Income Tax

CBEC on 6th November notified that Swachh Bharat Cess would be applicable @ 0.5% on value of all taxable services with effect from 15th November 2015. To know details of notification and impact on Swachh Bharat Cess read: Service tax rate goes up from 14% to 14.5% w.e.f 15th Nov 2015 …

Income Tax Department has identified non filers who have done high-value transactions during the Assessment  Year 2014-15 (Financial Year 2014-15) and started sending sms, email in batches with effect from 6th Nov 2015. Centralised Processing Cell-Compliance Management (CPC-CM) has carried out data analysis to identified non filers about whom specific information …

Traditionally, when Income Tax Department (ITD) found mismatch in information shown in the Income Tax Return with the information submitted by third parties in the form of Annual Information Return (AIR), TDS Statement etc., the cases were selected for scrutiny. Till last year only very few cases ie less than …

Finance Minister launches the“e-Sahyog” pilot project of the Income-tax Department. The Income-tax Department is committed to the ‘Digital India’ initiative of the Government of India.The Finance Minister today launched an “e-Sahyog” pilot project which furthers the Department’s commitment to work in an e-environment and reduces the need for the taxpayer …

I have just finished one round of tax filing work for the financial year 2014-15. While going through the tax questions from the clients, I realized the complications and confusions created by the age old Income Tax Act. Incidentally, in today’s Economic Times, the new revenue secretary Mr. Hasmukh Adhia …

Time and again the Central Board of Direct Taxes (CBDT) is giving clarifications regarding the Income Tax refunds and the process of selection of cases for scrutiny assessment. There is a misconception among the general public that the Income Tax Officers (ITOs) can pick up the cases for scrutiny as …

Section 80C of the Income Tax Act, 1961 deals with deductions in respect of certain payments during the previous year from the total income of an Individual or HUF subject to a maximum of Rs.150000. Instalment payment towards the property loan or repayment of housing loan is one of the …

Central Board of Direct Tax (CBDT) has approved and finalised the parameters for selection of cases under Computer Aided Scrutiny Selection of Cases (CASS) on 28-08-2015 and 1st cycle of all the notices selected under section 143(2) of income tax (CASS) has already been despatched by assessing officer. (AST – …

The “Guidance Note on Tax Audit u/s 44AB of the Income Tax Act, 1961- Edition 2014” issued by The Institute of Chartered Accountants of India (ICAI),  is one of the important guidance issued by ICAI and is referred not only by our Chartered Accountants but also by assessing officers and in various judicial forums. Revised guidance note …

At present, income tax return filed by tax payers are mostly accepted by income tax department without any questions except processing and sending intimation u/s 143(1) of income tax Act.  In a very small percentage of cases scrutiny assessment are conducted u/s 143(3) of the income tax act and cases …