Daily Archive: Tuesday, June 21, 2016

PAN blocking for recovery from tax defaulters depriving them of several facilities as suggested in Income Tax Central Action Plan 2016-17

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PAN blocking for Recovery from Tax Defaulters  The Income Tax Central Action Plan 2016-17 talks of blocking of PAN. The important highlights of the suggestions are as under: 1. Pan Blocking shall be after due notice PAN to be block after due notice to the tax defaulters. 2. PAN blocking shall

No arrest of wilful defaulters by income tax department Though the provisions for arrest and detention by Tax Recovery Officers contained in the Act – CBDT

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No arrest of wilful defaulters by income tax department-CBDT Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 21st June, 2016. Sub: – Clarification regarding News Report on Arrest of Tax Defaulters – reg Certain sections of the press have

Addition of Purchases Made in March Month to Closing Stock on the assumption of under-utilization quashed by ITAT

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Addition of purchases made in March month to closing stock on the assumption that items purchased in month of March could not be consumed utilized fully not accepted and quashed by ITAT. ABCAUS Case Law Citation: 955 2016 (06) ITAT Assessment Year: 2009-10 Date/Month of Judgment/Order: June, 2016 Brief

Higher threshold 2 crores limit for non audit is applicable for presumptive taxation u/s 44AD(1) only and not to tax audit u/s 44AB – CBDT

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Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, the 20th June, 2016 Sub: Threshold Limit of tax audit under section 44AB and section 44AD – clarification regarding Section 44AB of the Income-tax Act (‘the Act’) makes it obligatory for

Penalty us 2711c imposable on voluntary surrender-disclosure to avoid litigation and to buy peace of mind, as it does not meet requirements of Explanation (1) to section

Author: | Categories: Income Tax, ITAT, Judgments No comments
Penalty us 2711c imposable on voluntary surrender-disclosure to avoid litigation and to buy peace of mind, as it does not meet requirements of Explanation (1)  to section 271(1)(c). This was held by ITAT in a recent judgment as under. ABCAUS Case Law Citation: 954 2016 (06) ITAT Assessment Year:

ICAI fake websites advisory for Members Students. icai-org.in and icairesults.info according to ICAI are deceptively similar to its official website

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ICAI fake websites advisory for Members Students. icai-org.in and icairesults.info according to ICAI are deceptively similar to its official website  Advisory for Members & Students of ICAI in respect of a fake website Kind Attention: All Members, Students of the Institute of Chartered Accountants of India (ICAI) and Public
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