Category: Income Tax

Deemed authentication under EVC under Faceless Assessment-CBDT Notification. Submission of an electronic record by logging into registered account in income tax efiling portal to be deemed authentication under EVC under Faceless Assessment.  Manner of authentication of an electronic record under electronic verification code under Faceless Assessment  Under sub-clause …

CBDT prescribes One more exception to Faceless Assessment u/s 144B for technical reasons or non PAN cases The Central Board of Direct Taxes (CBDT) vide order No. 119 (F. No.187/3/2020-ITA-I) dated 31st March, 2021, in order to ensure that all the assessment orders are passed through the Faceless Assessment …

Procedure to be followed by AO in handling cases transferred out of Faceless Assessment/Penalty Scheme Procedure for handling of assessment/penalty cases by Jurisdictional Assessing Officers (JAO) in respect of assessments/penalties transferred out of Faceless Assessment u/s 144B(8) of the Income-tax Act,1961or under Faceless Penalty Scheme, 2021 Clause (8) …

CBDT exempts income of Haryana Real Estate Regulatory Authority (RERA) u/s 10(46) CBDT has issued Notification No. 100/2021 dated 4th Sep 2021 exempting income of Haryana Real Estate Regulatory Authority (RERA) PAN: AAAJH0631G u/s 10(46) of the Income Tax Act 1961. The specified income exempted is as under: …

Power to grant personal hearing under Faceless Appeal Scheme 2020- Supreme Court to decide if discretion be limited to Chief Commissioner and Director General only CBDT in August 2020 notified Income Tax Faceless assessment Scheme 2020. Section 144B provides that in a case where a variation is proposed …

CBDT notifies Form 12BBA as declaration by senior citizens of the age of 75 years or more for claiming exemption from filing return of income u/s 194P Finance Act 2021 has inserted a new section 194P in the Income Tax Act 1961 to provide Relaxation for certain category …

Addition for handling loss in petrol pump allowed as it was within permissible limit of 0.75% prescribed by Essential Commodities Act ABCAUS Case Law CitationABCAUS 3548 (2021) (09) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in confirming the addition made …

Application for Registration u/s 12A can not be rejected for mere not filing of income-tax return In the instant case, the assessee had challenged the order passed by the Commissioner of Income-tax (Exemption) under section 12AA (1) (b) (ii) of the Income Tax Act, 1961 (the Act) rejecting …

Authority for Advance Rulings ceases and Board for Advance Rulings comes into effect from 1st September 2021.  MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES) Notification No.97 /2021 New Delhi, the 1st September, 2021 S.O. 3562(E).—In exercise of the powers conferred by the second proviso to sub-section …

CBDT constitutes three Boards for Advance Rulings u/s 245-OB. The Board for Advance Rulings shall consist of two members, each being an officer not below the rank of Chief Commissioner, as may be nominated by the Board. MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES) Notification No. 96/2021 …