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Income Tax - Assessments under Income Tax Act 1961 are made U/S 143, 144, 147, 153. The criteria’s for selection of cases for scrutiny has been increased. While making the assessment the assessing officer has to appreciate all the facts properly. If there is any misinterpretation of facts it may result in injustice to the assessee. Some times when t...
Read MoreIncome Tax - Those who are working and fall under a tax slab as per their annual income get TDS deducted by their employers on a monthly basis, whereas small business owners are often seen escaping the tax demon by hiding their actual annual income. Correspondingly, they save thousands on taxes, which is not a very good idea to save the taxes because...
Read MoreIncome Tax - Scrutiny assessment refers to the examination of a return of income by giving an opportunity to the assessee to substantiate the income declared and the expenses, deductions, losses, exemptions, etc. claimed in the return with the help of evidence....
Read MoreIncome Tax - Most of the cases selected for Scrutiny are through Computer Aided Scrutiny Selection (CASS). Only a particular class of cases such as those involving Search, Survey and Reopening of Assessment etc. come under Compulsory Scrutiny. A small Number of cases are manually selected by the Assessing Officers where they consider the Income of a p...
Read MoreIncome Tax - 1. What is Scrutiny? Once the assessee files his return of income, irrespective of whether it is filed within the due date or in pursuance to a notice requiring the assessee to file his return, the department can initiate scrutiny proceedings if it has reason to believe that income is escaping assessment, i.e. income is under stated of...
Read MoreIncome 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 scrutiny thereby showcasing full faith in the taxpayers, chairman of the Central Board of Direct Taxes (CBDT), Mr Sushil Chandra said at an ASSOCHAM event held in New Delhi today....
Read MoreIncome Tax - Paperless assessment/ e-mail based assessment on a pilot basis was commenced in the financial year 2015-16 in non-corporate charges of five cities i.e. Ahmedabad, Bangalore, Chennai, Delhi and Mumbai. The e-mail based assessment scheme has now been extended to two more cities, namely Hyderabad and Kolkata during the current financial year...
Read MoreIncome Tax - Taking another step in this direction, Central Board of Direct Taxes (CBDT) has issued instructions to the assessing officers to be specific in enquires made in the case of tax payers whose returns are under scrutiny. The directions are comprehensive and cover cases selected through Computer Aided Scrutiny Selection (CASS) for limited scr...
Read MoreIncome Tax - The Central Board of Excise and Customs had issued detailed guidelines in 2009 to its field formations on conducting detailed manual scrutiny of service tax returns. In view of the legal changes brought about by the Negative List based taxation of services and administrative changes like creation of separate Commissionrates for Audit etc,...
Read MoreIncome Tax - Though less that 1% of returns filed are selected for scrutiny, this area of work has often drawn adversarial comments. Supervisory officers, have been directed to play a more pro-active role in monitoring and guiding assessments towards ensuring that high-pitched assessments without proper basis are not made and that lengthy questionnai...
Read MoreStorewell Construction & Engineers Vs PCIT (ITAT Pune) - 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...
Read MoreDeccan Paper Mills Co. Ltd. Vs CIT (ITAT Pune) - Deccan Paper Mills Co. Ltd. Vs CIT-IV (ITAT Pune) Now, coming to the aspect of book profits which was considered by the Commissioner and the order of the Assessing Officer was held to be erroneous and prejudicial to the interest of revenue. In this regard, it may be pointed out that the case of asse...
Read MoreR. & H. Property Developer Pvt. Ltd. Vs PCIT (ITAT Mumbai) - R. & H. Property Developer Pvt. Ltd. Vs PCIT (ITAT Mumbai) Pr. CIT had held the order passed by the A.O under Sec. 143(3), dated 10.10.2016 as erroneous, in so far it was prejudicial to the interest of the revenue, for the reason, that he had failed to carry out proper investigation as regards t...
Read MoreBalvinder Kumar Vs PCIT (ITAT Delhi) - Balvinder Kumar Vs PCIT (ITAT Delhi) There is no dispute that the case of the assessee was picked up for scrutiny under the category of limited scrutiny. This fact is established from the assessment order and also the notice issued under section 143(2) of the Act. CBDT instructions and the letter cl...
Read MoreManju Kaushik Vs DCIT (ITAT Jaipur) - 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?...
Read MoreF.No.225/126/2020/ITA-II - (30/09/2020) - CBDT extended the date for selection of cases for Compulsory Scrutiny on the basis of prescribed parameters, as communicated vide Board's letter dated 17.09.2020, from 30th September,2020 to 31st October,2020....
Read MoreF.No.225/126/2020/ITA-II - (17/09/2020) - Keeping in view of the Faceless Assessment Scheme,2020 implemented by the Department and the difficulties being faced amid COVID-19 pandemic, the parameters for compulsory selection of returns for Complete Scrutiny during Financial Year 2020-21 and conduct of assessment proceedings in such cases are...
Read MoreNotification No. 66/2020-Income Tax [S.O. 2758(E)] - (13/08/2020) - CBDT notifies Prescribed Authority under Section 133C with effect from 13th August, 2020 vide Notification No. 66/2020, Dated: August 13, 2020. Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi Notification No. 66/2020, Dated: August 13, 2020 S.O. ...
Read MoreNotification No. 65/2020-Income Tax [S.O. 2757(E)] - (13/08/2020) - CBDT notifies 4195 Income-tax Authorities of Regional e-Assessment Centres to exercise the powers and functions of Assessing Officers concurrently, to facilitate the conduct of Faceless Assessment proceedings in respect of notified territorial areas vide Notification No. 65/2020, Dated: August 13,...
Read MoreNotification No. 64/2020-Income Tax [S.O. 2756(E)] - (13/08/2020) - CBDT notifies 34 Authorities for Faceless Assessment vide Notification No. 64/2020, Dated: August 13, 2020. Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi Notification No. 64/2020, Dated: August 13, 2020 S.O. 2756(E).-In pursuance of the powers ...
Read MoreStorewell Construction & Engineers Vs PCIT (ITAT Pune) -
Deccan Paper Mills Co. Ltd. Vs CIT (ITAT Pune) -
R. & H. Property Developer Pvt. Ltd. Vs PCIT (ITAT Mumbai) -
Balvinder Kumar Vs PCIT (ITAT Delhi) -
F.No.225/126/2020/ITA-II - (30/09/2020) -
Manju Kaushik Vs DCIT (ITAT Jaipur) -
F.No.225/126/2020/ITA-II - (17/09/2020) -
Notification No. 66/2020-Income Tax [S.O. 2758(E)] - (13/08/2020) -
Notification No. 65/2020-Income Tax [S.O. 2757(E)] - (13/08/2020) -
