Section 143(1) of the Income Tax Act, 1961, being part of Chapter XIV titled as “Procedure For Assessment”, permits Central Processing Centre (‘CPC’ in short) to make adjustments by way of disallowance and addition to the total income or loss in terms of sub clauses (i) to (vi) to clause (a) of sub section (1) of section 143.
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Section 270A has been inserted under the Income Tax Act, 1961 to take effect from 1.4.2017 i.e. from assessment year 2017-18, to provide for the levy of penalty on the ‘under-reported income’. Hon’ble Finance Minister while presenting the Finance Bill, 2016 mentioned about his resolve to reduce the litigation and provide certainty in taxation including in the matter…
Recently, reversing the decision of the Special Bench of the ITAT in the case of Topman Exports v. ITO [2010] 124 ITD 1 (Mum.), the Bombay High Court in the case of CIT v. Kalpataru Colours & Chemicals [2010] 192 Taxman 435 denied the deduction under section 80HHC regarding consideration on transfer of DEPB giving rise to a controversy regarding allowability of deduction under section…
Income Tax Act, 1961 (hereinafter called ‘ITA’) seeks inter alia to tax global income of a resident-taxpayer and also provides for the levy of penalty in case of concealment, under reporting or misreporting of such income. If foreign sourced income chargeable to tax including any income in relation to any foreign asset has gone untaxed, such income can…
Finance Bill, 2022 through clause no. 56 has sought to amend section 194IA as under: “56. In section 194-IA of the Income-tax Act,–– (i) in sub-section (1), after the words “one per cent. of such sum”, the words “or the stamp duty value of such property, whichever is higher,” shall be inserted; (ii) in sub-section (2), for…
The Government has introduced a scheme “Income Declaration Scheme, 2016” which has come into force from 1st June, 2016. The scheme provides an opportunity to persons who have not paid due taxes in the past to come forward and declare the undisclosed income and pay tax, surcharge and penalty totaling in all to 45% of…
The Government has introduced Income Declaration Scheme, 2016 which has come into force from 1st June, 2016. The scheme provides an opportunity to persons who have not paid full taxes in the past to come forward and declare the undisclosed income and pay tax, surcharge and penalty totaling in all to 45% of such undisclosed…
