Income Tax : A Comprehensive Analysis of Undisclosed Incomes under Sections 68 to 69D of the Income-tax Act, 1961, Taxation of these Incomes Un...
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 : Explore amendments to section 253 of Income-tax Act, adjusting time limits for filing appeals to the Income Tax Appellate Tribunal...
Income Tax : ITAT Chandigarh quashed Section 263 revision, holding that a plausible assessment view after detailed enquiry cannot be replaced b...
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...
ITAT Chandigarh quashed Section 263 revision, holding that a plausible assessment view after detailed enquiry cannot be replaced by the Principal Commissioner.
A Comprehensive Analysis of Undisclosed Incomes under Sections 68 to 69D of the Income-tax Act, 1961, Taxation of these Incomes Under Section 115BBE and Penalty Provisions under Sections 271AAC & 271AAD With Insights on Explained vs. Unexplained Income, Judicial Precedents & Finance Act, 2025 Amendments 1. Introduction & Legal Context. The robust and equitable functioning […]
Explore amendments to section 253 of Income-tax Act, adjusting time limits for filing appeals to the Income Tax Appellate Tribunal, effective October 2024.
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.
