Section 194IA of the IT Act relates to TDS on Sale of property. Form 26QB is an online statement-cum-challan to be filled and submitted by the buyer of the property for making TDS payment on sale of property. It contains details of buyer, seller, property being sold, sale consideration, tax deposit details etc.
As per the provisions of Section 129A (2) or Section 129D of the Customs Act, 1962, Section 35B (2) or Section 35E of the Central Excise Act, 1944 and Section 86 (2A) or Section 86 (2) of Finance Act, 1994 power of review of Commissioner (Appeals) order or order of Principal Commissioner/ Commissioner as an adjudicating authority vests with the Committee of Commissioners and Committee of Chief Commissioners respectively and there is no provision for reviewing the same order twice.
Assessing Officer to ensure that information available in the ‘Penny Stock’ functionality which may be useful for the purpose of cases presently under scrutiny, is examined and considered while finalizing assessments and considering reopening of cases u/s 148 of the IT Act, 1961.
As you are aware that returns furnished by the assessees during the FY 2014-15 are pending for processing under section 143(1) and the limitation date for the same is 31-3-2016.
I am directed to forward herewith a copy of OM No. 11019/4/2015 PG-C1 dated 11.02.2016 received from Department of Administrative Reforms and Public Grievances on the above mentioned subject, for necessary action.
In terms of the provisions, any income arising from an international transaction or specified domestic transaction between two or more associated enterprises shall be computed having regard to the Arm’s Length Price.
Verification of Genuineness of Agricultural Income Shown In Income Tax Return by Assessees for Assessment Years 2011-12 to 2013-14- There is a PIL matter pending before Hon’ble Patna High Court wherein concerns have been raised that a few assesses may be engaged in routing their unaccounted/illegal money in the garb of agricultural income thereby not only claiming exemptions on such income but also engaged in the money laundering activities.
The Hon’ble High Court of Karnataka vide its order dated 07.10.2015 dismissed the captioned Writ Petition along with other Writ Petitions which were filed challenging the amended Section 35 F of the Central Excise Act, 1944, which requires mandatory pre-deposit of the duties and penalties.
The monetary limits for filing appeals before the Income Tax Appellate Tribunals and High Courts were raised to ₹ 10 lakhs and ₹ 20 lakhs respectively by Circular 21 of 2015 dated 10.12.2015. Queries have been received regarding the applicability of Circular 21 of 2015 to cross objections filed by the Department before the ITAT under section 253(4) of the Income-tax Act and to references to the High Court under sections 256(1) and 256(2) of the Act.
In cases where that tax payer has contested the demand, CPC would issue a reminder to the assessing officer about the contention of the taxpayer, asking him to either confirm, or make appropriate changes to the demand within thirty days. In case no response is received from the AO within thirty days, CPC would issue the refund without any adjustment. The responsibility of non-adjustment of refund against outstanding arrears, if any, would lie with the assessing officer,
