Income Tax : Faceless Appeal Scheme, 2020 under Income Tax Act 1961. was notified by the Ministry of Finance on 25th. September 2020. To empowe...
Income Tax : The CBDT is launching the Faceless Assessment in various direct & indirect tax procedures from today as announced earlier ...
Income Tax : In the series of tax reforms, the Prime Minister Narendra Modi has on 13th August, 2020 announced some reformative measure during ...
Income Tax : Much has been said about the process as to how faceless e-assessments will happen from now onwards. Paper submissions and resubmis...
Income Tax : Introduction ♠ The Hon’ble PM Shri Narendra Modi dreamed of corruption free India taking help of Information and Technology an...
Income Tax : Explore Income Tax Department's Taxpayer's Charter 2020, detailing its vision, mission, and service standards. Learn about obligat...
Income Tax : Article explains Differences between current scheme & Faceless Assessment scheme, Constitution of ReACS, Consequences of No Re...
Income Tax : On 13th August 2020, Honourable Prime Minister Narendra Modi has enunciated a platform to tribute the honest taxpayers of the...
Income Tax : The CBDT has carried out several major tax reforms in direct taxes in the recent years, which includes the following: (i) Reductio...
Income Tax : ईमानदार करदाताओं को प्रोत्साहन और कर प्रणाली में...
Income Tax : Faceless Appeal Scheme has been implemented in ITBA and the allocation of cases to Faceless Appeal units is under progress. A numb...
Income Tax : With the launch of the Faceless Appeal Scheme, 2020, the Income Tax Department is moving towards minimal interface with maximum go...
Income Tax : Central Board of Direct Taxes (CBDT) notifies Income-tax Authorities of Regional Faceless Appeal Centres (RFAC) vide Notification ...
Income Tax : Central Board of Direct Taxes (CBDT) notify the Income-tax Authorities of National Faceless Appeal Centre (NFAC) vide Notification...
Income Tax : The Income Tax Department today launched Faceless Income Tax Appeals. Under Faceless Appeals, all Income Tax appeals will be final...
The data on cash withdrawal indicated that huge amount of cash is being withdrawn by the persons who have never filed income-tax returns. To ensure filing of return by these persons and to keep track on cash withdrawals by the non-filers, and to curb black money, the Finance Act, 2020 w.e.f. 1st July, 2020 further amended Income-tax Act, 1961 to lower the threshold of cash withdrawal to Rs. 20 lakh for the applicability of TDS for the non-filers and also mandated TDS at the higher rate of 5% on cash withdrawal exceeding Rs. 1 crore by the non-filers.
‘Transparent Taxation- Honoring the Honest’ is the extended version or a modified model of the E-assessment Scheme 2019 introduced by the Government of India in September 2019. This module brings out the honest and rightful duties of the taxpayers and states the expectations to be fulfilled in their respective parts. The CBDT (Central Board of […]
Income Tax- Faceless e-Assessment Scheme To bring relief to honest tax payers, this system is introduced by our Honourable Prime Minister, Shri Narendra Modi Ji. PM, in his speech on August 13, 2020, unveiled “Transparent Taxation – Honouring the honest” platform for faceless assessment, appeal, and taxpayer charter. In the current assessment scheme, the tax […]
The Income Tax Department has been progressing in technology since the year 2006, when the E-filing of Income Tax Return forms was introduced and since than there is no looking back. Right from Income Tax return forms to the recent and newly proposed Faceless Appeals process, the Taxman has come a long way to be tech savvy and productive.
Some technical aspects of faceless assessment 1. It is electronic mode procedure, no need to go department. 2. No Human interface 3. This is applicable on section 143(3) and 144. 4. Cases to be allocated to assessment units in a random manner 5. Central Cell to be the single point of contact between taxpayer and […]
On 13 August 2020, between much pomp and fanfare, Prime Minister Modi announced the new Transparent Taxation platform i.e. the new way forward for the Central Board of Direct Taxes. The main idea behind the Transparent Taxation platform is ‘faceless’ assessments and faceless appeals. Further, the Prime Minister promised that the tax administration would attempt […]
E-ASSESSMENT SCHEME, 2019 NOTIFICATION NO. 61, DATED 12.9.2019 NOTIFICATION NO. 62/2019, DATED 12.9.2019 (Directions for giving effect to Income Tax E-assessment Scheme, 2019 by sub-section (3B) of section 143 of the Income-tax Act, 1961) In exercise of the powers conferred by sub-section (3A) of section 143 of the Income-tax Act, 1961 Govt. INTRODUCED a scheme […]
Article explains Differences between current scheme & Faceless Assessment scheme, Constitution of ReACS, Consequences of No Response by Taxpayer and Functions of each of Assessment Unit, Verification Unit, Review Unit & Technical Unit which are approved by respective Range Heads. CURRENT Vs FACELESS ASSESSMENT Present Assessment System Faceless Assessment System 1. Case Selection through a) […]
The newly introduced Faceless –E-Assessment Scheme will bring about various benefits for taxpayers, one of which is Ease of Doing Business, stated Shri Patanjali Jha, Principal Chief Commissioner of Income Tax, Mumbai.
Corrigendum to Income Tax notification number 65/2020 dated 13.08.2020 issued vide Notification No. 70/2020-Income Tax, Dated: 27.08.2020 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) CORRIGENDUM New Delhi, the 27th August, 2020 (Income-tax) Notification No. 70/2020-Income Tax S.O. 2904(E).—In the notification of the Government of India, Ministry of Finance, Department of Revenue, […]
