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Income Tax : The data on cash withdrawal indicated that huge amount of cash is being withdrawn by the persons who have never filed income-tax r...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....
The announcement by the Government of India on 13th August 2020, of Transparent Taxation – Honouring the Honest, it is an extension of E-assessment scheme 2019 launched by Government of India in September 2019. The CBDT passed Notification No. 60 & 61/2020 along with an Order F.No. 187/3/2020 dated 13th August, 2020. The objective of […]
I. Background The existing system of scrutiny assessments in the Income-tax Department involves a high level of personal interaction between the taxpayer and the Department, which leads to certain undesirable practices on the part of tax officials. To eliminate such instances, and to give shape to the vision of the Hon’ble Prime Minister, a scheme […]
This write-up is all about the key amendments introduced by the Hon’ble CBDT vide Notification No. 60 dated 13.08.2020 and Notification No. 61 dated 13.08.2020 modifying the earlier ‘E-assessment Scheme, 2019’ notified on 12.09.2019 and highlights of scheme.
With the launch of the Faceless Assessment Scheme, 2019, the Income-tax Department is moving towards minimal interface with maximum governance. In order to effect the same, the NeAC, Delhi has been created under the Principal Chief Commissioner of Income-tax (NeAC) and 30 ReACs under the Chief Commissioner of Income-tax have been created at 20 centres vide S.O. 2756/57 F No. 187/3/2020- ITA- 1.
Faceless assessment means carrying out of income tax assessment procedure without human interface with the use of technology wherein, a centralized NeAC (National Electronic Assessment Centre) shall be the medium of communication with the assesses and department with the use of Artificial intelligence, algorithms. The Cases shall be assigned to the department through automated allocation […]
Central Board of Direct Taxes: Structure and Procedure of Faceless Assessment under Income Tax Act, pursuant to the amendment of e-assessment Scheme, 2019 In a pioneering decision, the Central Government vide Notification no. 60/2020 and 61/2020 dated 13 August 2020 (Notifications 2020) introduced Faceless Assessment for the purposes of Scrutiny Assessment and Best Judgement Assessment […]
The challnges to professionals in the face of faceless assessments And appeals – Chiselling the skills and acquiring new ones The bouquet of the latest Circulars of the CBDT has heralded the entire Nation into a New Era of transparent tax administration . Besides, it is a clarion call to the taxmen, the assessees and […]
In the series of tax reforms, the Prime Minister announced some reformative measure during launch of ‘Transparent taxation honouring honest’ platform like faceless assessment, faceless appeal process and tax payers’ charter. Let us discuss the measures announced and its impact on the system and the tax payers. Since implementation of faceless appeal is postponed till […]
Preface to Income tax: Faceless assessment scheme ♦ Finance Minister Nirmala Sitharaman had announced the e-assessment scheme in her budget speech on 5th July 2019 which was inaugurated subsequently on 7th October 2019. ♦ Prime Minister Narendra Modi on 13th August,2020 had lunched “Transparent Taxation-Honouring the honest” platform and by that enlisted the rights of […]
On 13th August 2020, Honourable Prime Minister Narendra Modi has enunciated a platform to tribute the honest taxpayers of the country and ensuring awareness about honest tax payment in India. The inauguration of the “Transparent Taxation” program happened at 11 am through video conferencing. The “Transparent Taxation” platform will work to create major reforms meant to establish more transparency in income […]
