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 : 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...
Get answers to frequently asked questions about Section 143(3) of the Income Tax Act, governing scrutiny assessments. Learn about the selection process, time limits for issuing notices, and the difference between Limited and Complete Scrutiny. Understand the consequences of non-cooperation during assessment proceedings and the option to appoint a professional or tax consultant for assistance.
Income Tax scrutiny is essential for detecting discrepancies and maximizing revenue. Learn why scrutiny selection is necessary, manual case-picking criteria (e.g., high TDS volume), and methods like Computer Aided Scrutiny Selection (CASS). Discover the steps taken by Assessing Officers post-selection, such as checking cash transactions, verifying expenses, assessing TDS applicability, and ensuring compliance with various tax provisions.
Krishna, on 26th January, India celebrates its Republic Day. Over the past few months GST and Income Tax departments have been sending notices to the taxpayers to increase the collection of Revenue. Please tell what are the weapons that department is using to take the Taxpayer’s parade?
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.
In scrutiny assessments, adherence to CBDT instructions is crucial. A recent ITAT decision (Ganadhiraj Mazoor Sahakari Sanstha Ltd vs ITO) emphasizes the importance of following proper procedures, especially when making additions on grounds not communicated to the assessee initially. Taxpayers should be vigilant about their assessments, ensuring compliance with procedural norms.
n the era of technology and data analytics, Income Tax Department too empowered itself with one of the most enabling report which allowed itself to peep itself into the assessee’s deeper secrets by laying down the responsibility on Financial Institution like Banks, Mutual Funds, to submit AIR (Annual Information Report). In this article, what we will try to analyse in the forthcoming discussion that how this crucial guard of information available with the department against evasion slowly becoming an indiscriminate weapon in the hands of the officials for harassing the assesses and how the proceedings emanating from AIR should be dealt with.
The CASS Committee has been re-constituted under Chairmanship of Director General of Income Tax (Risk Assessment) {DGIT (RA)} as under:
Electronic assessment, also known as e-assessment, online assessment, computer assisted/mediated assessment and computer-based assessment, is the use of information technology in various forms of assessment. Finance Minister, Arun Jaitley, also announced of such scheme in his budget speech on February 1, 2018; which would almost eliminate person-to-person contact in the Tax Department for greater transparency in assessment procedures.
Discover the 7 common reasons why you receive income tax notices, from TDS mismatches to high-value transactions.
The issue under consideration is whether the conversion of case from limited scrutiny to complete scrutiny prior to receipt of approval from Pr. CIT is justified in law?
