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...
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.
Trade Notice No. 19/2009 Rule 5 A was inserted in the Service Tax Rules, 1994 vide Service Tax (Sixth Amendment) Rules, 2007 (Notification No.45/2007 – ST dated 28.12.2007 refers). Attention is also drawn to the instructions issued by the Board vide F.No.137/26/2007-CX.4 dated 01.01.2008 in this regard
The Working Group on Central Excise and Service Tax re-engineering, constituted by the Board has prepared a Return Scrutiny Manual for Service Tax (RSMST). The said manual has been approved by the Board and a copy of the same is enclosed herewith. Circular No.113/07/2009-ST dated the 23rd April, 2009.
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 […]
