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Income Tax - It appears that the CBDT has envisaged turning the ITR forms into Scrutiny forms. By making the changes in current year ITR forms, the Dept. has increased the scope of disclosure and the scope to uncover the under-reporting or wrong-reporting of income. Key Changes have been discussed as follows:...
Read MoreIncome Tax - Annually the Income tax department verifies the accuracy of the income tax returns filed by taxpayers by sending scrutiny notice to them. This is aimed at ensuring that the taxpayer has not understated the income or has not computed excessive loss or has not underpaid tax. Scrutiny notice received by an individual can be grouped […...
Read MoreIncome Tax - You can get the Income Tax Notices When the employer has deducted tax from the Salary and you have not file the return, When there is mismatch in TDS (tax Credit), You entered in High Value Transactions, You made Investments in the name of close relatives, For Discrepancy in the Return etc. 1. When the […]...
Read MoreIncome Tax - In the era of fast changing technology and data analytics, Income Tax Department too empowered itself with one of the most enabling data-sets which allowed itself to peep itself into the assessee’s deeper secrets by laying down the responsibility on Financial Institution like Banks, Registering authority empowered to register vehicles u...
Read MoreIncome Tax - It is proposed to amend the section 143, by inserting a new sub-section (3A), after sub-section (3), enabling the Central Government to prescribe the aforementioned new scheme for scrutiny assessments, by way of notification in the Official Gazette....
Read MoreIncome Tax - Start-ups and their investors filing requisite declarations not to be subjected to any scrutiny regarding valuations of share premiums E-verification mechanism proposed for establishing identity of the investor and source of his funds TV programme proposed exclusively for Start-ups within the DD bouquet of channels Government to launch ...
Read MoreIncome Tax - Income Tax Department has accepted 99.65 per cent of tax returns as it is and has picked only 0.35 per cent cases for detailed scrutiny thereby showcasing full faith in the taxpayers, chairman of the Central Board of Direct Taxes (CBDT), Mr Sushil Chandra said at an ASSOCHAM event held in New Delhi today....
Read MoreIncome Tax - In respect of Income Tax department, the persons are liable for taxation on income/transaction originated/attributed to India irrespective of their addresses. Giving-up of Indian addresses may not result in escaping scrutiny by the Department. Specific cases of NRIs giving-up Indian addresses solely for this purpose have not been noticed....
Read MoreIncome Tax - It is brought to the notice of tax payers that any instance coming to the notice of Income-tax Department which reflects manipulation in the amount of income, cash-in-hand, profits etc. and fudging of accounts may necessitate scrutiny of such cases so as to ascertain the correct income of the year and may also attract penalty/prosecution ...
Read MoreIncome Tax - Taking another step in this direction, Central Board of Direct Taxes (CBDT) has issued instructions to the assessing officers to be specific in enquires made in the case of tax payers whose returns are under scrutiny. The directions are comprehensive and cover cases selected through Computer Aided Scrutiny Selection (CASS) for limited scr...
Read MoreSuresh Jugraj Mutha Vs Addl. CIT (ITAT Pune) - Suresh Jugraj Mutha Vs Addl.CIT (ITAT Pune) Conclusion: It is outside the jurisdiction of AO converting the limited scrutiny case like the present one to the unlimited one without the approval of Administrative Commissioner of Income Tax. Facts – Assessee filed the return and the case was taken up...
Read MoreM/s Brothers & Sisters Enterprise Vs JCIT (ITAT Kolkata) - 1. The argument of the assessee in this case is that the selection for scrutiny of this case manually done by the Assessing Officer is bad in law and that the Commissioner of Income Tax has granted approval for selection of this case for scrutiny by the AO without application of mind. Ld. Counsel fo...
Read MoreCameron (Singapore) Pte Ltd Vs. ADIT (International Taxation) (ITAT Jaipur) - According to section 143(2) of the Income Tax Act, 1961(for short the Act), where a return has been furnished under section 139 of the Act, or in response to a notice under section 142(1) of the Act, the Assessing Officer(AO) or the prescribed income-tax authority, as the case may be, if, considers ...
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 MoreCircular No 16/2019 - (07/08/2019) - Following procedure is laid down with regard to the assessment of such startup entities involving the issue of section 56(2)(viib). (i) Where the Startup Company has been recognised by the DPIIT but the case is selected under "limited scrutiny" on the single issue of applicability of section 56 (2)(...
Read MoreCircular No. 12/2019 - (19/06/2019) - C&AG had carried out a Performance Audit regarding 'Assessment of Firms' under the Income-tax Act, 1961 ('Act) and in its Report No. 7 of 2014, has made certain suggestions so that in future, assessments in these cases are handled in a more effective manner by the Assessing Officers (AOs)....
Read MoreD.O. F.No. 225/410/2018/ITA.II - (29/11/2018) - Assessing Officers should be sensitized to that fact that they should stagger their E-assessment related workload so that all assessments get uploaded by 25th of December, 2018 and no ticket is raised after the said date....
Read MoreF. No. 225/402/2018/ITA.II - (28/11/2018) - i. The Assessing Officer shall duly record the reasons for expanding the scope of 'Limited Scrutiny' to the extent mentioned in para 2 and 3, above; ii. The same shall be placed before the Pr. CIT/CIT concerned and upon his approval, further issue can be considered during the assessment proceeding;...
Read MoreInstruction No. 04/2018 - (20/08/2018) - CBDT has released parameters for manual selection of Income Tax Returns for Complete Income Tax Scrutiny during financial year 2018-19 vide Instruction No. 04/2018 Dated: 20th August 2018....
Read MoreCircular No 16/2019 - (07/08/2019) -
Circular No. 12/2019 - (19/06/2019) -
Suresh Jugraj Mutha Vs Addl. CIT (ITAT Pune) -
D.O. F.No. 225/410/2018/ITA.II - (29/11/2018) -
F. No. 225/402/2018/ITA.II - (28/11/2018) -
