Category: Income Tax
Depreciation and exemption both not allowable to charitable trust. Statutory provision u/s 32 to prevail over customary practice-commercial principle-ITAT The allowability of the depreciation claim to a charitable trust/institution in calculating prescribed limit of 85% towards income application u/s 11 of the Income tax Act, 1961 was settled …
Satisfaction recording 153C-same AO for searched-other person. Even if AO is one then also satisfaction has to be recorded as held by Supreme Court ABCAUS Case Law Citation:1050 (2016) (11) ITAT The Grievance:In the instant case both Revenue and the assessee were aggrieved by the order of learned …
No harassment by Income Tax for small cash deposits limited up to 2 lakhs by small businessmen, housewives, artisans, workers-Revenue Secretary Ministry of Finance Press Release 10th November, 2016 Replies given by Revenue Secretary Dr. Hasmukh Adhia on the questions relating to action by Income Tax Department in …
Bank accounts with cash transactions income-tax e-filing website new feature to report-monitor the conversion of black money on bank note withdrawals. Income Tax Department has launched a new feature in its e-filing website portal for capturing and generating reports of bank/financial institution wise cash transactions done by …
Old notes sales made after 08-11-2016 and deposited in bank later-Implications. Such sales may be rejected and added u/s section 68, notes being not legal tender-CA Ashutosh Lohani Sales in Old notes made after 08-11-2016 and deposited in bank later The unprecedented and revolutionary step by the Government …
Suggestion on CASS parameters for ITRs received in FY 2016-17 Following the constitution of CASS Committee for FY 2016-17 to suggest new rules, modification to existing guidelines/ITRs for effective scrutiny selection, CBDT (Directorate of Income Tax Systems) has invited suggestion from all the PrCCIT/PrCIT of Income Tax on …
No disallowance us 40(a)(ia) as labour charges paid were salary when PF-ES deducted regularly. Salary us 17(1) includes wages and TDS 194C not required-ITAT ABCAUS Case Law Citation: 1047 (2016) (10) ITAT The Grievance: The Assessing Officer (AO) was aggrieved by the order of the CIT(A) in deleting …
Periodic vigilance inspections of income tax officers worngdoings. CBDT Chairman messages on Vigilance Awareness Week from 31-10-2016 to 05-11-2016 D.O. F. No. DGIT(Vig.)/PV/2016-17/4559 …
Maximising revenue collection top priority of CBDT chairman. Delivering quality tax payer services, promoting digital tax administration among top 7 priorities. Shri Sushil Chandra newly appointed CBDT chairman has listed out his various priorities for the coming months. In a letter addressed to all officers/officials of the Income …
Constitution of CASS Committee for FY 2016-17 to suggest modification/new rules, new rules, changes in ITRs/forms for effective scrutiny selection-CBDT Income Tax basic scrutiny is conducted under section 143 of the Income Tax Act, 1961. Fundamentally, scrutiny is based on risk-analysis conducted through computer- assisted programme and also manually with …
