Category: Income Tax

Without specific communication of deficiency, no effective opportunity of being heard can be said to have been granted In a recent judgment the ITAT has held that without specific communication of deficiency in submissions made, no effective opportunity of being heard can be said to have been granted …

CBDT prescribes Income Tax Authority other than Assessing Officer who can also issue notice u/s 142(1)  CBDT has notified the Income-tax (29th Amendment) Rules, 2021. They shall come into force from the date of its publication in the Official Gazette. The amendment has inserted Rule 12F in the …

CBDT issues clarification regarding carry forward of losses in case of change in shareholding due to strategic disinvestment CBDT clarification on carry forward of losses for shareholding change due to strategic disinvestment Finance Act, 2021 has amended section 72A of the Income-tax Act, 1961 (the Act) to inter alia provide …

  CBDT further extends due dates for filing of Income Tax Returns and various reports of audit for the Assessment Year 2021-22   As per the Press Release issued by the CBDT, on consideration of difficulties reported by the taxpayers and other stakeholders in filing of Income Tax …

Income Tax e-Filing portal – Technical issues are progressively addressed and there has been a positive trend in the statistics of filings on the portal. The e-Filing portal of the Income Tax Department was launched on 7th June, 2021. Taxpayers and professionals have reported glitches and difficulties in …

Deemed authentication under EVC under Faceless Assessment-CBDT Notification. Submission of an electronic record by logging into registered account in income tax efiling portal to be deemed authentication under EVC under Faceless Assessment.  Manner of authentication of an electronic record under electronic verification code under Faceless Assessment  Under sub-clause …

CBDT prescribes One more exception to Faceless Assessment u/s 144B for technical reasons or non PAN cases The Central Board of Direct Taxes (CBDT) vide order No. 119 (F. No.187/3/2020-ITA-I) dated 31st March, 2021, in order to ensure that all the assessment orders are passed through the Faceless Assessment …

Procedure to be followed by AO in handling cases transferred out of Faceless Assessment/Penalty Scheme Procedure for handling of assessment/penalty cases by Jurisdictional Assessing Officers (JAO) in respect of assessments/penalties transferred out of Faceless Assessment u/s 144B(8) of the Income-tax Act,1961or under Faceless Penalty Scheme, 2021 Clause (8) …

CBDT exempts income of Haryana Real Estate Regulatory Authority (RERA) u/s 10(46) CBDT has issued Notification No. 100/2021 dated 4th Sep 2021 exempting income of Haryana Real Estate Regulatory Authority (RERA) PAN: AAAJH0631G u/s 10(46) of the Income Tax Act 1961. The specified income exempted is as under: …

Power to grant personal hearing under Faceless Appeal Scheme 2020- Supreme Court to decide if discretion be limited to Chief Commissioner and Director General only CBDT in August 2020 notified Income Tax Faceless assessment Scheme 2020. Section 144B provides that in a case where a variation is proposed …