Income Tax : Discover the latest Amendments relating to Survey under section 133A of Income Tax Act. Get guidance on relevant sections such as ...
Income Tax : The Finance Act 2021 brought a new re-assessment procedure in respect of an income which has escaped assessment and also in survey...
Income Tax : Q1. Whether notice is required to be issued to the assessee before initiating survey? No, the section does not require prior noti...
Income Tax : Our Income Tax law allows all persons to self-assess their income and pay taxes. However, to protect the revenue base, unearth con...
Income Tax : Explore the legality of converting Income Tax surveys (Section 133A) into full-fledged Search & Seizure actions (Section 132) unde...
Income Tax : During the course of the survey operation, evidences of tax evasion have been gathered regarding wrongful claims of deduction u/s ...
Income Tax : Ministry of Finance TDS Surveys by Income Tax Department unearths huge defaults in deduction and deposit Posted On: 04 MAR 2020 In...
Income Tax : Major Achievements of CBDT in Current Financial Year 2016-17 so far include among others Enactment of The Benami Transactions (Pro...
Income Tax : The crucial survey operations conducted by the Income Tax department to detect tax evasion have been severely hit due to a long dr...
Income Tax : In a first of its kind action in the state, the Income Tax department has conducted surveys in small districts and unearthed tax ...
Income Tax : Income declared in survey is to be taxed and it has to fall under one of the heads of income, i.e., business income and, therefore...
Income Tax : The issue under consideration is whether the AO is correct in levying penalty u/s 271C of the Act for non-deduction of tax at sour...
Income Tax : whether CIT(A) is justified in quashing the action of the AO u/s 154 of the Act in applying provision of section 115BBE of the IT ...
Income Tax : Nirmala Devi Vs ITO (ITAT Delhi) In the given case, the Investigation Directorate, Ahmedabad carried out survey u/s 133(A) to exam...
Income Tax : Gifts are normally made by relatives out of natural love and affection and do not necessarily require any particular occasion. Ass...
Income Tax : Now AO can also do survey u/s 133A of the Income Tax with the prior approval of concerned Principal CCIT/ DG F.No. 282/15/2022-IT ...
Income Tax : Any verification or survey u/s 133A of the Act by the TDS charges shall be conducted by its officers. Where the TDS charge is head...
Income Tax : Order under section 119 of the Income-tax Act, 1961 for exercising power of survey u/s 133A of the Income-tax Act, 1961 and in pur...
Income Tax : Any coercive or intrusive action for recovery of tax demands should be taken only after exhausting alternative means of recovery a...
Income Tax : Instances have come to the notice of CBDT where despite detection of considerable unaccounted cash and other valuables during the ...
(iii) Even in the case of the assessee, the department is accepting the earning of income albeit on a different footing i.e. claiming the same to be salary income in contra distinction to assessee’s claim being business income by virtue of Section 28(va). Though reference is made to colourable devise in the hands of the assessee following Supreme Court judgment in the case of McDowell &. Co. (supra), the same confine
Faced with the prospect of missing the direct tax collection target because of the economic slowdown, the Income Tax (I-T) department has sharply increased fresh tax demands to Rs 1,24,000 crore from companies and individuals in the current fiscal, a 130 per cent increase over fresh demands raised last year. At this level, the demand […]
The Mumbai income tax department has surveyed 50-60 companies, including multinational firms, in the past two weeks as part of its drive to identify and bring to book tax deducted at source (TDS) defaulters. The department is mainly focusing on companies that have collected TDS, but not deposited the same with the department.
Corporate India is not prepared to cope with a security incidence in case they are caught in a terrorist attacks or are faced with an unconventional threat. Organisations can no longer treat organisational security as a mere administrative issue. A latest KPMG survey report has pointed out to the fact that gaps exists in the […]
THE Income Tax department raided the premises of Dr Sanjay Shah, Dr Mahesh Thakkar, his wife Dr Bindu Thakkar and some of their colleagues, and recovered Rs 1.75 crore cash from them on Wednesday and Thursday. Following a tip-off, the I-T team raided Shraddha Polyclinic at Ganesh Gawade road, Mulund (west), run by Shah and […]
MUMBAI: This New Year could well be forgettable if you are the Income Tax (I-T) department’s chosen one. Those with unaccounted cash stashed away inside mattresses, behind false ceilings or dummy firms, are likely to be greeted by a rather unfriendly visit by officials. All this is not without reason. Faced with a worrying situation […]
FOR NON-CORPORATE ASSESSEES In suppression 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. 2. The following categories of cases shall be compulsorily scrutinized; – i) All assessment pertaining to […]
The IT authority does not assume any power to enter the business premises/Office of the CA/Lawyer/Tax Practitioner to conduct survey under section 133A of IT Act in connection with survey of the premises of their client unless the client state in the course of survey that his books of account/documents and records are kept in the office of his CA/ Lawyer/Tax Practitioner.
During a verification of electronic returns, the department found that as many as 1,714 taxpayers under the self-assessment scheme (where tax-payers determine their tax liability and pay accordingly) had not paid their tax dues. In a few cases, the amount due was around Rs 100 crore (Rs 1 billion).
It doesn’t pay to be greedy … especially when you are indulging in immoral activities – That is the moral of this story.In 2002, Devendra Doctor, an informant for the Income-tax department tipped off Mr. Ajay Kumar Singh, who was then the Additional Commissioner of Income-tax (Investigation), of a case of unaccounted income. Pursuant to this tip-off, raids were conducted and the department claimed to have made a seizure of Rs. 1 crore.
