Category: Income Tax

Amendments made to provisions of Income escaping assessment and search assessments by Budget 2021-22. Revised time limit for issuing notice Under the existing provisions, the Assessing Officer has reason to believe that any income chargeable to tax has escaped assessment for any assessment year, he may reopen the …

Payment by employer of employee contribution after due date to be disallowed  Clause (24) of section 2 of the Income Tax Act provides an inclusive definition of the income. Sub-clause (x) to the said clause provide that income to include any sum received by the assessee from his …

Exemption to be given from the conditions of defective return . Budget 2021-22 Sub-section (9) of section 139 of the Act lays down the procedure for curing a defective return. It provides that in case a return of income is found to be defective, the Assessing Officer will …

Time limit for filing belated and revised return reduced to three months – Budget 2021-22 Sub-sections (4) and (5) of section 139 of the Act contain provisions relating to the filing of belated and revised returns of income respectively. At present the belated or revised returns could be …

Increase in the turnover limit for Tax Audit u/s 44AB from 5 crores to 10 crores for non cash transactions. Budget 2021-22 Presently, under section 44AB of the Income Tax Act, every person carrying on business is required to get his accounts audited, if his total sales, turnover …

Relaxation for certain category of senior citizen of 75 years or more from filing return of income-tax (ITR) in Union Budget 2021-22 Section 194P introduced by Finance Act 2021 Section 139 of the Act provides for filing of return of income. Sub-section (1) of the section provides that …

Annual letting value of property u/s 23(1)(a) on the basis of Municipal Valuation accepted by ITAT ABCAUS Case Law CitationABCAUS 3445 (2021) (01) ITAT Important case law relied referred:CIT v/s Mani Kumar Subba (2011 333 ITR 838)CIT v/s Tip Top Typography (2014 368 ITR 330) In the instant …

Prosecution u/s 276C(2) quashed as accused filed revised return which was assessed refund was granted by the Department ABCAUS Case Law CitationABCAUS 3443 (2021) (01) AC In the instant case, the Assistant Commissioner of Income Tax, (ACIT/AO) had filed a complaint against the accused assessee for the offence …

Filing belated return & non-registration u/s 12AA no valid reasons to issue notice u/s 148 in absence of other tangible material other than  return filed ABCAUS Case Law CitationABCAUS 3442 (2021) (01) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in …

Penalty cases not covered under Faceless Penalty Scheme 2021 – Proceedings related to Central Charges, International Tax Charges & TDS  F. No.  187/4/2021- ITA-1Government of IndiaMinistry of Finance Department of Revenue (Central Board of Direct Taxes)***** North Block, New Delhi- 110001.Dated the : 20th January, 2021 ORDER Subject: …