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...
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.
Section 2(1A) of the Income-tax Act, 1961 – Agricultural income Assessment years 1988-89 and 1990-91- Whether sale proceeds of plants raised in nursery on land belonging to assessee constitutes income from agriculture – Held, yes . Commissioner of Income-tax, Meerut v. Green Gold Tree Farmers (P.) Ltd.
All tax deductors / collectors are required to file the TDS/TCS returns in Form No.24Q (for salaries), Form No.26Q (for payments other than salaries) or Form No.27EQ (for TCS). These forms require details of all tax deductions with name and permanent account number (PAN) of parties from whom tax was deducted. It had earlier been decided that Form No.24Q with less than 90% of PAN data and Form No.26Q & Form No.27EQ with less than 70% of PAN data will not be accepted for the quarter ending on 30.09.2007 and thereafter.
THE variety of information which is nowadays being sought under the RTI Act has indeed grown in quality and magnitude. One such quality question was volleyed at the CBDT which is related to Sec 11 of the Income Tax Act.
Computation u/s 115JA. The Assessing Officer while computing book profits u/s 115JA made disallowance on account of provisions made for (i) depreciation on investment, (ii) provision for amortization of securities, (iii) rebate allowed, (iv) provision for bad and doubtful debts, and (v) provision for fraud cases. It has been pleaded that in respect of first three items the nature of provisions has been explained under normal provisions. As regards provision for bad and doubtful debts, the same had been made as per RBI guidelines.
The Income Tax Department is gearing up to use identity-search technology to manage the swelling data base of taxpayers, a move that will make tax evasion difficult and bring to book habitual defaulters. In order to effectively manage the database of taxpayers, the Director General of Income Tax (Investigation) has invited bids from companies for developing a software, which can undertake identity search of taxpayers across the country.
