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Income Tax : The data on cash withdrawal indicated that huge amount of cash is being withdrawn by the persons who have never filed income-tax r...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....
E-ASSESSMENT SCHEME, 2019 NOTIFICATION NO. 61, DATED 12.9.2019 NOTIFICATION NO. 62/2019, DATED 12.9.2019 (Directions for giving effect to Income Tax E-assessment Scheme, 2019 by sub-section (3B) of section 143 of the Income-tax Act, 1961) In exercise of the powers conferred by sub-section (3A) of section 143 of the Income-tax Act, 1961 Govt. INTRODUCED a scheme […]
Article explains Differences between current scheme & Faceless Assessment scheme, Constitution of ReACS, Consequences of No Response by Taxpayer and Functions of each of Assessment Unit, Verification Unit, Review Unit & Technical Unit which are approved by respective Range Heads. CURRENT Vs FACELESS ASSESSMENT Present Assessment System Faceless Assessment System 1. Case Selection through a) […]
The newly introduced Faceless –E-Assessment Scheme will bring about various benefits for taxpayers, one of which is Ease of Doing Business, stated Shri Patanjali Jha, Principal Chief Commissioner of Income Tax, Mumbai.
Corrigendum to Income Tax notification number 65/2020 dated 13.08.2020 issued vide Notification No. 70/2020-Income Tax, Dated: 27.08.2020 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) CORRIGENDUM New Delhi, the 27th August, 2020 (Income-tax) Notification No. 70/2020-Income Tax S.O. 2904(E).—In the notification of the Government of India, Ministry of Finance, Department of Revenue, […]
Corrigendum to Income Tax Notification No. 63/2020 dated 13.08.2020 issued vide Notification No. 69/2020-Income Tax, Dated: 27.08.2020 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) CORRIGENDUM New Delhi, the 27th August, 2020 (Income-tax) Notification No. 69/2020-Income Tax S.O. 2903(E).—In the notification of the Government of India, Ministry of Finance, Department of Revenue, […]
Corrigendum to Income Tax Notification No. 62/2020 dated 13.08.2020 issued vide Notification No. 68/2020-Income Tax, Dated: 27.08.2020 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) CORRIGENDUM New Delhi, the 27th August, 2020 (Income-tax) Notification No. 68/2020-Income Tax S.O. 2902(E).—In the notification of the Government of India, Ministry of Finance, Department of Revenue, […]
Providing Ease of Tax Compliance and Opportunity to taxpayers before finalizing of Assessment Order are the core features of Faceless Assessment Scheme, a right step towards Minimum Government, Maximum Governance: Principal Chief Commissioner – Income Tax, Mumbai
A National e-Assessment Centre (NeAC) and a network of Regional e-Assessment Centres will be set up to implement the Faceless Assessment Scheme of the Income Tax Department, launched nation-wide by Prime Minister Shri Narendra Modi on 13th August, 2020.
BE-AWARE OF TRANSPARENT TAXATION & BEWARE OF TAX SCOPE Honourable Prime Minister Narendra Modi, on 13th August 2020, launched a platform for ‘Transparent Taxation’ for honoring the honest taxpayers. The platform brings in a transparent, efficient and accountable tax administration. It uses technology, Data Analytics and Artificial Intelligence. Through the platform, the government aims to […]
Hon’ble PM launched Transparent Taxation Scheme on 13th August 2020 in which Income-tax Assessments through electronic mode was made mandatory. The move was made to reduce interaction between Income-tax Officers and Assessee as a result of which corruption will be reduced to greater extent.
