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Income Tax - CBDT has issued Instruction No. 5/2017 dated 7th July 2017 by which it has laid down the procedure and criteria for compulsory manual selection of returns/cases requiring scrutiny during the financial-year 2017-2018. ...
Read MoreIncome Tax - In order to encourage more people to file income tax returns, necessary provisions may be introduced, such as: Individuals having taxable income upto Rs. 10 lakhs may not be subjected to scrutiny for 3 Assessment Years unless there is specific information available with the Department regarding his high value transaction....
Read MoreIncome Tax - Framing of Quality Assessments is an essential part of any risk management strategy. Quality of Assessments is being used as one of the most important indicator to judge the performance of tax department. Therefore, it is imperative that various authorities in the hierarchy of Income-tax Department discharge their respective roles in the ...
Read MoreIncome Tax - Instruction for ‘Limited Scrutiny’ of cases selected under CASS Retrospective in Nature Most of the cases selected for Scrutiny are through Computer Aided Scrutiny Selection (CASS). Only a particular class of cases such as those involving Search, Survey and Reopening of Assessment etc. come under Compulsory Scrutiny. A small Number of...
Read MoreIncome Tax - Instruction No. 7 of 2014 dated 26.09.2014 clarifies that ordinarily in scrutiny cases selected on the basis of AIR/CIB/26AS information, the scrutiny shall be limited to that information. Wider scrutiny would be possible only with the sanction of Principal Commissioner of Income-tax/ Commissioner of Income-tax in specified cases and unde...
Read MoreIncome Tax - Though less that 1% of returns filed are selected for scrutiny, this area of work has often drawn adversarial comments. Supervisory officers, have been directed to play a more pro-active role in monitoring and guiding assessments towards ensuring that high-pitched assessments without proper basis are not made and that lengthy questionnai...
Read MoreIncome Tax - 1. Where value of international transaction as defined u/s. 92B exceeds Rs.15 Crore. 2. Cases where there was addition of Rs.10 Lacs or more in earlier assessment year and question of law or fact is confirmed in appeal or pending before appellate authority. 3. Cases in which addition of Rs.10 Crore or more was made in earlier assessment y...
Read MoreIncome Tax - SELECTION CRITERIA APPLICABLE TO ALL RETURNS AT ALL STATIONS: a) Value of international transaction as defined u/s 92b exceeds Rs. 15 crores. b) Cases involving addition in an earlier assessment year in excess of Rs.10 lacs on a substantial and recurring question of law or fact which is confirmed in appeal or is pending before an ap...
Read MoreIncome Tax - Selection of cases for scrutiny during the financial year 2010-11 will be done primarily through CASS this year. Manual Selection for scrutiny this year will be limited only to a few cases listed below. List of cases selected during each month in accordance with selection criteria mentioned below shall be submitted by the Assessing office...
Read MoreIncome Tax - The regular assessment tax (RAT) is one of best tools available to the Department to collect taxes. The collection from RAT not only showcases the effort of the Department to collect taxes but can also have a great deterrent effect on the tax evaders. During 2009-10, the Department has collected around Rs 31,242 crone from RAT which is ar...
Read MoreJoginder Pal Gulati Vs The Officer On Special Duty (ITA II) Cum CPIO and ANR (Delhi High Court) - In so far as the impugned order is concerned, there is nothing stated in the operative part which would seem to indicate that the CIC has come to the conclusion which it has, is based on the fact that, the economic interest of the country, will get effected. The CIC, in the operative part has merely...
Read MoreInstruction No. 05/2017-Income Tax - (07/07/2017) - CBDT hereby lays down the following procedure and criteria for compulsory manual selection of returns/cases requiring scrutiny during the financial-year 2017-2018:-...
Read MoreNotification No. F.No. 225/157/2017/ITA.II-Income Tax - (23/06/2017) - The three formats of notice(s) are: Limited Scrutiny (Computer Aided Scrutiny Selection}, Complete Scrutiny (Computer Aided Scrutiny Selection), Compulsory Manual Scrutiny The revised format of 143(2) notice(s) with a note on benefits & Procedures of' E-Proceeding' facility are enclosed for infor...
Read MoreInstruction No. 5/2016 - (14/07/2016) - Board hereby lays down that while proposing to take up 'Complete Scrutiny' in a case which was originally earmarked for 'Limited Scrutiny', the Assessing Officer ('AO') shall be required to form a reasonable view that there is possibility of under assessment of income if the case is not examined und...
Read MoreInstruction No. 4/2016-Income Tax - (13/07/2016) - CBDT lays down the following procedure and criteria for manual selection of returns/cases for compulsory scrutiny during the financial-year 2016-2017:- (i) Cases involving addition on a substantial and recurring question of law or fact in earlier assessment year(s), in excess of Rs. 25 lakhs in metr...
Read MoreF.No.225/269/2015-ITA-II - (12/05/2016) - Pr. CCsIT/CCIT (Exemptions)/CCIT (Intl. Tax)/Pr. DGsIT/DGIT(Inv.) wise details of number of limited scrutiny cases converted into complete scrutiny, along with the actual assessed income in these cases (may be given in board tax bracket wise, for example Rs. 5-10 Lakh/Rs. 10-15 Lakh and so on....
Read MoreCircular No. MIRSD/DPS III//Cir-11/07-SEBI - (06/08/2007) -
Instruction No. 05/2017-Income Tax - (07/07/2017) -
Notification No. F.No. 225/157/2017/ITA.II-Income Tax - (23/06/2017) -
Instruction No. 5/2016 - (14/07/2016) -
Instruction No. 4/2016-Income Tax - (13/07/2016) -
F.No.225/269/2015-ITA-II - (12/05/2016) -
AST INSTRUCTION NO.141 - (22/03/2016) -
Instruction No. 19/2015 - (29/12/2015) -
