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 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.
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 […]
Even as Sebi officials are quizzing Satyam Computer founder B Ramalinga Raju and his brother Rama Raju at the Chanchalguda jail here, the Andhra Pradesh police are likely to make more arrests in the Rs 7,800 crore fraud involving the IT major. CID officials investigating the case have not ruled out more arrests in about […]
Faced with the prospect of missing the direct tax collection target because of the economic slowdown, the Income Tax (I-T) department has sharply increased fresh tax demands to Rs 1,24,000 crore from companies and individuals in the current fiscal, a 130 per cent increase over fresh demands raised last year. At this level, the demand […]
The large PSBs having balance sheet size (assets + liabilities) of above Rs. 1 lac crore each to exercise managerial autonomy in regard to appointment of SBAs also from the year 2008-09 onwards. Thus, State Bank of India, Allahabad Bank, Bank of India, Bank of Baroda, Canara Bank, Central Bank of India, Indian Overseas Bank, […]
FOR NON-CORPORATE ASSESSEES In suppression of earlier instructions on the above subject the Board hereby lays down the following procedure for selection of returns / cases of Non- Corporate Assessees for scrutiny during the current financial year i.e. 2007-08. 2. The following categories of cases shall be compulsorily scrutinized; – i) All assessment pertaining to […]
During a verification of electronic returns, the department found that as many as 1,714 taxpayers under the self-assessment scheme (where tax-payers determine their tax liability and pay accordingly) had not paid their tax dues. In a few cases, the amount due was around Rs 100 crore (Rs 1 billion).
