Income Tax : Budget 2021- Section 153 of the Act contains provisions in respect of time-limit for completion of assessment, reassessment and re...
Income Tax : Introduction ♠ The Hon’ble PM Shri Narendra Modi dreamed of corruption free India taking help of Information and Technology an...
Income Tax : CBDT had earlier this month notified the National e-Assessment Centre (NeAC) for all communications with the taxpayers under th...
Income Tax : Procedure in faceless assessment- The procedure for e-assessment is as below: NEC will issue notice under section 143(2) online by...
Income Tax : In India, CBDT first time introduced the e-tds return by electronic filing of returns of Tax Deducted at Source Scheme, 2003 in th...
Income Tax : Article explains Differences between current scheme & Faceless Assessment scheme, Constitution of ReACS, Consequences of No Re...
Income Tax : On 13th August 2020, Honourable Prime Minister Narendra Modi has enunciated a platform to tribute the honest taxpayers of the...
Income Tax : The CBDT has carried out several major tax reforms in direct taxes in the recent years, which includes the following: (i) Reductio...
Income Tax : Revenue Secretary inaugurates National e-Assessment Centre of IT Department Faceless e-Assessment for income tax payers launched N...
Income Tax : FM to inaugurate National e-Assessment Centre of Income Tax Department Tomorrow Shall usher introduction of Faceless e-Assessment ...
Income Tax : Salem Sree Ramavilas Chit Company Vs DCIT (Madras High Court) .The Government of India has introduced E-Governance for conduct of ...
Income Tax : The data on cash withdrawal indicated that huge amount of cash is being withdrawn by the persons who have never filed income-tax r...
Income Tax : The newly introduced Faceless –E-Assessment Scheme will bring about various benefits for taxpayers, one of which is Ease of Doin...
Income Tax : Corrigendum to Income Tax notification number 65/2020 dated 13.08.2020 issued vide Notification No. 70/2020-Income Tax, Dated: 2...
Income Tax : Corrigendum to Income Tax Notification No. 63/2020 dated 13.08.2020 issued vide Notification No. 69/2020-Income Tax, Dated: 27.08....
Income Tax : Corrigendum to Income Tax Notification No. 62/2020 dated 13.08.2020 issued vide Notification No. 68/2020-Income Tax, Dated: 27.08....
Budget 2021- Section 153 of the Act contains provisions in respect of time-limit for completion of assessment, reassessment and re-computation under the Act. The sub-section (1) of the said section provides that the time-limit for passing an assessment order under section 143 or 144 of the Act shall be 21 months from the end of […]
Introduction ♠ The Hon’ble PM Shri Narendra Modi dreamed of corruption free India taking help of Information and Technology and conceived the idea of Digital India. ♠ In a national Conclave of Tax officials, he desired to introduce a faceless assessment scheme with a view to help honest taxpayers and impart greater efficiency, transparency & […]
CBDT had earlier this month notified the National e-Assessment Centre (NeAC) for all communications with the taxpayers under the faceless assessment scheme. Under the new system, taxpayers need to not to physically visit their regional jurisdiction tax officers or the IT department on receiving income tax scrutiny or assessment notices. The CBDT has also notified that the cases related to domestic […]
Procedure in faceless assessment- The procedure for e-assessment is as below: NEC will issue notice under section 143(2) online by uploading the digitally signed copy on the registered income tax account or by sending notice to the assessee’s registered email address or uploading the copy on a mobile app. A real time alert will be sent through SMS or the mobile app.
In India, CBDT first time introduced the e-tds return by electronic filing of returns of Tax Deducted at Source Scheme, 2003 in the FY 2004-05. This was the time when Income-tax Department started to collect the assesses’ data in the digital form.
The data on cash withdrawal indicated that huge amount of cash is being withdrawn by the persons who have never filed income-tax returns. To ensure filing of return by these persons and to keep track on cash withdrawals by the non-filers, and to curb black money, the Finance Act, 2020 w.e.f. 1st July, 2020 further amended Income-tax Act, 1961 to lower the threshold of cash withdrawal to Rs. 20 lakh for the applicability of TDS for the non-filers and also mandated TDS at the higher rate of 5% on cash withdrawal exceeding Rs. 1 crore by the non-filers.
‘Transparent Taxation- Honoring the Honest’ is the extended version or a modified model of the E-assessment Scheme 2019 introduced by the Government of India in September 2019. This module brings out the honest and rightful duties of the taxpayers and states the expectations to be fulfilled in their respective parts. The CBDT (Central Board of […]
Income Tax- Faceless e-Assessment Scheme To bring relief to honest tax payers, this system is introduced by our Honourable Prime Minister, Shri Narendra Modi Ji. PM, in his speech on August 13, 2020, unveiled “Transparent Taxation – Honouring the honest” platform for faceless assessment, appeal, and taxpayer charter. In the current assessment scheme, the tax […]
The Income Tax Department has been progressing in technology since the year 2006, when the E-filing of Income Tax Return forms was introduced and since than there is no looking back. Right from Income Tax return forms to the recent and newly proposed Faceless Appeals process, the Taxman has come a long way to be tech savvy and productive.
Some technical aspects of faceless assessment 1. It is electronic mode procedure, no need to go department. 2. No Human interface 3. This is applicable on section 143(3) and 144. 4. Cases to be allocated to assessment units in a random manner 5. Central Cell to be the single point of contact between taxpayer and […]
