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In the current times, Clause 44 of 3CD become the ‘Buzz word’ for every professional. People are giving their views recognizing the aspect of reconciliation with indirect tax records. Form 3CD of Tax Audit Report (TAR) was revised in July 2018 via Notification No. 33/2018 on 20.07.2018 to include Clause 44 on reporting of GST […]
On the occasion of Diwali 2024, SAG Infotech is here with a huge discount of up to 50% off on all its software solutions. We are here with all upgraded versions of our software which gives advantages to your businesses and firms so avail of this offer as this is just for a short period […]
In the recent appeal by the petitioner to The Income Tax Appellate Tribunal ( ITAT ) Pune Bench, stated that the revenue preference earlier held the income declaration along with the filed return can be understood against the Assessing Officer (AO) without any justification for the penalty imposed under section 271(1)(c) of the Income-tax Act, […]
The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) ruled that the unexplained credit will uphold when there is no proof proving the enhanced amounts that are liable to pay. The taxpayer, M/s. Mahamaya Exports Pvt. Ltd. questioned the Commissioner of Income Tax (Appeals)-31 [CIT (Appeals)] New Delhi, on 20.12.2017 for the assessment year […]
What is CBDT Rule 132? Central Board of Direct Taxes (CBDT) has made Rule 132, which comes into force from October 1, 2022. It deals with the application for re-computation of income under Section 155(18). CBDT has also shown Form 69 that can be used to apply for re-computation of income. Tax experts mentioned that […]
Against the dead person, the Bombay High Court ruled that a reassessment notice is not valid until the legal representatives submit to the jurisdiction of the Assessing Officer without lifting any protest. The division bench of Justice Dhiraj Singh Thakur and Justice Valmiki Sa Menezes, the legal representatives do not give their right for the […]
The taxpayer has filed the appeal towards the Income Tax Appellate Tribunal ( ITAT ), Visakhapatnam Bench, which ruled that the satisfaction is to be recorded by the Assessing Officer (AO), prior to the issue of a notice under section 153C of the Income Tax Act, 1961. The aforesaid observation was made by the tribunal […]
A Division Bench of the Delhi High Court ruled a notice which has been filed under Section 148 of the Income Tax Act, 1961 would be provided to an unrelated email address that does not include the proper service of notice. The impugned notice would have been made and provided to dispatch via electronic mail […]
The Central Board Of Direct Taxes (CBDT), ITA –II division, Dept. of Revenue, Ministry Of Finance, New Delhi, furnished a provision to clarify that when the return has been filed in answer to the notice u/s 142(1) of the Act, in which the same notice was provided because of the data specified in NMS Cycle/ […]
