Goods and Services Tax : CBIC's instructions and the Standard Operating Procedure (SOP) for scrutiny, including selection criteria, timelines, and reportin...
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 : A comprehensive guideline for scrutiny of GST returns for FY 2017-18 and 2018-19. Learn about the selection process, timeline, and...
Goods and Services Tax : Get ready for scrutiny of GST returns for 2017-18 and 2018-19. CBIC issues instructions as CGST begins audits. Stay prepared for p...
Income Tax : On 10th June, 2021, CBDT issued Guidelines prescribing framework for Compulsory Selection of returns for Complete Scrutiny during ...
Income Tax : Though less that 1% of returns filed are selected for scrutiny, this area of work has often drawn adversarial comments. Superviso...
Income Tax : 1. Where value of international transaction as defined u/s. 92B exceeds Rs.15 Crore. 2. Cases where there was addition of Rs.10 La...
Income Tax : Selection of cases for scrutiny during the financial year 2010-11 will be done primarily through CASS this year. Manual Selection ...
Finance : Investigating agencies probing alleged financial irregularities in the 2G spectrum allocation have now ordered scrutiny of all cas...
Income Tax : The regular assessment tax (RAT) is one of best tools available to the Department to collect taxes. The collection from RAT not on...
Income Tax : Here we summarised the ruling of the Bangalore Income Tax Appellate Tribunal (ITAT) [2009-TIOL-666-ITAT-BANG] in the case of Bovis...
Income Tax : 8. We have considered he submissions made by both the sides, material on record and orders of the authorities below. We find that ...
Income Tax : Section 127 does not spell out under what facts and circumstances a transfer of a case can be made. However, in a case of inter-ci...
Income Tax : Nicholas Applegate South East Asia Fund Limited Vs Assistant Director of Income Tax (ITAT Mumbai) - The question of application of...
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...
Goods and Services Tax : CBIC vide Instruction No. 02/2022-GST | Dated: 22nd March, 2022 released Standard Operating Procedure (SOP) for Scrutiny of return...
Goods and Services Tax : To ensure the correct and completeness of the compliance made by registered taxpayers the statutory mechanism of scrutiny of retur...
Consequent to amendment in subsection (1) of section 143 of the Income Tax Act, 1961 with effect from 1st April, 2008, consequential amendment has been made in section 156 so as to provide that intimation under subsection (1) of section 143 shall be deemed to be a notice of demand for the purpose section 156. […]
Correction of arithmetical mistakes and adjustment of incorrect claim under sub-section (1) of section 143 through Centralised Processing of Returns Generally, tax administrations across countries adopt a two-stage procedure of assessment as part of risk management strategy. In the first stage, all tax returns are processed to correct arithmetical mistakes, internal inconsistency, tax calculation […]
8. We have considered he submissions made by both the sides, material on record and orders of the authorities below. We find that the question, before US, is whether limited scrutiny proceedings and regular scrutiny proceedings are independent of each other or not and, therefore, notice issued for limited scrutiny into a regular scrutiny where time to issue notice u/s 143(2)(ii) has expired or not
The era of qualified company accounts is about to close. Companies will have to restate their financial statements if auditors raise objections to any figure in annual accounts, if the government accepts a proposed recommendation of the Institute of Chartered Accountants of India (ICAI). Annual reports would contain financial statements that fully satisfy the auditor’s […]
The income tax (I-T) department has widened the scope of the investigation of the tax liability on Vodafone-Essar, India’s fourth-largest mobile service provider, to other offshore transactions associated with Vodafone’s buyout of Hutchison Whampoa’s 67 per cent stake in an $11.08 billion deal in 2007. Sources close to the development said the department had sent […]
THE Institute of Chartered Accountants of India (ICAI), the regulatory body for the accounting profession, plans to scrutinise books of companies that have seen independent directors resign in the last two months, after the role of such directors came under intense scrutiny in the wake of the major financial fraud at Satyam Computer Services. Some […]
Section 127 does not spell out under what facts and circumstances a transfer of a case can be made. However, in a case of inter-city transfer statute requires compliance of two requirements –first, to vie the assessee a reasonable opportunity of hearing, wherever it is possible to do so and secondly, reasons with regard to transfer should be recorded. In the instant case there is no dispute that the principles of natural justice
Nicholas Applegate South East Asia Fund Limited Vs Assistant Director of Income Tax (ITAT Mumbai) – The question of application of section 292B cannot be prejudged by finding that return, notice, etc. is not as per the requirement of the statute and is/are invalid; the finding that the return or notice etc. is invalid or to what extent it is invalid is unnecessary and counter productive; if in substance and in effect return, notice or assessment is in conformity with or according to intent and purpose of the Act, the mistake defect or omission is to be ignored as per the underlining philosophy of section 292B.
AIRs pertaining to financial year 2007-08 (Assessment year 2008-09) and subsequent years should be utilized in the manner laid down in paragraphs 2 to 8 below.
The Income-Tax department has mobilised a large number of staff members from its local offices for a comprehensive investigation into the fraud in Satyam Computers. A top official said the staff will join duty in a day or two following the IT Chief Commissioner’ s orders earlier this week. He said the investigations would not […]
