Income Tax : An analysis of trust taxation under the Income Tax Act, including Finance Bill 2025 amendments, tax exemptions, anonymous donation...
CA, CS, CMA : This article explains the GST implications of rental income and provides an overview of the different types of income tax assessme...
Income Tax : Explore how AI transforms educational assessments through personalized learning, improved accuracy, and real-time feedback, addres...
Income Tax : Explore how Section 170 of Income Tax Act applies to post-amalgamation assessments, with key judicial decisions and implications f...
Income Tax : Understand the time limits for issuing income tax notices and completing assessments, including updates from the Finance Acts of 2...
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...
U/s 245A(b), as amended by the Finance Act 2007 w.e.f. 1.6.2007, pendency of proceedings for assessment before the AO for one or more assessment years is a necessary condition for invoking the jurisdiction of the Settlement Commission. Held in that context by Five Member Bench of the ITSC that: (a) For the year for which returns have been filed but have neither been processed u/s 143(1) of the Act nor notices have been issue u/s. 143(2) of the Act, the proceeding for assessment can be said to be pending
In what could be a major relief to the corporate sector, the Central Board of Direct Taxes (CBDT) has decided not to scrutinize tax returns of more than 1,000 top companies provided no serious disputes are pending against them. The annual returns of tax complying companies would not be scrutinized this year. The decision has been taken by the CBDT to encourage better tax compliance among the corporate,” a senior finance ministry official, who did not wish to be identified, said.
As expressly mentioned in Section 22, the primary object of business audit is to promote compliance with law. Business audit is a device with the Department to ascertain and ensure compliance of laws that are implemented by the Department. At a practical level, the object of audit is to ascertain the correctness of returns and to identify inadequacies in returns, if any when checked against the books of account and the circumstances of the business. If the returns are not filed then, the audit officer is expected to quantify the liability of the dealer and enforce recovery. (Trade Cir. No. 25 T of 2008)
Where the High Court was satisfied that the assessment order had been back-dated and directed that a fresh order be passed by a different AO and the assessee filed an appeal arguing that the assessment proceedings should have been declared null and void,
TAN is a unique identification number, which is allotted to people who are deducting or collecting tax at source on behalf of the income tax department. It has to be quoted in all TDS/ TCS returns. As in the case of permanent account numbers (PAN) that helps to keep track of all assessees and their returns, TAN is used to keep a tab on all tax dedicators and deductions. If all these officers have a TAN, It would be easier to track collections by state governments through TDS.
The Central Board of Direct Taxes has decided to relax norms on scrutiny of tax payers whose premises have been surveyed by the officials, a step aimed at encouraging evaders to pay up. The decision is likely to provide relief to thousands of taxpayers and it would save them from harassment at the hands of taxmen apart from litigation costs, said a senior Finance Ministry official. The decision has been taken following Finance Minister P Chidambaram’ s assertion that government wanted to send a message that those who comply with the tax laws would not be harassed by the tax officials.
NEW SCRUTINY NORMS FOR FINANCIAL YEAR 2007-08 – In super cession of earlier instructions on the above subject the Board hereby lays down the following procedure for selection of returns / cases of Non-Corporate Assessees for scrutiny during the current financial year i.e. 2007-08.
The Central Board of Direct Taxes, vide notification S.O.No.493(E) dated 13.3.2008 have notified the categories of taxpayers who are mandatorily required to electronically pay taxes on or after the 1st day of April, 2008. The taxpayers who are required to pay taxes by the prescribed mode are – (i) a company; and (ii) a person (other than a company), to whom provisions of section 44AB of the inco9me-tax Act, 1961 are applicable. Circular No.5/2008
Income generated from the business of stock-lending and sale-repurchase of shares by a borrower will be taxable. The Central Board of Direct Taxes (CBDT) has exempted stock lending/borrowing from the purview of securities transaction tax (STT) and capital gains tax Borrowers will make some payment to lenders of shares by way of interest or fees that will be income in the hands of the lender While selling the shares, borrower will not be paying any tax as the gain from such sale is not known.
Imagic Creative (P.) Ltd. v. Commissioner of Commercial Taxes Payments of service tax as also the VAT are mutually exclusive. Therefore, they should be held to be applicable having regard to the respective parameters of service tax and the sales tax as envisaged in a composite contract as contradistinguished from an indivisible contract. It may consist of different elements providing for attracting different nature of levy. It was, therefore, difficult to hold that in a case of instant nature, sales tax would be payable on the value of the entire contract, irrespective of the element of service provided. The approach of the assessing authority, thus, appeared to be correct.
