Category: Income Tax

Revisionary order quashed as wrong allowance caused no prejudice to the interest of the Revenue and the twin conditions u/s 263 not satisfied-ITAT  ABCAUS Case Law Citation: ABCAUS 1204 (2017) (04) ITAT The Grievance: The Appellant was aggrieved by the order passed by the Commissioner of Income Tax …

Revised Form 10DA for claiming new workmen wages deduction under section 80JJAA As per the amended section 80JJAA of the Income Tax Act, 1961 w.e.f 01-04-2017, where the gross total income of an assessee who is liable for tax audit u/s 44AB having business income, a deduction of …

Appeal delay condonation-oversight due to election duty. CIT(A) did not find facts false, appellant did not stand to gain by filing belated appeal- ITAT ABCAUS Case Law Citation: ABCAUS 1203 (2017) (04) ITAT The Ground of Appeal: The Appellant was aggrieved by the order passed by the CIT(A) …

Department  worked tirelessly during the  FY 2016-17 for making the  flagship schemes of  the Government truly successful – CBDT Chairman CBDT Chairman Shri Sushil Chandra in his latest department letter (DO) has congratulated all the officers and officials of the Income tax Department for  accomplishing the Budget Collection Target …

Income Tax Returns ITR utility for AY 2017-18 download ITR 5 for AY 2017-18 is also available for e-Filing. Other ITRs will be available shortly. TR Description Excel Utility Java Utility ITR 1 For Individuals having Income from Salaries, one house property, other sources (Interest etc.) and having …

Significant achievements in Eliminating Domestic Black Money. Phenomenal success in fighting the menace of black money during the last 3 years- CBDT Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 7th April, 2017 PRESS RELEASE Significant Achievements Towards Eliminating Domestic …

Rule 114B-Quoting PAN to bank due date extended to 30-06-2017 CBDT had vide notification No. 2/2017 had amended the Income Tax Rule 114B relating to quoting of PAN by inserting a fourth proviso providing for  furnishing of permanent account number or Form No. 60, as the case may be, to …

10 years imprisonment with 1 lakh fine to income tax officer for accepting a bribe of Rs. five lakh  Central Bureau of Investigation Press Release New Delhi, 05.04.2017        The Special Judge, CBI Cases, Dehradun has today sentenced Shri Arun Kumar Ranjan, then Income Tax Officer, Rudrapur (Uttarakhand) to …

Income tax can disclose information to Lokayukt Up-Lokayukt UP regarding assessee u/s 138(1)(a)(ii).  Section 138 of the Income Tax prescribes the authorities to which the disclosure of information respecting assessee can be made by the CBDT or any other income tax authority. As per section 138(1)(a)(ii) the information …

Cash transaction limit on bank withdrawal u/s 269ST-CBDT Notification exempting cash withdrawal from bank from restriction imposed u/s 269ST  TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (ii)] GOVERNMENT OF INDIAMINISTRY OF FINANCE(DEPARTMENT OF REVENUE) New Delhi, the 5th April, 2017 NOTIFICATION …