Category: Income Tax
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 …
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, 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 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 …
