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...
8. We have heard the rival submissions and perused the relevant material on record. A great deal of emphasis had been laid by he Id. DR on the fact that since the addition has been upheld by the tribunal, then the penalty should also be confirmed. In our considered opinion the mere fact of confirmation of addition cannot per se lead to the confirmation of the penalty
DLF, the country’s biggest real estate developer, said the Income Tax (I-T) Department, had raised an additional demand of Rs 300-400 crore for understating its income for the fiscal year ended March 31, 2006. The tax demand comes at a time when DLF’s profit has shrunk by 41 per cent to Rs 4,629 crore for […]
The income tax (I-T) department has detected a racket of money laundering through the secondary market, the first estimates of which show a whopping Rs 10,000 crore at stake at the national level. Though the `penny stock’ scam has been detected among traders of Chikpet locality in the heart of Bangalore, I-T officials do not […]
Income tax assesseess may soon hope to get their refund amounts earlier than they are used to now. The income tax department will be coming up with a central processing centre in Hyderabad, which may help in early assessment of income, followed by early refunds. The facility, being developed in association with IT major Infosys, is expected […]
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 […]
