Category: Income Tax
Revised IDS-2016 declaration lower income than original due to typographical-bonafide error. PrCIT/CIT to process declaration. Instruction No.12 of 2016 F.No.370142/8/2016-TPL (Part) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (TPL Division) *** New Delhi, the 11th November, 2016 To, All Principal Chief …
Group Assessment and Peer Review System Before Assessment-Reconstitution of Committee to study the feasibility of recommendations-CBDT F. No. 225/246/2014-ITA-II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi dated 15th November, Â 2016 OFFICE MEMORANDUM Subject: Reconstitution of Committee to study the …
Income tax notice us 133(6) asking cash balance as on 08-11-2016 as a preventive measure to check black money conversion by Trusts and Societies. It is learnt that Income Tax Department is issuing notices u/s 133(6) to various entities to furnish the details of cash balance as per …
Yamuna Expressway Authority-If charitable Institution us 12AA or not to be decided by Allahabad High Court, Questions of Law framed ABCAUS Case Law Citation: 1054 (2016) (11) HC Important Case under consideration: Sri Ramtanu Co-operative Society v. State of Maharashtra Indian Trade Promotion Organization v. Director General of …
Sale-purchase in only few share scrips not high volume. STCG was not business income as a person can act both as trader and investor-ITAT ABCAUS Case Law Citation: 1053 (2016) (11) ITAT Assessment Year 2010-11 Â Brief Facts of the Case: The appellant assessee was an individual. Her …
No Concealment if return revised due to search of other person when assessee voluntarily filed revised ITR and no proceedings were initiated u/s 153 against him-ITAT ABCAUS Case Law Citation: 1052 (2016) (11) ITAT Important Case considered: Ravi Sud vs. ACIT (2015) 39 ITR (T) 356 CIT vs. …
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. Â 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 …
