The assessee filed return of income declaring a huge loss. Pursuant to the search and seizure operations u/s.132 and issuance of notice u/s.153A, assessee revised the loss return declaring as nil income. Assessment was completed on the NIL income only.…
Category: Income Tax
Fair Market Value of property to be consider on the date of Execution of Agreement and not on the date of Registration
The assessee has entered into agreement to sale of its factory line and building on 14–8‑2007 wherein consideration of Rs. 27.62 crores was decided and assessee received a sum of Rs.14.39 crore by cheque at the signing of the agreement.…
Doctors attending the medical conferences is allowable expenditure U/s 37
AO noted that assessee had incurred various expenses towards appointment of faculty doctor or assessee ‘s consultant doctor in a medical conference. AO completed assessment and made additions of that expenditure to assessee’s income. The CIT(A) granted partial relief to…
Draft Notification for insertion of new rule 39A in the Income-tax Rules, 1962-Voluntary declaration of Estimated Income & Advance Tax Liability
Draft Notification for insertion of new rule 39A in the Income-tax Rules, 1962– comments and suggestions-reg. It is proposed to create a mechanism for self-reporting of estimates of current income, tax payments and advance tax liability by certain taxpayers viz.…
Tax Audit Date for AY 2017–18 has been Extended
The Goods and Services Tax (‘GST’) has come into effect on 01.07.2017. In recent days, dates for filing various returns and forms under GST have been extended by the Government. In this backdrop,representations have been filed by various stakeholders requesting…
INCOME TAX SLAB RATES FROM A.Y. 2001–2002 TO 2017–2018
Income Tax Rates/Slabs for A.Y. (2001–02) Slab ((Rs) Tax (Rs) Surcharge Total Income>Rs. 60,000 Surcharge Total Income>Rs. 1,50,000 Less than 50,000 Nil Nil Nil 50,000 to 60,000 (TI-50,000) * 10% 12% 17% 60,000 to 1, 50,000 1,000+(TI-60,000) * 20% 12% 17% Greater…
E Verification of Income Tax Return in place of sending hard copy to CPC User manual
E Verification of Return User manual 1. e‑Verification while uploading a return (Non – NetBanking) 2. e‑Verification of an already uploaded return (Non – NetBanking) 3. e‑Verification while uploading a return through NetBanking Login Share on: whatsapp
Now Verify your Income Tax Return Electronically No need to send ITR‑V to CPC
Income Tax Department has issued Notification in this regard & detailed the following methods to verify your Income Tax Return Electronically via Electronic Verification Code (EVC) Share on: whatsapp
CBDT restricted Manual Refund of Income tax by AO
AST Instruction No. 136 Sub: Restriction on Issuance of Manual Refunds by Assessing Officers: Reg. Kindly refer to the above subject. 2. The functionalities for passing orders u/s 143(1) (a)/ 143(3)/154/ appeal effects/ penalty exist on the system and, progressively, AOs are…
CBDT issues Information Security Guidelines to stop disclosure of taxpayer’s information
Dated: July 10, 2015 Confidentiality of taxpayer information has always been a fundamental cornerstone of tax systems. The tax administration is obliged to keep the information submitted by the taxpayers, including their sensitive financial and personal information, confidential and is required…