income Tax Return of Loss U/s. 139(3), Belated Income Tax Return U/s. 139(4), Revised Income Tax Return U/s. 139(5) and Defective Income Tax Return U/s. 139(9). Article gives Comparative Analysis of Different Types of Assessment which […]
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 is […]
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 […]
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 इनकम टैक्स ऐक्ट के जिस सेक्शन के तहत नोटिस मिला हो, उसके मुताबिक ही जवाब तैयार करें। इस काम में हम आपकी मदद कर रहे हैं। इनकम टैक्स ऐक्ट […]
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 an assessee.
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.
