Category: Income Tax

Sharp increase in cases of prosecutions by Income Tax Department The Income Tax Department has accorded the highest priority to tackle the menace of black money. With this objective in mind, the Department has initiated criminal prosecution proceedings in a large number of cases of tax offenders and …

Having afforded a hearing, ITO can not attach assessee’s bank straightway without informing as to whether the stand taken by the assessee is justified or not-High Court  Prelude: Section 222 of the Income Tax Act, 1961 (the Act) provides that in where an assessee is in default or …

Comparable company following calendar year for maintaining accounts can not be used in contrast to assessee following financial year ending 31st March despite functional similarities – ITAT Prelude: Chapter X of the Income Tax Act, 1961 (the Act) contains Special provisions relating to avoidance of Tax. Section 92 …

e-TDS/TCS RPU version 2.2 for TDS returns released by NSDL The New e-TDS/TCS Return Preparation Utility Ver. 2.2 released by NSDL today for Regular & Correction quarterly e-TDS/TCS statements is applicable from FY 2007-08 Guidelines for usage of these RPUs are provided in the respective utilities. The users are advised …

Income Tax Department steps-up actions under Prohibition of Benami Property Transactions Act. Benami properties of more than Rs. 3,500 crore in more than 900 cases attached  Due to intensive efforts undertaken by the Income Tax Department, provisional attachment has been made in more than 900 cases of properties under the …

How to submit Taxpayers response to intimation u/s 143(1)(a)(vi) for mismatch of income from 26AS Form-16 or 16A. CBDT circular giving manner of furnishing response  Sub-clause (vi) of clause (a) of sub-section {1) of section 143 of the Income-tax Act, 1961 (‘Act’) as introduced vide Finance Act, 2016, …

Assessment made without notice u/s 143(2) where ITR-V not received within 30 days can not be sustained. The extended period of 120 days for sending ITR-V validated the returns originally filed-High Court Prelude: Under the Income Tax Act, 1961 (the Act) section 139D empowers the CBDT to make rules …

Special Audit u/s142-2A relying upon the audit Reports of CAG without recording detailed reasons not sustainable.  Order passed must show independent application of mind to the material on record-High Court Prelude: Section 142(2A) of the Income tax Act, 1961 (the Act) contains the provisions regarding powers of the …

India-Brazil DTAA amended protocol effective from 06-08-2017 The Protocol, amending the Convention and the Protocol between the Government of the Republic of India and the Government of the Federative Republic of Brazil for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes …

Company under corporate insolvency resolution process given relied under MAT – Total loss brought forward shall be allowed to be reduced from book profit  Government  has granted relaxation in the provisions relating to levy of Minimum Alternate Tax (MAT) in case of companies against whom an application for …