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 be...
Income Tax : Gain insights into Limited Scrutiny under CASS and its retrospective nature. Understand the reasons behind case selection and the ...
Income Tax : 1. What is Scrutiny? Once the assessee files his return of income, irrespective of whether it is filed within the due date or i...
Income Tax : Navigate the complexities of Income Tax scrutiny selection based on AIR (SFT) information. Explore how the department leverages da...
Service Tax : With the introduction of the Point of Taxation Rules, 2011 and the advent of negative list-based comprehensive taxation of service...
Finance : Investigating agencies probing alleged financial irregularities in the 2G spectrum allocation have now ordered scrutiny of all cas...
Income Tax : The Central Board of Direct Taxes recently framed a scheme for ensuring quality tax assessments by its officers across India. In t...
Income Tax : Income tax evaders are being pushed into an increasingly tight corner – the I-T department is planning restructuring that will h...
Income Tax : If you’re worried about what questions your income tax officer will ask about your returns, you can relax a bit. The department ...
Income Tax : After taxing investors for dividend stripping, the Income Tax (I-T) Department is gearing up to tax bonus stripping. Official sour...
Goods and Services Tax : Andhra Pradesh High Court held that initiation of demand of tax u/s 74 may be either section 61 (scrutiny of returns) or section 6...
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 : Central Board of Direct Taxes (CBDT) released guidelines outlining the parameters and procedures for the compulsory selection of i...
Income Tax : Board hereby lays down that while proposing to take up 'Complete Scrutiny' in a case which was originally earmarked for 'Limited S...
Income Tax : The functionality for viewing such cases which are selected by AO under Manual Scrutiny on the basis of suggestions by CPC for A....
Income Tax : Instruction No. 19/2015 Instances have come to the notice of the Board that in cases selected under scrutiny, while issuing the fi...
Income Tax : The Central Board of Direct Taxes ('CBDT') , vide Instruction No. 7/2014 dated 26 09.2014 had clarified the extent of enquiry in c...
Further, it may be noted that since technical scrutiny of balance sheet does not involve attestation function, accordingly any Chartered Accountant not holding certificate of practice is also eligible to apply for the subject panel.
The Ministry of Corporate Affairs (MCA) has decided to conduct a quarterly scrutiny of the end-use of funds raised through initial public offers (IPO). To this end, the ministry has directed all Registrar of Companies (RoC) to coordinate with the stock exchanges to access the quarterly balance sheets of all companies that have come out with IPOs in the recent past.
The Institute of Chartered Accountants of India while appreciating the initiative taken by the Ministry for ensuring good corporate governance and transparency for safeguarding the interest of the shareholders, creditors and the economy as a whole wishes to provide professional expertise of its members to the Registrar of Companies. For the purpose, it has been decided to prepare a panel of the members of the Institute and send the same to the Ministry.
The interest paid on delayed compensation to land owners by companies or entities engaged in the creation of Special Economic Zones, industrial parks and infrastructure developments,and payments by electricity distribution companies to transmission line owners,will now attract tax . The Central Board of Direct Taxes has also issued instructions to take all returns filed by […]
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 […]
