Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 04th May, 2019 PRESS RELEASE Income Tax Department conducts searches on a business group dealing in lotteries Income Tax Investigation Directorate, Chennai conducted searches on a Coimbatore based business group handling the lotteries run by certain State Governments under… Read More »
The process of managing the ITD-related proceedings electronically is known as e-proceedings. In place of handling the proceedings manually, user can manage their proceedings online through assigned Income Tax Officer (ITO). With an assigned ITO, assessee can communicate online to reduce visits in IT office for regular issues. The e-Proceeding is available for all applicable type of… Read More »
A bare reading of the above notice suggests that the notice has been issued in a casual fashion. The Assessing officer has not applied his mind and no specific charge is mentioned for which the assessee was required to be show caused. In absence of the requisite contents of specific charge the initiation of proceedings… Read More »
MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 38/2019 New Delhi, the 3rd May, 2019 G.S.R. 347(E).—In the notification of the Government of India, Ministry of Finance, Department of Revenue (Central Board of Direct taxes), published on the 12th April, 2019, vide G.S.R. 304(E), in the Gazette of India, Extraordinary, Part… Read More »
GST Invoices to be issued form Portal By September 2019, all invoices for business-to-business sales by entities beyond a specified turnover threshold will be generated on a centralised government portal, a move aimed at curbing the menace of fake invoices and evasion of GST, officials said. The revenue secretary is monitoring the progress of implementation… Read More »
It is a settled position in law that the Assessing Officer acquires jurisdiction to issue a re-opening notice only when he has reason to believe that income chargeable to tax has escaped Assessment. This basic condition precedent is applicable whether the return of income was processed under Section 143(1) of the Act by intimation or… Read More »