Custom Duty : Excessive credit card spending may attract tax notices. Learn how to manage credit card transactions to avoid scrutiny and ensure ...
Income Tax : Decoding recent Income Tax Notices on alleged bogus donations and cash deposits. Understand the implications, response options, an...
Income Tax : Unravel the intricacies of Income Tax Department scrutiny with insights into notices, reasons triggering scrutiny, and types of sc...
Income Tax : CBDT has provided Guidelines for compulsory selection of returns for Complete Scrutiny for FY 2022-23 also procedure for compulsor...
Income Tax : CAG (Comptroller and Auditor General of India) has prepared a report on Assessments Relating to Agriculture Income which was prese...
Income Tax : Revised Instruction for constitution and functioning of Local Committees to deal with taxpayers’ grievances due to high-pitched ...
Income Tax : Ministry of Finance Income Tax Returns( ITR) scrutiny reduced to 0.25% in AY 2018-19 IT Dept is changing -from just enforcement ...
Income Tax : Start-ups and their investors filing requisite declarations not to be subjected to any scrutiny regarding valuations of share prem...
Income 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 scr...
Income Tax : In respect of Income Tax department, the persons are liable for taxation on income/transaction originated/attributed to India irre...
Income Tax : ITAT Kolkata held that enquiring on issues other than limited scrutiny issue, before conversion of limited scrutiny to complete sc...
Income Tax : CBDT undisputedly are binding on the department and any action in violation thereof renders it as untenable in law, consequently i...
Income Tax : CBDT had issued guidelines dated 10th September, 2011 mandating prior approval of the CCIT for scrutiny assessment and in the pres...
Income Tax : AO get jurisdiction over return of income only upon service of section 143(2) notice, meaning thereby so AO cannot scrutinize retu...
Income Tax : Kintukumar Ambalal Patel Vs DCIT (ITAT Ahmedabad) The issue raised by the assessee in additional ground is that the learned CIT-...
Income Tax : Understand the guidelines set by the Indian Ministry of Finance for the compulsory selection of returns for complete scrutiny duri...
Income Tax : Government of India issues guidelines for compulsory selection of returns for Complete Scrutiny during FY 2023-24. Find the proced...
Income Tax : Central Board of Direct Taxes (CBDT) released guidelines outlining the parameters and procedures for the compulsory selection of i...
Income Tax : Amendment in Guidelines for compulsory selection of returns for Complete Scrutiny during the Financial Year 2022-23 — procedure ...
Income Tax : F.No.225/ 81/2022/ITA-II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (ITA-II divis...
Scrutiny in direct taxes and audit in indirect taxes o Hearing in all tax cases by personal presence should be avoided, and data can be sought through an e-system. The taxpayer can upload the data on the e-system. Personal hearing should be sought only in complex cases. o There should be specialization in scrutiny/audit work […]
CA. M. Lakshmanan As per notification F.No. 225/26/2006-ITA.II (Pt.) dated 8th September 2010 scope of enquiry in the scrutiny cases selected on the basis of information collected from AIR returns would be limited to the aspects of information received through AIR.
Late submission of ITR-V: a tool to avoid scrutiny? Advocate C.P. Chugh explains the benefits and drawbacks of extending the date for filing ITR-Vs.
The following categories of cases / returns shall be compulsorily scrutinized for F.Y. 2013-14 / A.Y. 14-15:- a) Cases where value of international transaction as defined u/s 92B of IT Act exceeds Rs. 15 crores. b) Cases involving addition in an earlier assessment year on the issue of transfer pricing in excess of Rs. 10 Crores or more which is confirmed in appeal or is pending before an appellate authority.
As you are aware, the CBDT has laid special emphasis in the CAP 2012-13 for improving the quality of assessments. In this regard, a strategy has been mentioned at Annexure-II (pgs. 38-43) of CAP Document. 2. The then Member (IT) had asked the Chief-Commissioners of Income-tax (‘CCsIT’) to send list of top 100 quality assessments in respective charges. This direction of Member was not complied with by many of CCsIT which has been viewed seriously by the Board. It is expected from the field-formation that in future the directions of the Board will not be ignored.
Yoga guru Baba Ramdev’s trusts have been told they owe the government Rs. 58 crore in taxes against their income, largely from the sale of ayurvedic medicines. The Income Tax Department has calculated the taxes against an income of Rs. 120 crore from commercial activities.
Under the existing provisions, every return of income is to be processed under sub-section (1) of section 143 and refund, if any, due is to be issued to the taxpayer. Some returns of income are also selected for scrutiny which may lead to raising a demand for taxes although refunds may have been issued earlier at the time of processing.
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 year on the issue of transfer pricing.
Stepping up efforts to check tax evasion and unearth black money, the Income Tax Department has started scrutinising high-value transactions. “The Central Board of Direct Taxes (CBDT) will verify all high-value transactions. Directorate of Revenue Intelligence has been given all powers under various sections of the Income Tax Act to collect information”, a senior Income Tax official said.
The Income Tax department has sent notices for scrutiny to two NGOs associated with former IPS officer and Team Anna member Kiran Bedi, who said she is open to any investigation. The I-T notices to NGOs Navjyoti and India Vision Foundation sent yesterday pertain to certain exemptions enjoyed by them under various provisions of the Income Tax Act, sources said.
