Goods and Services Tax : Explore challenges faced by taxpayers during GST return scrutiny for FY 2017-18. Learn about recent instructions from Delhi GST de...
Income Tax : Unravel the intricacies of Income Tax Department scrutiny with insights into notices, reasons triggering scrutiny, and types of sc...
Goods and Services Tax : Understand the process of scrutiny of GST returns and its importance in tax administration. Learn how it ensures compliance with t...
Goods and Services Tax : Section 61 of the CGST Act, 2017, empowers the proper officer to scrutinize a return and related particulars furnished by the regi...
Goods and Services Tax : Learn about the interim SOPs for scrutiny of GST returns for FY 2017-18 & 2018-19 issued by CBIC. Find out the selection process a...
Goods and Services Tax : CBIC rolls out Automated Return Scrutiny Module for GST returns in ACES-GST backend application for Central Tax Officers During th...
Goods and Services Tax : Haryana GST Returns Scrutiny Manual standardize and streamline the procedural aspect with regards to the scrutiny of GST returns ...
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 : Paperless assessment/ e-mail based assessment on a pilot basis was commenced in the financial year 2015-16 in non-corporate charge...
Income Tax : Taking another step in this direction, Central Board of Direct Taxes (CBDT) has issued instructions to the assessing officers to b...
Income Tax : ITAT Kolkata held that enquiring on issues other than limited scrutiny issue, before conversion of limited scrutiny to complete sc...
Income Tax : Sagar Uttam Murhe Vs DCIT (ITAT Pune) Case law (2020) 120 com 187 CIT vs. Padmavati (Mad) (HC) holds that such an assessment could...
Income Tax : Explore the ITAT Mumbai decision in Swati Jignesh Jain vs. ITO regarding the imposition of penalty u/s. 271(1)(b). Learn how the A...
Income Tax : Arjun Transport Company Private Limited Vs ITO (ITAT Mumbai) In cases selected under ‘limited scrutiny’, the Assessing Offic...
Income Tax : Arjun Transport Company Private Limited Vs ITO (ITAT Mumbai) When a case is selected for ‘limited scrutiny’ to verify ...
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...
Goods and Services Tax : Standard Operating Procedure for the scrutiny of GST returns by the Government of India for the financial year 2019-20 onwards....
Income Tax : Central Board of Direct Taxes (CBDT) released guidelines outlining the parameters and procedures for the compulsory selection of i...
Income Tax : CBDT Issues Guidelines for compulsory selection of Income Tax returns for Complete Scrutiny during the Financial Year 2022-23 and ...
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 directed re-opening of all cases under the search and seizure label, income-escaping assessments and deductions claimed from profits and gains on all eligible businesses.
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).
The process of assessment is the most significant part of the Income Tax Act. The Act requires an assessee to comply with certain requirements for computing income in accordance with the various provisions, and pay tax on his income so computed. An assessment is the process whereby the department verifies whether the person has complied […]
In India, the law is settled that tax avoidance is legal and evasion is not. A taxpayer may create a device to arrange his commercial affairs to minimise his tax liability and its acceptance is based on operation of law. While revenue authorities are entitled to decipher the true meaning of a transaction, they cannot […]
Self reporting of Tax Bases & Acknowledgment [Section 148 & 154] 1. Similar to the concept of filing return of income, taxpayers have been required to file ‘Return of Tax Bases’ (‘RTB’) 2. The RTBs have to be filed on or before: • 30th June – If the person is not a company and does […]
The government is considering a proposal to make tax audit reports mandatory for e-filing of income tax returns. This follows a recommendation by the Income Tax (I-T) department after the Satyam accounting fraud issue broke in January following founder Ramalinga Raju’s confession. I-T officials said since the returns were e-filed, there was no provision to […]
Closely-held group companies that frequently borrow money from each other should make a mental note of a recent ruling by the income tax appellate tribunal (ITAT), a quasi-judicial tax authority. The tribunal has said that “deemed dividend cannot be taxed in the hands of non-shareholders. ” In order to avoid paying dividend distribution tax (DDT) of 17.5%, profit-making, closely-held (unlisted) companies
As you are kindly aware, the Central Board of Direct Taxes has issued an Instruction no.12/2008 dated 5th September 2008 for clearing the large pendency of returns for the Assessment year 2007-08. We heartily appreciate the efforts being taken by the Central Board of Direct Taxes to meet up its target for speedier processing of returns.
These guidelines supersede the earlier instructions issued vide Circular No.818/15/2005- CX from F.No.224/1/2005- CX.6 dated 15th July, 2005 and Circular No.249/83/96- CX issued from F.No.206/1/96- CX.6 dated 11.10.96. These guidelines seek to explain the content of the Return Scrutiny Manual, which has been prepared and is now being circulated to all the field formations vide this circular.
