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 …

For rectification of wrong penalty section no notice u/s 154(3) was required to assessee as he was aware of offence and could not controvert the findings recorded – Allahabad High Court ABCAUS Case Law Citation:ABCAUS 2271 (2018) (04) abcaus.in HC The instant petition was filed under Article 226 …

CBDT constitutes working group on High Net Worth Individuals-HNWI. They may migrate to other countries and treat themselves non-residents for tax purposes  High-net-worth individual (HNWI) is a term used by some segments of the financial services industry to designate persons with investible assets exceeding a given amount. World wide, …