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...
The Ld. Pr. Commissioner of Income Tax wants the Assessing officer to look into various other issues of the assessee which were not covered within the purview of the
If the A.O. has taken up the issue of determining fair market value of the property in question as on 01/4/1981 without converting the limited scrutiny to comprehensive scrutiny by taking the prior approval of the competent authority then the said order passed by the A.O. will be nullity as beyond his jurisdiction.
It has been brought to the notice of Board that notices under section 143(2) of the Income-tax Act, 1961 (‘Act’) were generated in respect of certain invalid returns of the assessees filed for the Assessment Year 2017-18 through CASS Cycle 2018. As the scrutiny of such returns will pose a challenge for the AO and is bad in law, I am directed to state that Assessing Officers shall drop the proceedings u/s 143(2) of the Act in such cases and reopen the same by issue of notice under section 148 of the Act.
Jurisdiction of the Assessing Officer while making assessments in Limited Scrutiny cases, by initiating inquiries on new issues has to comply with mandatory requirements of the relevant CBDT Instructions dated 09.2014, 29.12.2015 and 14.07.2016, i.e. the approval of the PCIT.
It has been noticed that sometimes the returns are received by Assessing Officer who is not a jurisdictional Assessing Officer as per PAN. The PAN should be immediately transferred to the jurisdictional Assessing Officer, so that further proceedings can be initiated by the jurisdictional Assessing Officer.At the time of CASS run, the data of returns selected in CASS which are falling in category of mismatch of PAN AO Code and Bundle AO code will be auto-transferred (after PAN transfer order is submitted) to PAN Assessing Officer through a scheduler.
The due date of Income Tax Audit is 30th September, 2019 and all the taxpayers are busy finalizing their Income Tax Report. So, what the taxpayer should do in order to avoid scrutiny risk?
Shri Vijay Kumar Vs ITO (ITAT Chandigarh) The main contention of the Ld. Counsel for the assessee is that the Assessing Officer while making the impugned additions has exceeded his jurisdiction. That the case of the assessee was selected for limited scrutiny issue i.e. regarding security transaction. The Assessing Officer could not find any reason […]
The parameters for manual selection of returns for Complete Scrutiny during financial year 2019- 20 are as under.- (i) Cases involving addition in an earlier assessment year(s) on a recurring issue of law or fact:- (a) exceeding Rs. 25 lakhs in eight metro charges at Ahmedabad, Bengaluru, Chennai, Delhi, Hyderabad, Kolkata, Mumbai and Pune while at other charges, quantum of addition should exceed Rs. 10 lakhs; (b) exceeding Rs. 10 crore in transfer pricing cases.
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)(viib), no verification on such issues will be done by the AOs during the proceedings u/s 143 (3)/147 of the I.T. Act, 1961 and the contention of such recognized Startup Companies on the issue will be summarily accepted.
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 scheme inviting global companies to set up […]
