CBDT notifies changes in Tax Audit Report for AY 2021-22
The Central Board of Direct Taxes (CBDT) has notified the following changes in the Form 3CD and inserted a sub rule which are as follows:-...
Tag : #income-tax
The President of India assented the Finance Act 2021
The President of India has assented the Finance Act 2021 on 28th March 2021. To view and download the Finance Act 2021, click here Finance...
Notification of Amended Form 12BA – Statement showing particulars of perquisites
CBDT has amended the Form 12BA vide Notification No. 15 of 2021. The new form shall be effective with effect from 01-04-2021. To view and...
Mentioning of wrong section and wrong facts in the reasons recorded for reopening of the assessment u/s 148 made the reassessment liable to be quashed – ITAT Delhi
Maheshwari Roller Flour Mills Pvt. Ltd. vs. ITO ITA No. 4257/Del/2019 Pronounced on 17.12.2020 In the recent judgment by the Hon’ble ITAT Delhi, it was...
CIT(A) cannot enhance the assessment on the matter which is not arising out of the assessment proceedings – ITAT Delhi
Saravjit Bhatia vs. ITO ITA No. 7155/Del/2019, Pronounced on 16th December, 2020 In the recent case, the Hon’ble Delhi ITAT has held that “CIT(A) cannot...
Where the Petitioner fails to acknowledge the complete details during the search procedure of “Primary Persons”, the same can be the basis for “reason to suspect” for issuance of new WOA for carrying on the Search on Petitioner – Delhi High Court
Shilpa Chowdhary vs. Principal Director of Income Tax (Investigation) W.P.(C) 5207/2020 & CM Appl 18787/2020 dated 07.12.2020 In short In a recent judgment by the...
Clarifications on provisions of the Direct Tax Vivad se Vishwas Act 2020
CBDT has released the clarification on various matters related to the applicability and procedures of the Scheme. To download the circular, click here circular no...
Finance Ministry issues Taxation and other Laws (Relaxation of Certain Provisions) Ordinance, 2020 today
In order to give effect to the announcements made by the Union Finance Minister vide Press Release dated 24.03.2020, regarding several relief measures relating to statutory and...
Finance Act 2020
The President of India has assented the Finance Act 2020 on 27th March 2020. To download the Finance Act 2020, click here Finance Act 2020...
Notification No. 02/2020-Central Tax – Rate on maintenance, repair and overhaul (MRO) services in respect of aircraft from 18% to 5% with full ITC
To download the Notification, click here NN 02-2020-CT-Rate...
Finance Minister Smt. Nirmala Sitharaman announcements on 24-03-2020
1.The last date for Income tax return for FY 2018-19 shall be extended from 31-03-2020 to 30-06-2020. Interest on delayed payment has been reduced from...
Restriction of entry into Income Tax Office at Civic Centre, Delhi
In a precautionary measure by the Department, the entry to the Income Tax Office at Civic Centre, Delhi has been restricted as one Inspector working...
Forms required to submit for availing benefit under ‘DIRECT TAX VIVAD SE VISHWAS’ Scheme will be available in the e-Filing soon
After the President gives accent to the Direct Tax Vivad Se Vishwas Act, 2020 on 17th March, 2020, the Income Tax Efiling Website has updated...
the provisions of Sec.2(22)(e) were not applicable since the payment was mere reimbursement of expenditure by M/s PHL – ITAT Mumbai
The provisions of Sec.2(22)(e) were not applicable since the payment was mere reimbursement of expenditure by M/s PHL. However, Ld. CIT(A) proceeded on wrong footing...
Service of notice upon a dead person under section 142(1) would not authorise him to assume jurisdiction to pass assessment order on the Legal Representatives – ITAT Ahemdabad
It is found that before service of notice under section 142(1), assessee had already expired. His legal heirs did not file return for this assessment...
Where the assessee provided all the confirmation of the creditors at the CIT(A) level, the orders of the lower authorities set aside and send back for reconsideration – ITAT Delhi
During the assessment proceedings, the Assessee fails to provide confirmation of 04 creditors and the AO added the whole amount of creditors to its income....
Where assessment is framed without reference to any incriminating document or material found during search, the assessment is academic in nature- ITAT Delhi
Where the CIT(A) decided the appeal that that no assessment could be framed under section 153A because no incriminating document was found during the course...
Appeal withdrawn from ITAT as the same is filed to be settled under Vivad Se Vishwas Scheme- ITAT Delhi
Three appeals is withdrawn from ITAT Delhi as the assessee is availing the Vivad Se Vishwas Scheme, 2020 for the purpose of settlement of issues...
ITR 1 and ITR 4 notified for the AY 2020-21
In a surprising move by the Income Tax Department, the ITR 1 and ITR 4 have been notified for the AY 2020-21. This is the...
Rupay enabled Debit card and UPI notified as prescribed mode of payment under section 269SU
With effect from 1st January 2020, every person carrying on business, if his total sales, turnover or gross receipts, as the case may be, in...
Where the assesse has made the FDR out of borrowed funds, the interest on such FDRs cannot be added back by invoking the provisions of section 57(iii) of the Income Tax Act, 1961 – ITAT Delhi
Crux : Where the assesse has made the FDR out of borrowed funds, the interest on such FDRs cannot be added back by invoking the...
Where no satisfaction note in the searched persons proceeding recorded separately, the jurisdiction assumed u/s 153C in the case of the assessee is not in accordance with provisions of section 153C – ITAT Delhi
To download the complete order, click here ITA No.1720-Del-2015-ACIT vs. Gracious Project Pvt. ltd....
CBDT notifies Form 26QD and Form 16D for TDS under section 194M
The Central Board of Direct Taxes (CBDT) has notified the Form 26QD and Form 16D for the TDS deduction and deposition under section 194M vide...