Category: Income Tax

Penalty us 221(1) on tax due as per revised return of income. It is not correct to levy penalty on the amount due as per original return of income-ITAT ABCAUS Case Law Citation: 1058 (2016) (11) ITAT Brief Facts of the Case: The assessee filed its original return …

CIT-A can decide appeal against CIT revision order us 263 when no direction given to make assessment in a particular way except to invoke Section 50C-ITAT ABCAUS Case Law Citation: 1057 (2016) (11) ITAT Brief Facts of the Case: The appellant assessee had filed his return of income …

Not get lured by black money converters and be a crime partner. CBDT warns people allowing their bank accounts to convert black money into new notes Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 18th November, 2016. PRESS RELEASE Sub: …

Cash deposits notices from Income tax department on demonetization of currency notes-sending started. Notice from Investigation Wing Siliguri It is learnt that Income Tax Department (Directorate of Investigation) apart from asking cash balances as on 08-11-2016, has started sending notices for inquiring cash deposits made.  It is notable …

IDS-2016 declarations without PAN-CBDT  has asked officials to contact declarants to obtain PAN and issue Form-2 latest by 25-11-2016 The relevant text of the DO is as under: Dear Pr. Commissioners of Income-tax, It has come to my notice that some declarations under IDS, 2016 received manually without PAN are …

Penalties shall followed by prosecutions-CBDT Chairman.  Action shall be taken even before filing return for huge cash deposits with unmatched past profile of the assessees. CBDT Chairman Shri Sushil Chandra in his latest TV interview has hinted the impending actions that are being planned by the CBDT after 30th …

Transactions for which Quoting PAN Mandatory. The list under Rule 114B as on date requiring PAN quoting including banking transactions. Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 17th November, 2016 PRESS RELEASE Sub : Transactions in Relation to which …

New Rule 12E-ITO authorsied to issue notice u/s 143(2) for scrutiny. Move to create enough manpower to scrutinise income tax returns post 30-12-2016 MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES) Notification No. 105 /2016 New Delhi, the 16th November, 2016 G.S.R. 1073(E).—In exercise of the powers …

First ever Bilateral APA involving India and USA-USA Bilateral Competent Authority MAP/APA Meeting-Resolution of more than 100 cases under MAP.  Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 17th November, 2016. PRESS RELEASE Sub: India–USA Bilateral Competent Authority MAP/APA Meeting …

Revised Rules for reporting cash deposit transaction by banks. Amendment to Rules 114B and 114E. More than Rs. 250000 deposited between 9th Nov, 2016 to 30th Dec, 2016 now reportable-CBDT CBDT has further amended Rules 114B, 114C, 114D and 114E  by Notification No. 02/2017 dated 06-01-2017 providing for …