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...
One of the biggest worries of income tax payers is getting notice from Income Tax Department. The Department issues notices under various provisions of Income Tax Act. The purpose of the same is to ensure greater tax compliance.
CBDT through its notification no. 84/2009 dated 20.11.2009 formed Dispute Resolution Panel (DRP). Assessee whose case, there is variation in the income or loss returned which is arises as a consequence of the order of the Transfer Pricing Officer (TPO) passed under 92CA(3) or any foreign company.
Income Tax Act, 1961 contains different time limits for issuance of notice, filing of application, completion of assessments, passing of penalty order under several sections. Hence, for the ease of reference for professionals and students
Income tax assessment is estimation for an amount assessed while paying Income Tax by assessee himself or by income tax officer. Following types of assessment are carried out under Income tax act. We will discuss each type of assessment in detailed in this article.
Tax Planning is important for every taxpayer and the same needs to be done before the end of the year to which Income Pertains. In Addition to Tax Planning Assessee needs to Collect Relevant Supporting and Calculate His Tax Due and Pay the same.
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’ facility.
BCAS has submitted a Representation on CBDT directive for offering incentives to Commissioners of Income Tax (Appeals) for passing quality orders based on Enhancement of assessment and imposition of fresh penalty and other issues,
What is the meaning of notice issued under Section 143(1)(a) of Income tax act 1961. As per latest amendments and provisions of income tax act with the Assessment Year 2018-19, there are various new provisions related to income tax proceedings and assessment procedure being included. In order to this there is a new Section which […]
In furtherance of introducing e – proceedings by The Finance Act, 2018 by the government, CBDT by way of notification (Notification No. 12/2018-Income Tax) makes centralized issue of notice u/s 133C electronically & replies to it also to be filed in e form. The Centralised Communication Centre shall issue notice to any person requiring him […]
The new system would do away with the Assessing Officers’ discretionary powers to call for additional documents, records, and most importantly, ask the taxpayer to appear in person. Further, the new system will –
