Category: Income Tax

Pensioners also eligible to standard deduction of Rs 40,000/- or the amount of pension, whichever is less, under Section 16 of the Income Tax Act Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 5th April, 2018 PRESS RELEASE Clarification regarding …

Penalty u/s 271B for sales disclosed during survey can not be levied for failure to get accounts audited u/s 44AB when such sales not entered in the regular books of accounts-ITAT ABCAUS Case Law Citation: ABCAUS 2273 (2018) (04) ITAT The appellant assessee had challenged the order of …

Expenses claimed in profit and loss account not amount to concealment. ITAT deletes penalty u/s 271(1)(c) following Supreme Court judgment  ABCAUS Case Law Citation: ABCAUS 2272 (2018) (04) ITAT The appellant assessee had challenged the action of CIT(A) on confirming the penalty imposed by the Assessing Officer u/s 271(1)(c) …

For rectification of wrong penalty section no notice u/s 154(3) was required to assessee as he was aware of offence and could not controvert the findings recorded – Allahabad High Court ABCAUS Case Law Citation:ABCAUS 2271 (2018) (04) abcaus.in HC The instant petition was filed under Article 226 …

CBDT constitutes working group on High Net Worth Individuals-HNWI. They may migrate to other countries and treat themselves non-residents for tax purposes  High-net-worth individual (HNWI) is a term used by some segments of the financial services industry to designate persons with investible assets exceeding a given amount. World wide, …

Verification of demonetized data till 30-06-2018-CBDT. In its Central Action Plan (CAP) for the First Quarter i.e. (April, 2018 to June, 2018), CBDT has specified verification of Non-PAN/demonetized data/other high value data as Key Result Areas (KRA). As per CAP, 100% verification of data pending as on 01.04.2018 (including demonetization …

CBDT entered into 14 Unilateral APA and 2 Bilateral APA during the month of March, 2018. Total number of APAs entered into by the CBDT has gone up to 219 Indian Advance Pricing Agreement regime moves forward with the signing of 16 APAs by CBDT in March, 2018  …

Payments by Prasar Bharati to advertising agency liable to TDS as commission u/s 194H. Section 201 rightly invoked for failure to deduct Tax-Supreme Court ABCAUS Case Law Citation: ABCAUS 2269 (2018) (04) SC Important Case Laws Cited/relied upon by the parties Jagran Prakashan Ltd vs. Deputy Commissioner of …

PrCIT directed to resolve deposit of TDS into wrong TAN along with Principal Secretary. Income Tax Department directed to release the attached bank account ABCAUS Case Law Citation: ABCAUS 2268 (2018) (04) HC A Government Department (The Petitioner) had filed the instant writ petition against the action of …

ITRs  filed increase during FY 2017-18 as compared to ITRs filed during FY 2016-17. Also, number of new ITR filers have also increased  Provisional Direct Tax Collections and Number of Income Tax Returns filed for FY 2017-2018  The provisional figures of Direct Tax collections for FY 2017-18 show …