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The Delhi High Court has replied in the affirmative to the question that if section 153C of the Income Tax Act, 1961 limits an assessing officer from investigating apart from the considered documents for deriving satisfaction notes for starting assessment/ re-assessment of the ‘other person’. Section 153C carries a special provision for the assessment of […]
The appeal of the income tax officer has been rejected by the Punjab and Haryana High Court asking for the data under the Right to Information Act (RTI Act) associated with Trap Proceeding conducted against him by the Central Bureau of Investigation (CBI). In a corruption case, the Income Tax Officer was convicted and his […]
As per the Delhi High Court, an Assessing Officer (AO) cannot compute the other taxpayer’s income in a matter where no addition is made on account of the causes for which the reassessment under section 147 of the Income Tax Act 1961 was initiated. Section 147 provides the authority to the AO to calculate or […]
The Central Board of Direct Taxes (CBDT) in development has furnished Notification No. 123/2024, dated November 28, 2024, exempting the particular foreign representations and international organizations from the provisions of Section 194N of the Income-tax Act, 1961. As per the exemption entities like diplomatic missions, United Nations agencies, consulates, and honorary consuls, which want tax […]
Recently, the Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi, approved the PAN 2.0 project. Rs. 1,435 crore has been allocated for the same project by the government, which aims to overhaul the existing PAN/TAN system to rectify the efficiency and assessee convenience. As per Union Minister Ashwini Vaishnaw, a PAN […]
A new campaign was launched by the Income tax department on November 17 warning the assessees of a Rs. 10 lakh penalty if they lose to reveal the foreign-held assets or income made from abroad in their ITR, as per the PTI report. The motive of the compliance-cum-awareness campaign is to ensure that the assessees […]
Union Finance Minister Nirmala Sitharaman addressed the user’s concern who questioned the financial pressure on the middle-class people of India. For various decades, the country has been supported by these middle-class people which contributes highly in terms of taxes and spending. On the X platform, the user has tagged Sitharaman and requested certain relief for […]
The owners of the land who are in joint development agreements (JDAs) with builders are facing intensified scrutiny for bypassing capital gains taxes. The Income Tax Department’s investigation wing has been directed by the Central Board of Direct Taxes (CBDT) to review the matter which comprises engaging the individuals and Hindu Undivided Families (HUFs) who […]
The Income Tax Appellate Tribunal ( ITAT ), Hyderabad quashes an Order of the Commissioner of Income Taxes (Appeals) – National Faceless Assessment Centre ( CIT (A) ), Delhi mentioning the absence of proof warranting the assessees to pay advance tax under the provisions of Section 209 of the Income Tax Act, 1961. Ramadevi Nelaturi […]
