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...
TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY PART II, SECTION 3, SUB-SECTION (ii) ] MINISTRY OF FINANCE (Department of Revenue) (Central Board of Excise and Customs) New Delhi, the 3rd February,2009 Notification No. 7/2009-ST G.S.R. …. (E). In exercise of the powers conferred by sub-section (1) of section 71 of the Finance Act, […]
Faced with the prospect of missing the direct tax collection target because of the economic slowdown, the Income Tax (I-T) department has sharply increased fresh tax demands to Rs 1,24,000 crore from companies and individuals in the current fiscal, a 130 per cent increase over fresh demands raised last year. At this level, the demand […]
Circular No. 107/01/2009 – ST New Delhi, dated 28th January 2009 F.No137/23/2007- CX.4 Government of India , Ministry of Finance , Department of Revenue , Central Board of Excise and Customs Subject: Levy of service tax on educational institutions- regarding Various educational institutions impart training and conduct courses in different fields. Many of these institutions […]
CBI arrests Assistant Commissioner Raj Kumar Bhatia, who allegedly asked builder to pay his subordinate Rs 2 lakh. Suresh Khaitan, the Income Tax official arrested on a bribery charge on Wednesday, had been contacting I-T assessees and threatening to initiate tax inquiries against them allegedly on behalf of his boss Assistant Commissioner Raj Kumar Bhatia, […]
The investigative wing of the Income-Tax department raided the factory premises of 40 textile and paint manufacturers in Surat Tuesday, an official said. The raids were conducted by a team of 150 sleuths, with senior officials from the Rajkot Income Tax Commissionerate joining in the raids.
38. First and foremost rule of construction of interpretation is that in the absence of anything in the enactment to show that it is to have retrospective operation, the said enactment cannot be construed to have retrospective operation and when amendment relates to a procedural provision results into creating a new disability or obligation and which imposes new duty in respect of transactions already completed,
5. We have considered the rival submissions and the material on record. In our considered view, the gifts so received by the assessee or his grandsons could not be said to be genuine. The reasons are that in all these cases, the donors are persons of low income group and do not have any capital or asset. There is no evidence on record to show how they build up capital.
When the legislature has categorically defined the purposes like religious and charitable and if the assessee-society is engaged as per their objects in mixed activities, which are partly charitable and partly religious, it cannot be said that section 11(1)(a) does not contemplate such situation.
Though happy with the fact that troubled IT major Satyam Computer Services had paid income tax on unreal profits — as claimed by its chairman B Ramalinga Raju — the income-tax department is planning to re-examine the exemptions the company had claimed under the income tax regulations.
The Bombay High Court on Thursday admitted an appeal filed by the Income Tax Department against Amitabh Bachchan in connection with the income of Rs 23 crore that he earned as host for the reality show Kaun Banega Crorepati (KBC). The I-T department argued that Mr Bachchan received Rs 23 crore from E Entertainment (EEL) […]
