Issue Questionnaire with First Notice in scrutiny cases: CBDT Instances have come to the notice of the Board that in cases selected under scrutiny, while issuing the first notice, Assessing Officers do not convey the specific compliance requirements like production of accounts, furnishing of documents, information, evidences, submission of other requisite particulars etc. Since the […]
Clarification on Scope of scrutiny in cases selected through CASS Scrutiny Assessments-some important issues and scope of scrutiny in cases selected through Computer Aided Scrutiny Selection (‘CASS’)-reg .- The Central Board of Direct Taxes (‘CBDT’) , vide Instruction No. 7/2014 dated 26 09.2014 had clarified the extent of enquiry in certain category of cases specified […]
Omnibus Approval for Related Party Transaction under Companies Act, 2013 In case of Companies Act, is the board required to approve all related party transactions from audit committee? [1]The Companies Act 2013 prescribes that a company needs approval of the audit committee on all related party transactions and subsequent modifications thereto. Section 177(4) (iv). [2]Provided […]
Section 14A disallowance only for Expenses not directly relatable to exempt or taxable Income Pr. CIT Vs. Bharti Overseas Pvt. Ltd. (Delhi High Court), ITA No. 802/2015,Date of decision: 17-12- 2015 Brief about the case The assessee company was engaged in the promotion of international telecom business and insurance business and filed its original return […]
Hurdles in Extension of Due Dates of Filing of ITR & Tax Audits- Suggestions SUGGESTIONS FOR UNION BUDGET 2016-17 – FOR AMENDING SECTION 140A & 234A OF INCOME TAX ACT FOR REMOVAL OF HURDLES IN EASY EXTENSION OF DUE DATES OF FILING OF INCOME TAX RETURNS AND TAX AUDITS INTRODUCTION : In the cases of […]