Periodic review of the Government’s mechanism for taking corrective steps is an on-going process. In recent times, the Government has taken several effective measures, both by way of policy-level initiatives as well as through more effective enforcement action on the ground, to tackle tax evasion. These steps include putting in place robust legislative and administrative frameworks, systems and processes with due focus on capacity building and integration of information and its mining through increasing use of information technology.
This was stated by Shri Jayant Sinha, Minister of State in the Ministry of Finance in written reply to a question in Lok Sabha today.
Under percentage completion method, selling/Admin costs are allowable despite no revenue declared as per guidance note of ICAI. In a…
AO cannot use reverse computation of gross payment using TDS amount to determine the amount disallowable u/s 40(a)(ia) - ITAT…
Once loans were repaid in subsequent assessment years with cogent evidences then the addition u/s 68 of the Income Tax…
Viksit Bharat Guarantee for Rozgar & Ajeevika Mission (Gramin), In short VB-GRAM-G notified Government has notified Viksit Bharat Guarantee for…
Once PCIT restores assessment to AO for denovo consideration, AO is obliged to independently apply mind without influenced by the…
When value of items traded differs it cannot be taken as basis for computing the stock position specially when quantitative…