Income Tax : Understand the statutory time limits for issuing income-tax notices and completing assessments under the Income-tax Act. The guide...
Income Tax : Learn the updated provisions governing rectification, assessments, reassessments, and appeals under the Income-tax Act. This guide...
Income Tax : Learn how different types of income tax assessments are conducted under the Income-tax Act. The FAQs explain assessment procedures...
Income Tax : This guide explains the various assessments under the Income-tax Act, including summary assessment, scrutiny assessment, best judg...
Income Tax : The new Income-tax Act, 2025 replaces the old survey framework with a streamlined regime under Section 253. It expands digital rec...
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...
CBDT notifies 34 Authorities for Faceless Assessment vide Notification No. 64/2020, Dated: August 13, 2020. Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi Notification No. 64/2020, Dated: August 13, 2020 S.O. 2756(E).-In pursuance of the powers conferred by sub-sections (1), (2) and (5) of section 120 of […]
CBDT notifies Headquarter & Jurisdiction of 128 Principal Commissioner/ Commissioner of Income-tax (PCIT/CIT) vide Notification No. 63/2020, Dated: August 13, 2020 and it also notified PCIT/CIT who will excercise Jurisdiction Union Territory of Jammu & Kashmir and the Union Territory of Ladakh. Government of India Ministry of Finance Department of Revenue Central Board of Direct […]
CBDT notifies revised Headquarters and jurisdictions of 56 Principal CITs & CCITs vide Notification No. 62/2020, Dated: August 13, 2020. Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi Notification No. 62/2020, Dated: August 13, 2020 S.O. 2754(E).-In exercise of the powers conferred by section 118 and sub-sections […]
The Resolution Professional, appointed by the order of the National Company Law Tribunal routinely writes to the Assessing Officer of the Corporate Debtor attaching a copy of the order passed by the Tribunal admitting the application for initiation of corporate insolvency resolution process in respect of the Corporate Debtor.
This sector specific article aims to share knowledge regarding issues faced during assessment and investigation in case of contractors. Various points of discussion include inflation of expenses, manipulation of stock, revenue recognition methods, common types of additions, how to make additions have a better standing at appellate stages, important case laws, common issues in case of Construction Joint Ventures etc.
Assessment of ‘On-Money’ has been the story of ‘Hype vs Reality’. It involves understanding of fundamental issues of taxation such as Receipt vs Income, Heads of Income, Method of Accounting, Business Receipts vs Income from Other Sources, etc. In the absence of a fine understanding of such issues, despite clinching evidence, the AOs have been making assessments, which at times, could not pass the tests of appeal.
Reopening of an assessment is one of the weapons in the armoury of the Income tax Department, it empowers assessing officer to reassess or recompute the income of an assessee which has escaped assessment. Section 147 to 153 of the Income tax Act, 1961 [ Act] deals with the provisions of reassessment proceedings. The said […]
Firm is an association of two or more than two persons, who came together to do a business and share profits thereof. Section 4 of the Partnership Act, 1932 defines Partnership as relationship between persons who have agreed to share the profits of business carried on by all or any of them acting for all.
An assessee is required to file an income tax return under Section 139 or in response to notice under section 142, consisting all the details of income earned during the previous year. Once the return is filed the next step of Income tax department is to examine the return for its correctness. This examination is known as Assessment.
A Comprehensive Guide to E-Assessment- A Faceless, Nameless and Jurisdictionless Assessment. Article explains Historical Development related to Income Tax E-Assessment, E-proceedings v/s E-Assessment, Assessment through E-proceeding – Recent Past, Prime Objective of Income Tax E-Assessment, Expected Benefits of Income Tax E-Assessment, Organizational Structure for Income Tax E-Assessment, Role of various Agencies such as NeAC, ReAC, […]
