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...
CAPITAL adequacy ratio—the minimum amount of capital banks have to set aside while lending—of Indian banks would continue to remain higher than the minimum regulatory requirement of 9% even if sticky loans, or NPAs, were to more than double. Addressing a seminar at the the London Business School on Thursday, RBI deputy governor Rakesh Mohan […]
Sub-section (2) of section 143 of the Income-tax Act provides that the notice under this sub-section shall be served on the assessee within a period of twelve months from the end of the month in which the return is furnished. Further, the service of such notice must be affected in a manner laid down in […]
Sub-section (1) of section 271 of the Income-tax Act empowers the Assessing Officer to levy penalty for certain offences listed in that sub-section. It is a requirement that the Assessing Officer is required to be satisfied before such a penalty is levied. In the context of levy of penalty under section 271 of the Income-tax […]
There is a prescribed dispute resolution mechanism under the Income-tax Act. In this regard, the Central Board of Direct Taxes have issued instructions from time to time directing Departmental Officers to not file an appeal if the tax effect is less than the monetary limit prescribed by it. The Hon’ble Supreme Court in M/s. Berger […]
Under the Income-tax Act, whenever a search is conducted under section 132 or books of account or other documents or any assets are requisitioned under section 132A, provision of section 153A comes into operation. This section, inter-alia, provides for assessment or reassessment of total income in respect of each assessment year falling within a period […]
Amendments in respect of reassessment proceedings to clarify correct legislative intention The Income-tax Act empowers assessing officer to reopen a case under section 148 if he has reason to believe that any income has escaped assessment. Adequate safeguards have been provided so that such power of reopening is not arbitrarily used by the assessing officers. The […]
Correction of arithmetical mistakes and adjustment of incorrect claim under sub-section (1) of section 143 through Centralised Processing of Returns Generally, tax administrations across countries adopt a two-stage procedure of assessment as part of risk management strategy. In the first stage, all tax returns are processed to correct arithmetical mistakes, internal inconsistency, tax calculation […]
5.11 Now coming to the merits of the case. For this purposes, we are required to consider the scheme of taxation of income from house property. Section 22 says that the measure of income from house property is its annual value. The annual value is to be decided in accordance with section 23. Sub-section (1) of section 23, by virtue of the amendment with effect from the assessment year 1976-77
The Central Board of Direct Taxes (CBDT) had issued circular number 9, dated 20th December, 2007, clarifying therein certain issues relating to levy of FBT on ESOPs. One of the clarifications was that if FBT on account of share allotted or transferred under ESOPs has been paid by the employer, but recovered from an employee, […]
With a view to clarifying the intention, a new clause has been inserted after clause (g) of the Explanation 1, as so numbered, so as to provide that the book profit shall be increased by the amount of deferred tax and the provision thereof, if debited to profit and loss account. 22.3 Further, it has also been clarified that the amount of income tax shall include,-
