Income Tax : Budget 2021- excess amount of tax, surcharge or penalty paid in pursuance of a declaration made under Income Declaration Scheme (I...
Income Tax : Recently I came into question of the case where a person issued a cheque for payment of IDS on dated 31.03.2017 (last date of seco...
Income Tax : The existing provisions of section 187 of the Finance Act, 2016 provide, inter alia, that the tax, surcharge and penalty in respec...
Income Tax : The below instructions are issued with respect to the validations and checks available in e-Filing portal for Form 3 and Form 4 (I...
Income Tax : Krishna, nowadays income tax department is conducting survey, raids, etc. almost everywhere. Because of this, confusion is arising...
Income Tax : Explore the Income Disclosure Schemes implemented by the Government of India, including details about the amounts received, revenu...
Income Tax : Memorandum containing suggestions for Budget 2023 by CCI Professionals Forum with request to consider annoucing another Disclosure...
Income Tax : The extended due date for filing of Form IDS 3 is 31st January, 2020. However, the same could not be filed in many cases due to th...
Income Tax : Clarification on certain procedural and technical issues regarding the Income Disclosure Scheme, 2016 (IDS) under section 119 of t...
Income Tax : Major Achievements of CBDT in Current Financial Year 2016-17 so far include among others Enactment of The Benami Transactions (Pro...
Income Tax : The Court held that self-assessment tax paid due to failure of an initial IDS declaration must be treated as payment under the rev...
Income Tax : ITAT held that funds from earlier years and IDS disclosures cannot justify cash deposits made in a later year without proper linka...
Corporate Law : Bombay High Court quashed reassessment proceedings initiated using data from a valid IDS declaration, holding that once accepted u...
Income Tax : Srijan Charitable Trust Vs ITO (Exemption) (ITAT Kolkata) Background Srijan Charitable Trust, registered u/s 12A, filed return of ...
Income Tax : ITAT Jaipur rules that interest earned on a money-lending asset declared under IDS 2016 is not unexplained income and deletes the ...
Income Tax : Issues in respect of payment of third installment under the Income Declaration Scheme, 2016- clarification on certain procedural i...
Income Tax : Guidelines approved by for correction in minor head attribute of IDS challans - Mistake in minor head committed by taxpayer: If t...
Income Tax : CBDT decided condonation of delay in payment of instalment under IDS, 2016 shall not be feasible in cases of delays due to (a) Per...
Income Tax : The payment of taxes under IDS, 2016 was enabled via OLTAS in the month of July, 2016. This Directorate has received many requests...
Income Tax : IDS 2016 deceleration will not be invalid in cases where payment has been made through cheque, RTGS, electronic transfer etc. on o...
Sadhana R. Jain Vs CBDT & Anr (Bombay High Court) Reading of the CBDT Circular dt. 28-3-2017, it would clearly emerge that while providing for a limited window, in cases where payments were made through banking channels but the deposit was made by the bank in the Government revenue few days after 30-11-2016 to condone […]
The existing provisions of section 187 of the Finance Act, 2016 provide, inter alia, that the tax, surcharge and penalty in respect of the undisclosed income, declared under the Income Declaration Scheme, 2016 (the Scheme) shall be paid on or before a notified due date. In order to address genuine concern of the declarants, it […]
Clarification on certain procedural and technical issues regarding the Income Disclosure Scheme, 2016 (IDS) under section 119 of the Income-tax Act, 1961 read with section 195 of the IDS -reg. F.No.225/ 282/ 2017/ITA.II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (ITA. II) North Block, New Delhi, the 12th […]
Issues in respect of payment of third installment under the Income Declaration Scheme, 2016- clarification on certain procedural issues under section 195 of the Income Disclosure Scheme, 2016 read with section 119 of the Income-tax Act, 1961-reg.-
Advance tax, self assessed tax and TDS paid prior to filing of declaration, should not be adjusted towards discharge of assessees liability to pay tax, surcharge and penalty under the scheme of Income Tax Declaration Scheme, 2016 in absence of any specific provision in the scheme, granting benefit of the self assessed tax or advance tax under the Act.
Guidelines approved by for correction in minor head attribute of IDS challans – Mistake in minor head committed by taxpayer: If taxpayer had intended to pay normal tax other than tax under IDS, 2016 but by mistake wrong challan and head was selected at the time of payment then correction of challan attributes will be subject to:
M/s Hillways Construction Company Private Limited Vs Income Tax Department and others (Uttarakhand High Court); Admittedly Section 420 of IPC is an offence which comes under Chapter XVII of the IPC. Income Declaration Scheme (IDS), 2016, of which the petitioner is seeking benefit, categorically stipulates that in case prosecution is going on against a person […]
Court is of the opinion that there is no bar for an assessee or declarant to claim credit of advance tax amounts paid previously relative to the assessment years or periods for which it seeks benefits under IDS scheme.
CBDT decided condonation of delay in payment of instalment under IDS, 2016 shall not be feasible in cases of delays due to (a) Personal/emergency reasons (b) Lack of liquidity (c) Confusion about due date (d) Rush at banks (e) Any other reasons which are attributable to declarants
Court be very slow in interpreting the statutes where intention legislature is to curb the evasion of tax. This is a peculiar where the Government has granted the benefit under the only to the persons who are not covered under Section and other proceedings.
