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Income Tax - The Dispute Resolution Scheme, 2016 has been introduced through Union Budget, 2016. The scheme has been brought with the object to collect tax arrears, clear pendency of appeals, achieve reduction in administrative costs etc. In most of the cases apart from filing appeal, the demand amount, either partly or fully, is generally deposited ...
Read MoreIncome Tax - The key result areas for widening of tax-base are as under: (i) Improving compliance to TDS/TCS Provisions (ii) Effective collection of information about high value transactions (iii) Efficient handling of information without valid PAN (iv) Ensuring compliance from identified non-filers through various methods...
Read MoreIncome Tax - Since the very beginning, the focus needs to be on the reduction of Arrear Demand by de-duplication of the entries and cleansing the arrear demand data. Priority should be accorded to reduce entries of amounts less than Rs. 10000/- and those pending for more than 2 years. These steps have already been reiterated in the SOP several times. ...
Read MoreIncome Tax - Once the e-Filed returns are processed and outstanding tax demand available in e-Filing portal, assessee is facilitated to submit the response against outstanding tax demand raised by CPC/AST. In this article we have discussed how a Taxpayer can submit online response against such Income Tax Demands :-...
Read MoreIncome Tax - 1. Why am I receiving Notice u/s 245? Your return has been processed at CPC and the same has resulted in refund. The refund so determined is liable to be adjusted against the outstanding demand. Notice u/s 245 informs you of such demands against which your refund would be adjusted within 30 days from date […]...
Read MoreIncome Tax - Reserve Bank of India has appealed to income tax assessees to remit their income tax dues sufficiently in advance of the due date....
Read MoreIncome Tax - The Income Tax Department has launched an Arrear Demand Verification Portal at https://incometaxindiaefiling.gov.in/ which can be accessed by the assessees with their respective user-id. This portal provides various options in the assessee’s dashboard for settling/modifying the outstanding demand against the assessee’s name....
Read MoreIncome Tax - The Central Board of Direct Taxes had issued directions to the field offices that taxpayers whose tax has been deducted at source but not deposited to the Government’s account by the deductor, will not be asked to pay the demand to the extent tax has been deducted from his income....
Read MoreIncome Tax - With a view to streamline the process of grant of stay of demand when the case of the taxpayer is pending before Commissioner (Appeals) and to standardize the quantum of lump sum payment required to be made by the assessee as a pre-condition for stay of demand disputed, the Central Board of Direct Taxes has issued fresh guidelines to the ...
Read MoreIncome Tax - Under Section 281B, AO has the power to provisionally attach the assets, with the approval of the CIT/CCIT. Such attachment is supposed to be temporary, with a limit of 6 months, extendable to a maximum of 24 months. However, in view of the fact that in many such cases, the proceedings itself get stayed as a result of applications made by...
Read MoreJagdish Gandabhai Shah Vs principal Commissioner of Income Tax (Gujarat High Court) - High Court held that Considering the Office Memorandum F. No. 404/72/93- ITCC dated 29thFebruary 2016 as a whole, there is no such requirement of pre-deposit of 15% of the disputed demand either at the time of submitting stay application or before the stay application of the assessee is considered o...
Read MoreM/s Andrew Telecommunications India Pvt. Vs Principal Commissioner of Income Tax (Bombay High Court at Goa) - Rule made returnable forthwith. The learned Counsel for the respondent, waives service. Heard finally by consent of parties. The petitioner is a Company engaged in the business of manufacturing base station antennas, microwave antennas, R.F. cables, jumpers and connectors and trading in related prod...
Read MoreFlipkart India Private Limited Vs ACIT (Karnataka High Court) - Undoubtedly, the present case raises the issue of balancing the interest of the Revenue, and the interest of an Needless to say, the Revenue does have the right to realise the assessed incometax amount from the assessee. However, while trying to realise the said amount, the Revenue cannot be permitt...
Read MoreKhandelwal Laboratories Pvt. Ltd. Vs DCIT (Bombay High Court) - High Courtheld that the any action of revenue to recover taxes adopting coercive means is not permissible till the assessee’s application for stay under section 220(6) of the Act is disposed of. Further, an application for stay should be disposed off by a speaking order....
Read MoreDimension Data Asia Pacific Pte Ltd Vs DCIT (ITAT Mumbai) - The Tribunal granted 100 percent stay of demand because (a) the assessed income was more than 10 times the returned income. (Instruction 96 of 1969 was relied upon) & (b) The stand taken by the AO was at variance with the stand taken by TPO....
Read MoreF. No. 385/17/2016-IT (B) - (17/03/2017) - On review of the position of collection out of arrear and current demand as on 28.02.2017, it is noted that the performance of the Department as a whole and of almost all Pr. CCIT Regions individually is much below the targets given in the Central Action Plan 2016-17....
Read MoreF.No.385/17/2016-IT (B) - (19/12/2016) - It may be pointed out that the target of cash collection from arrear demand was fixed very modestly at Rs.53,981 crore in the Central Action Plan for 2016-17 as against very large amount of arrears outstanding. However. till the end of November, 2016...
Read MorePress Release : 2016-2017/1087 - (02/11/2016) - Reserve Bank of India has appealed to income tax assessees to remit their income tax dues sufficiently in advance of the due date....
Read MoreNA - (11/03/2016) - The Central Board of Direct Taxes had issued directions to the field offices that taxpayers whose tax has been deducted at source but not deposited to the Government’s account by the deductor, will not be asked to pay the demand to the extent tax has been deducted from his income....
Read MoreF.No.312/109/2015-OT - (07/03/2016) - In cases where that tax payer has contested the demand, CPC would issue a reminder to the assessing officer about the contention of the taxpayer, asking him to either confirm, or make appropriate changes to the demand within thirty days. In case no response is received from the AO within thirty days...
Read MoreJagdish Gandabhai Shah Vs principal Commissioner of Income Tax (Gujarat High Court) -
M/s Andrew Telecommunications India Pvt. Vs Principal Commissioner of Income Tax (Bombay High Court at Goa) -
Flipkart India Private Limited Vs ACIT (Karnataka High Court) -
F. No. 385/17/2016-IT (B) - (17/03/2017) -
F.No.385/17/2016-IT (B) - (19/12/2016) -
Press Release : 2016-2017/1087 - (02/11/2016) -
