Category: Income Tax

Undisclosed sales being excess turnover reported in service tax return. Tribunal set aside the addition for de novo proceedings In the instant case, the assessee had challenged the order passed by the CIT(A) in confirming addition made by the Assessing Officer (AO) towards undisclosed sales on the basis …

Change of email address no ground for non-service of show cause notice as in return filed email of counsel was given ABCAUS Case Law CitationABCAUS 3505 (2021) (06) HC The assessee had filed a Writ Petition challenged the ex parte assessment order passed by the Assessing Officer (AO) …

Do taxpayers have to re-register their DSC and re-generate passwords on the new e-filing portal again from June 7th onwards? The Income Tax Department is going to launch a new E-filing website i.e. www.incometax.gov.in on 7th June 2021. In preparation of the transition to the new system, the existing E-filing portal will …

Land cannot be considered as non agricultural, simply because of a Farm house located thereon . Existence of a farm house cannot change the classification of land ABCAUS Case Law CitationABCAUS 3504 (2021) (05) ITAT Important case law relied referred:Smt. Sarifabibi Mohmed Ibrahim vs. CIT 204 ITR 631 …

CBDT gives benefit of extended period of limitation for filing appeal before CIT(A) to comply with Supreme Court Order. Read Circular No. 10/2021 CBDT vide Circular No. 08/2021 dated 30th April, 2021 provided various relaxations till 31st May 2021 including extending time for filing the appeals before CIT …

CBDT prescribes Procedure for exercise of option u/s 245M(1) and intimation thereof to AO by furnishing and upload of Form No. 34BB under Rule 44DA(1) of Income-tax Rules, 1962 The Income-tax Settlement Commission has been abolished by the Finance Act 2021 with effect from 1st February 2021 and no application for …

Computation of Fair Market Value of Capital Assets u/s 50B of Income-tax Act. CBDT notifies formulas & Rule 11UAE for determination of FMV MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES) Notification No.68/2021 New Delhi, the 24th May, 2021   G.S.R.338(E).—In exercise of the powers conferred by …

Due date for filing ITRs for AY 2021-22 extended. CBDT gives extension of time limits of certain compliances under Income Tax Act Due date for filing ITRs for AY 2021-22 extended. CBDT has issued circular no. 09/2021 dated 20th May 2021 to provide relief to taxpayers by extending …

CBDT to launch new Income Tax E-filing website from 7th June 2021 The Income Tax Department is going to launch a new E-filing website i.e. www.incometax.gov.in on 7th June 2021. In preparation of the transition to the new system, the existing E-filing portal will not be available from …

CASS 2020 Cycle for income tax scrutiny of returns (ITRs) of A.Y. 2019-20 for current year – CASS 2020 Instruction No, 1  CBDT has finalised Computer Assisted Scrutiny Selection (CASS) 2020 Cycle for income tax returns (ITRs) of A.Y. 2019-20 for the current year. The CBDT has approved …