Clipped from: https://www.taxscan.in/top-stories/section-50c-applicable-only-on-transfer-of-immovable-property-compared-with-stamp-duty-value-itat-1435982?TRN300=cEBwzPsDCadlBdIVKdvMskwwAsJuwdMkdiVbuvMHwZGMVuFsYMskJIuMbMSACX&LKD333=3115508 It further observed that in the husband’s identical case, the CIT(A) had already ruled that Section 50C was inapplicable, and that decision had
*******FAQs on Annual Information System (AIS) & Taxpayer Information Summary (TIS)
Clipped from: https://taxguru.in/income-tax/faqs-annual-information-system-aistaxpayer-information-summary-tis.html The Annual Information Statement (AIS) is a comprehensive statement made available to the assessee under Section 285BB of the Income-tax Act. Its purpose is to
*******FAQs on Faceless Income-tax Proceedings
Clipped from: https://taxguru.in/income-tax/faqs-faceless-income-tax-proceedings.html The Income Tax Department has introduced ‘e-proceedings’ and ‘Faceless Assessments’ as part of an e-governance initiative to digitize and simplify taxpayer interaction. The e-proceedings functionality allows the assessing authority
*******FAQs on Penalty provisions under Income Tax Act, 1961
lipped from: https://taxguru.in/income-tax/faqs-penalty-provisions-income-tax-act-1961.html The Income Tax Act prescribes several penalties for non-compliance, defaults, or misreporting by taxpayers under various sections. Under Section 221, a penalty may be
*******FAQs on Disallowance of cash expenses or limit on cash transactions
lipped from: https://taxguru.in/income-tax/faqs-disallowance-cash-expenses-limit-cash-transactions.html Indian income tax law includes several provisions to restrict cash transactions and encourage digital payments, applying limits and imposing penalties on non-compliant expenditure,
*******Reassessment Quashed: AO Lacked Jurisdiction Under Faceless Regime Section 151A
Clipped from: https://taxguru.in/income-tax/reassessment-quashedao-lacked-jurisdiction-faceless-regime-section-151a.html Vanitha Govindappa Vs ITO (Karnataka High Court) Karnataka HC quashes reassessment for AY 2020-21 as AO acted beyond scope of Section 151A; Revenue
*******Insurance Company Reassessment Quashed: Notices Invalid for Section 151A Breach
Clipped from: https://taxguru.in/corporate-law/insurance-company-reassessment-quashed-notices-invalid-section-151a-breach.html PNB MetLife India Insurance Company Limited Vs ACIT (Karnataka High Court) Karnataka HC quashes reassessment notices issued to PNB MetLife – follows Ramachandra
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