Category: Income Tax
If accounts are audited AO has to explain the rejection of profit with sufficient clarity. When there are audited accounts of an entity and the calculation of the GP ratios hinges upon their analysis, the AO should not lightly undertake an exercise that would amount to negating those …
Limitation period for revision Petition 264 starts with service of intimation u/s 143(1) and not from the date when assessee comes to know about the processing of the return – High Court The expression ‘the date on which he otherwise came to know of it’ as per section …
Reopening reasons must explain what material was not disclosed which the assessee ought to have disclosed. Explanation-1 of section 147 do not relieves AO of burden of demonstrating the assessee’s failure. Delhi High Court explains the jurisdictional requirement of reopening of income tax cases u/s 14/148 post amendment …
Data of cash deposits in bank etc by Government servant to be shared with Vigilance. ITD asked to send the data to DGIT (Vigilance) GOVERNMENT OF INDIA Ministry of Finance/Department of Revenue Central Board of Direct Taxes North Block, New Delhi-110001 Tele: 011-23093356 ,Fax :011-23092071 NISHI SINGH, IRS …
Income Tax Department to install CCTV cameras to improve the safety and security of officers/officials and office premises DIRECTORATE GENERAL OF INCOME TAX (VIGILANCE) First Floor, Dyal Singh Public Library Building , 1, Deen Dayal Upadhyay Marg, New Delhi – 110 002 F.No. DGIT (Vig)/HQ/DOR/2016-17 (pt)/2465 …
Income and deductions claimed in ITR should also match with form 16 issued by the employer or Form 16A. issued by deductor, apart from TDS amount Hitherto, normally while processing income tax return of an assessee under summary assessment u/s 143(1)(a), the focus of the Income Tax Department …
Income Tax to furnish Details of ITR and Tax audit report to MCA among other information as per furnishing bulk information u/s 138(1)(a)(ii). F.No. 225/252/2017 /ITA.II Government of India Ministry of Finance Department of Revenue (CBDT) North Block, New Delhi, the 26th of July, 2017 In exercise of …
Issues arising from implementation of MAT on IndAS compliant companies. Recommendations of the MAT-Ind AS Committee. comments/ suggestions invited Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 25th July, 2017. Issues arising from the implementation of Minimum Alternate …
FAQ-Computation of book profit for levy of MAT u/s 115JB for Indian Accounting Standards Ind AS compliant companies Circular Number 24/2017 F. No 133/23/2015-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (TPL Division) **** Dated 25th July, 2017 Subject: Clarifications on …
Facility in return for reporting bank account by non-residents who do not have bank account in India and who are claiming income-tax refund. Press Information Bureau Government of India Ministry of Finance 24-July-2017 20:27 IST Optional reporting of details of one foreign bank account by the non-residents in …