Procedure for submission of electronic Form No 60 declaration by a person not having a PAN who enters into any transaction specified in Rule 114B DGIT(S)/ADG(S)-2/Form 60 Digitization/151/2018 Government of India Ministry of Finance Central Board of Direct Taxes Directorate of Income Tax (Systems) Notification No. 1 of …

CBDT notifies Income Tax Return Forms for Assessment Year 2018-19  The Central Board of Direct Taxes(CBDT) has notified Income Tax Return Forms (ITR Forms) for the Assessment Year 2018-19. For Assessment Year 2017-18, a one page simplified ITR Form-1(Sahaj) was notified. This initiative benefited around 3 crore taxpayers, …

Pensioners also eligible to standard deduction of Rs 40,000/- or the amount of pension, whichever is less, under Section 16 of the Income Tax Act Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 5th April, 2018 PRESS RELEASE Clarification regarding …

Penalty u/s 271B for sales disclosed during survey can not be levied for failure to get accounts audited u/s 44AB when such sales not entered in the regular books of accounts-ITAT ABCAUS Case Law Citation: ABCAUS 2273 (2018) (04) ITAT The appellant assessee had challenged the order of …

Expenses claimed in profit and loss account not amount to concealment. ITAT deletes penalty u/s 271(1)(c) following Supreme Court judgment  ABCAUS Case Law Citation: ABCAUS 2272 (2018) (04) ITAT The appellant assessee had challenged the action of CIT(A) on confirming the penalty imposed by the Assessing Officer u/s 271(1)(c) …

Process to be followed for registration as Registered Valuer with Insolvency and Bankruptcy Board (IBBI) of India under the Companies (Registered Valuers and Valuation) Rules, 2017  With an objective to familiarise the eligible and desirous individuals and entities with the process of registration as a valuer with the Insolvency …