Clipped from: https://taxguru.in/income-tax/cash-transaction-income-tax-act-1961.html A. Income Tax Act, 1961 discourages transactions in cash through several of its provisions. This is done with a view to- counteracting money
Category: Income Tax Cases
Crackdown on tax evaders: I-T notices to holders of foreign assets | Business Standard News
Clipped from: https://www.business-standard.com/article/economy-policy/crackdown-on-tax-evaders-i-t-notices-to-holders-of-foreign-assets-121041000067_1.html Seek action under black money and benami laws for non-disclosure The notices have been issued ahead of the April 30 deadline, which has
I-T dept starts issuing reassessment notices for time-barred FYs – The Economic Times
Clipped from: https://economictimes.indiatimes.com/news/economy/policy/i-t-dept-starts-issuing-reassessment-notices-for-time-barred-fys/articleshow/81965947.cms?utm_source=ETTopNews&utm_medium=HPTN&utm_campaign=AL1&utm_content=23Synopsis “The IT department has started issuing notices seeking to reassess income tax liability of taxpayers for these financial years, scrutinizing the income tax
nri incomes taxable in india: The types of NRI incomes that are taxable in India – The Economic Times
Clipped from: https://economictimes.indiatimes.com/nri/invest/the-types-of-nri-incomes-that-are-taxable-in-india/articleshow/81964110.cms?utm_source=ETTopNews&utm_medium=HPTN&utm_campaign=AL1&utm_content=23Synopsis Tax on an individual’s income depends on the source of such income and the residential status in India. The residential status of an
CBDT extends time barring Assessments to 30th April 2021 and Penalty to 29th June 2021–tax scan
The Central Board of Direct Taxes (CBDT) notifies CBDT notifies Extension of time barring Assessments to 30th April 2021 and Penalty to 29th June 2021. The Board
Using of Accounting Software having audit trail feature–tax guru
Clipped from: https://taxguru.in/company-law/accounting-software-audit-trail-feature.html The Ministry of Corporate Affairs, Government of India, issued notifications dated 24th March, 2021 to amend Companies (Accounts) Rules, 2014 to enhance the disclosures required to be made
‘Over 80% legacy I-T cases resolved through Faceless Assessment Scheme’ – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/news/national/over-80-legacy-i-t-cases-resolved-through-faceless-assessment-scheme/article34265746.ece As many as 3,130 tax personnel, including 600 IT officers, are involved in implementing the faceless e-assessment scheme – Getty Images/iStockphoto As many
Can’t use ITR-1 if TDS paid on high cash withdrawal, say experts | Business Standard News
Clipped from: https://www.business-standard.com/article/pf/can-t-use-itr-1-if-tds-paid-on-high-cash-withdrawal-say-experts-121040600045_1.html Taxpayers now need to provide quarterly break-up of dividend income earned From AY 2021-22, the taxpayer has to choose between the new and
Glitch-free faceless assessment addressed industry fears: P C Mody | Business Standard News
lipped from: https://www.business-standard.com/article/economy-policy/glitch-free-faceless-assessment-addressed-industry-fears-p-c-mody-121040701520_1.html Of the 57,985 cases picked for assessment during its pilot last year, orders have been passed in 46,822 cases CBDT Chairman P C
Faceless tax assessment: 60% of allocated cases settled in a year, says CBDT’s Mody – The Financial Express
Clipped from: https://www.financialexpress.com/money/income-tax/faceless-tax-assessment-60-of-allocated-cases-settled-in-a-year-says-cbdts-mody/2228892/ Out of the total 4,12,046 cases assigned to National Faceless Assessment Centre (NFAC) after the faceless appeal scheme was launched in September 2020,
Short term capital gains: When can I claim deduction on short term capital gains? – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/when-can-i-claim-deduction-on-short-term-capital-gains/articleshow/81927861.cmsSynopsis As per the Income Tax Act, deductions allowed against the sale of shares resulting in short term capital gains, are the cost of
Income Escaping Assessment – A Revamped Law On Reassessment Proceedings – Tax – India
Clipped from: https://www.mondaq.com/india/income-tax/1035508/income-escaping-assessment-a-revamped-law-on-reassessment-proceedings As the dust settles and the excitement subsides over Budget 2021 announcements, it is now an opportune time to examine the fine print
capital gains tax: Can capital gains from sale of unlisted stocks be adjusted against loss from house property? – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/can-capital-gains-from-sale-of-unlisted-stocks-be-adjusted-against-loss-from-house-property/articleshow/81926836.cmsSynopsis As per the Income-tax Act, 1961, provisions, the brought forward a loss from house property can be set off only against income from
‘Prosecution can’t be launched until evaded tax is known based on I-T search disclosures’ – The Hindu
Clipped from: https://www.thehindu.com/news/cities/bangalore/prosecution-cant-be-launched-until-evaded-tax-is-known-based-on-i-t-search-disclosures/article34256302.ece There is no presumption under law that every unaccounted transaction would lead to imposition of tax, and therefore, no prosecution can be launched
Income Tax Return: CBDT notifies new ITR Forms for AY 2021-22
lipped from: https://www.taxscan.in/income-tax-return-cbdt-notifies-new-itr-forms-for-ay-2021-22/108472/ The Central Board of Direct Taxes (CBDT) notified the new Income Tax Return (ITR) Forms for Assessment Year 2021-22. The Board notified the
Reopening not valid when Time Limit for Scrutiny pending from Revised Return filed under Section 139(5): ITAT
Clipped from: https://www.taxscan.in/reopening-not-valid-when-time-limit-for-scrutiny-pending-from-revised-return-filed-under-section-1395-itat/108351/ The Income Tax Appellate Tribunal (ITAT), New Delhi Bench ruled that Reopening not valid when Time Limit for Scrutiny pending from Revised Return filed under Section 139(5).