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 : Check List for Scrutiny of Books for Tax Audit Purpose For Assessment Year 2021-2022 Step 1: Check and Verify the opening Balances...
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 : 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...
Income Tax : CBDT Issues Guidelines for compulsory selection of Income Tax returns for Complete Scrutiny during the Financial Year 2022-23 and ...
The Income-Tax department is scrutinising companies that have set up subsidiaries or units in special economic zones (SEZ) after it foundthat many of these firms were using their SEZ operations as a vehicle for claiming undue tax benefits. The modus operandi adopted by a number of companies is to manipulate the accounts to transfer the […]
Concerned at the government’s ‘revenue loss’ due to giving ‘large deductions’ while calculating the income tax payable by banks, tax authorities have decided to scan the accounts of lenders, including foreign banks, in minute detail.
In a major departure from the usual practice, the Central Board of Direct Taxes (CBDT) has issued directions that scrutiny of the self-assessment returns filed by September 30, 2008 for the financial year 2007-08 will be taken up in the current fiscal.
Cebon India vs. ACIT (ITAT Delhi) Where the record did not show that the assessee had been served with a notice under section 143(2) before the due date HELD that the assessment proceedings were not valid as the non-service of the notice was a jurisdictional defect and not merely a procedural defect. Held also that s. 292BB was procedural and prospective.
Your company could face a tax scrutiny if it had introduced fresh capital exceeding Rs 50 lakh last fiscal, or, as in the tax lingo, during the previous year relevant to the assessment year 2008-09. This is according to the new scrutiny norms by Central Board of Direct Taxes (CBDT).
In what could be a major relief to the corporate sector, the Central Board of Direct Taxes (CBDT) has decided not to scrutinize tax returns of more than 1,000 top companies provided no serious disputes are pending against them. The annual returns of tax complying companies would not be scrutinized this year. The decision has been taken by the CBDT to encourage better tax compliance among the corporate,” a senior finance ministry official, who did not wish to be identified, said.
NEW SCRUTINY NORMS FOR FINANCIAL YEAR 2007-08 – In super cession of earlier instructions on the above subject the Board hereby lays down the following procedure for selection of returns / cases of Non-Corporate Assessees for scrutiny during the current financial year i.e. 2007-08.
The Government is not bound under the Right to Information law to divulge details about its Income Tax scrutiny policy, used to identify tax payees before subjecting them to detailed investigation. The Central Information Commission held this while accepting the Finance Ministry’s view that revealing information related to the scrutiny guidelines would adversely affect economic interests of the country.
INSTRUCTION NO. 1/2008, DATED 9-1-2008 Your attention is drawn to the guidelines for selection of cases under scrutiny for the F. Y. 2007-08 under which claim of refund of Rs. 5 lakhs or above is one of the criteria for compulsory scrutiny. Such cases were to be selected for scrutiny by CASS in all the networked stations and manually in non-networked stations.
The CBDT has given norms for current fiscal for selection of cases meant for scrutiny. For corporates: All banks and public Sector undertakings are liable for scrutiny. Also, all NSE-500 companies and BSE-A group companies listed in Bombay Stock Exchange as on March 31, 2007, are covered. Companies in Delhi , Mumbai, Chennai, Kolkata, Pune, Hyderabad , Bangalore and Ahmedabad paying book profit tax under Section 115 JB on the book profit of Rs 50 lakh and above are liable for scrutiny. In the case of companies in other places the monetary limit for book profit is Rs 25 lakh.
