Income Tax : Tax authorities initiated scrutiny and proposed addition solely because share acquisition details were not properly disclosed in t...
Income Tax : Tax authorities may examine large or unusual digital transactions that don’t match declared income. Proper documentation and acc...
Income Tax : Understand the meaning of a 143(2) notice, why your return may be selected for scrutiny, and the steps required for a faceless ass...
Income Tax : As Income Tax Department initiates scrutiny for Assessment Year (AY) 2024–25, many taxpayers are receiving notices under Section...
Income Tax : Indian tax authorities are scrutinizing high-value financial transactions, including large deposits, property deals, and credit ca...
Income Tax : Association requested CBDT to rationalize CASS 2026 case selection considering the administrative burden caused by implementation ...
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 : The case examined whether scrutiny selection without meeting CBDT conditions was valid. The ITAT held that failure to satisfy mand...
Income Tax : Chennai ITAT set aside the assessment for exceeding the limited scrutiny scope and disallowing 80P without a spea...
Income Tax : Tribunal held that once a scrutiny assessment under Section 143(3) allows a claim, any earlier disallowance by CPC under Section 1...
Income Tax : Kolkata ITAT rules assessment void after a 143(2) notice failed to specify the type of scrutiny, violating mandatory CBDT instruct...
Income Tax : ITAT Kolkata cancels a Section 144 assessment, ruling that the foundational Section 143(2) notice was invalid for failing to compl...
Income Tax : CBDT outlines parameters for compulsory income tax scrutiny for FY 2025-26, including survey, search & seizure cases, registration...
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 ...
The Income Tax Department takes several punitive and deterrent steps to unearth unaccounted money and curb tax evasion. These include scrutiny of tax return; surveys, search and seizure actions; imposition of penalty and launching of prosecution in appropriate cases. Information Technology has also been used in a big way in collection, collation and dissemination of taxpayer information. Tax Information Network (TIN) has been set up as a depository of important tax related information which can be accessed by the Department. The basic components of TIN are information relating to Tax Deduction at Source (TDS), payment of taxes and high value transactions reported in Annual Information Returns (AIR).
According to new rules, which will come into force from April one (next financial year), the ITO in ‘small cities and mofussil areas’ will now handle non-corporate returns up to Rs 15 lakhs (Rs 1.5 million) and corporate returns up to Rs 20 lakhs (Rs
References have been received by the Board from a large number of taxpayers, especially from mofussil areas, that the existing monetary limits for assigning cases to ITOs and DCs/ACs is causing hardship to the taxpayers, as it results in transfer of their cases to a DC/AC who is located in a different station, which increases their cost of compliance.
Income tax department is upgrading its system to ensure an assesse, scrutinised for a particular financial transaction, does not land in trouble the year after. The income tax department has undertaken intensive upgrade of its software and systems responsible for picking up cases for intensive scrutiny.
The leader of Opposition in the state Assembly, Shaktisinh Gohil, has demanded that the Income Tax department should find out if the companies signing memoranda of understanding (MoUs) with the state government at the Vibrant Gujarat Global Investors
Having scrutinised more than 380 merger and acquisition deals from 2007-08, the Income Tax department is expected to soon slap entities concerned with notices for tax totalling several crores of rupees.
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 appellate authority. c) Cases involving addition in an earlier assessment year on the issue of transfer pricing in excess of Rs.10 Lakhs or more. d) Assessments in survey cases for the financial year in which survey was carried out This criteria will not apply if all of the following conditions are fulfilled:
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 around 8,74% more than the corresponding figure last year. The share of collection from RAT (as a percentage of total collection) has gone up from 921% in 2007-08 to 924% in 2008-09. However there is a great potential in augmenting collection from RAT.
The Central Board of Direct Taxes (CBDT) has introduced a new software programme, called ‘360 degree profiling’, which would provide automatic alerts for scrutiny assessment of an individual or a company to the income tax department, based on its investments and expenditure.
The Central Board of Direct Taxes (CBDT) has advised its field formations to scrutinise all cases in which companies have amortised foreign exchange losses under the one-time discretion allowed by the government through an amendment to Accounting Standard 11 (AS-11).
