Know which tax cases will not come under the faceless assessment. In the faceless assessment, taxpayers and tax authorities will not need to meet each other or keep an identity. New Delhi: From now on there will be a faceless assessment of income tax return. That is, taxpayers and tax authorities will not need to […]
Is an end to harassment of Taxpayers? It seems that there is no end of harassment for Taxpayers even though there is a lot of assurance provided by Prime Minister to improve the process.
Non-Filing of the Income Tax Return – Consequences 31st March’ 2018: The last date for Income Tax return u/s 139(4) for Financial Year 2015-2016 & 2016-2017. Many people have a query that what will happen if we do not file the Income Tax Return by the aforementioned deadline. There are many benefits of filing the […]
Appeal before High Court Under Income Tax Provisions Part CC of Chapter XX of the Income Tax Act, 1961 (‘Act’ for short) provides the procedure for filing appeal before the High Court. Who can file appeal? Section 260A(1) of the Act provides that an appeal shall lie to the High Court from every order passed […]
Know what is Benami transactions Bill The demonetisation effort being led by PM Modi in India is that idea that Rs. 500 and Rs. 1,000 notes should be declared no longer legal tender, to be replaced by other notes of different designs and in one case, denominations. The aim is to wash the stock of […]
Wrong Way by which Black Money Holders are trying to convert their Black Money into New Currency All of Black money Holder are Worried to Convert their Black Money into the New Currency after Demonetization adopting the wrong way.
Tax department can slap on black money holders by Penalties, prosecution Prepare to face the following penalties and prosecution if the Income Tax department finds out that you have black money i.e. unaccounted money. If you deposit large sums of cash in your bank account the tax department is likely to send you a notice […]