Will black money crackdown once declaration scheme ends ? CBDT has directed field formations to be ready to use the information, leaving out those who have declared under the Income Disclosure Scheme (IDS).
Tag Archives: scrutiny Case under Income tax
Penalty Provisions under the Income-Tax Act, 1961 Penalties for default in payment of Self Assessment Tax/ Payment of Tax/failure to comply with notice issued under section 142(1) or 143(2) or direction for audit under section 142(2A)/ under reporting and misreporting of income/ Failure in maintain information and document of international transaction or specified domestic transaction/ […]
Assessments under Income-Tax Act, 1961 Scope/Procedure/Time limit of Assessment under section 143(1)/ section 143(3)/ section 144/ section 147. Meaning of assessment. Every taxpayer has to furnish the details of his income to the Income-tax Department. These details are to be furnished by filing up his return of income. Once the return of income is filed […]
Limited Scrutiny into a Complete Scrutiny case Vide Instruction No. 20/2015 dated 29.12.2015 in File of even number, Board has notify Standard Operating Procedure for handling of ‘Limited Scrutiny’ case which were selected by aid of Computer Aided Scrutiny Selection in ‘CASS Cycle 2015’. In these cases,
Case Laws on section 2(24) of Income Tax Act Section 2 (24) : Income – Capital or revenue-Receipt representing compensation for loss of source of income would be treated as capital receipt.