Income Tax : It is proposed to amend the sections 271AAB, 271AAC and 271AAD by enabling the Commissioner (Appeals) to levy penalty under these ...
Income Tax : Budget 2021 – Section 281B of the Act contains provisions which provide that in cases of assessment or reassess-ment the Ass...
Income Tax : Decoding Section 271AAD – Penalty for false entry / fake invoices [inserted vide Finance Act, 2020 – w.e.f. 01.04.2020] Chap...
Income Tax : Article explains guidelines for Mutually Agreed Procedure (MAP), Changes in Tax Residency Rules, Changes in equalization levy, Ame...
Income Tax : Understand the implications of section 271AAD on false accounts. Learn how this new provision aims to deter taxpayers from manipul...
Income Tax : We recently found below CBDT instruction on Social media on ‘Penalty u/s 271AAD for false entry etc. in the books of account...
It is proposed to amend the sections 271AAB, 271AAC and 271AAD by enabling the Commissioner (Appeals) to levy penalty under these sections to the along with Assessing Officer.
Budget 2021 – Section 281B of the Act contains provisions which provide that in cases of assessment or reassess-ment the Assessing Officer may provisionally attach any property of the assessee, if necessary, in order to protect the interest of revenue. This can be done only with prior approval of Pr. Chief Commissioner or Pr Director […]
We recently found below CBDT instruction on Social media on ‘Penalty u/s 271AAD for false entry etc. in the books of accounts’ but we are not able to verify this from official sources so readers are requested to please check from their own sources before relying on the below post. F. No. 414/02/2021 — IT […]
Decoding Section 271AAD – Penalty for false entry / fake invoices [inserted vide Finance Act, 2020 – w.e.f. 01.04.2020] Chapter XXI of the Income Tax Act, 1961 is well-stocked with Penal provisions imposing penalties for breach of statutory provisions. Sec.271AAD is a new addition to this family, which imposes penalty for “false entry in the […]
Article explains guidelines for Mutually Agreed Procedure (MAP), Changes in Tax Residency Rules, Changes in equalization levy, Amendments w.r.t. Dividend Distribution Tax (DDT), Applicability of S 269 SU to B2B Businesses, Deferment for Approval/ Registration of Charitable Trusts & Exempt Institutions, Reduction in TDS/TCS Rates, TDS & TCS Rates Pre & Post 14th May 2020, […]
Understand the implications of section 271AAD on false accounts. Learn how this new provision aims to deter taxpayers from manipulating their books of accounts.
The Authors in part one of the Article dealt with Historical Background and scope of Section 271AAD along with certain interesting issues. In this Article, the Authors would be addressing the other relevant issues in continuation to Part one.
In the recent past, GST Department has caught various fraudulent cases of Input Tax Credit. Fake invoice are issued without any actual supply of goods or services with an aim of claiming ITC and reduce GST output liability. To curb this, Finance Act,2020 has brought amendment to penalty provisions of Sec 122 & Sec 132 […]
Understand the implications of Section 271AAD of the Income Tax Act,2020. Learn about the fair interpretation and applicability of this important section.
In the past we seen that, the GST department endeavours several cases whereas fraudulent input tax credit has been availed and claimed. GST department stated that, in all cases bogus invoices are been obtained by the suppliers and fraudulently claim the ITC taken to reduce tax liability. The bogus invoices has been issued by the […]
