Reopening of Assessment Invalid Due to Lack of Escaped Income and Improper Consideration of Assessee’s Explanation. Issue: Whether an Assessing Officer can validly assume jurisdiction to reopen an assessment under Section 148A when there is no evidence of escaped income and the assessee’s explanation is not properly considered. Facts: The assessee, a trust running a… Read More »
Faceless Assessment Order Set Aside Due to failure to issue a show-cause notice and draft assessment order Issue: Whether a faceless assessment order is valid when the Assessing Officer fails to issue a show-cause notice and draft assessment order, as mandated by Section 144B of the Income-tax Act, 1961. Facts: The assessee, an HUF, filed… Read More »
Assessing Officer’s Reopened Assessment Invalid Due to Failure to Address Assessee’s Objections. Issue: Whether an Assessing Officer’s reopened assessment is valid when the officer fails to address the assessee’s objections to the reopening before making additions to the assessed income. Facts: The Assessing Officer (AO) reopened the assessee’s assessment based on information from the Investigation… Read More »
Assessing Officer’s Order Set Aside Due to Variance in Allegations and Lack of Opportunity for Assessee. Issue: Whether a notice and order issued under sections 148A(b) and 148A(d) of the Income-tax Act, 1961, are valid when the allegations in the order differ from those in the notice, and the assessee is denied an effective opportunity… Read More »
TAX TREATMENT OF CASH CREDITS AY 2025-26 Any sum found credited in the books of the taxpayer, for which he offers no explanation about the nature and source thereof or the tax authorities are not satisfied by the explanation offered by the taxpayer, is termed as cash credit. In this part you can gain knowledge… Read More »
EW INCOME TAX NOTICE 2025 ! e-Verification Intimation for F.Y. 2022-23 ! AIS और ITR में गड़बड़ी ! Here is the topic-wise breakdown of the video with corresponding timestamps: Income Tax Notices for Financial Year 2022-23 General information about the notices [00:00] Reasons for issuing the notices [00:49] Email example of a notice [01:18] How… Read More »
Cabinet approves Incentive scheme for promotion of low-value BHIM-UPI transactions (P2M) Posted On: 19 MAR 2025 The Union Cabinet chaired by the Prime Minister Shri Narendra Modi today approved the ‘Incentive Scheme for promotion of low-value BHIM-UPI transactions Person to Merchant (P2M)’ for the financial year 2024-25 in the following manner: i. The incentive scheme for… Read More »
31 मार्च 2025 से पहले 99% TAXPAYER यह गलती करते हैं ! NEW INCOME TAX RULES 2025
1 अप्रैल 2025 से कौन से Gift मिलने पर इनकम टैक्स देना होगा ! NEW INCOME TAX RULES 2025 New Income Tax Rules 2025 Gift Tax Income Tax Gifts from Relatives Tax-Free Gifts Financial Planning Tax Compliance April 1, 2025 Tax Changes Indian Tax Laws Income Tax Return (ITR) income tax on gift received from… Read More »
Maintenance of Books of Accounts in Income Tax Introduction Section 44AA of the Income-tax Act mandates the maintenance of books of account by certain persons engaged in specified professions and businesses. It provides for the preparation and maintenance of books of account by a person if his income or gross turnover or receipts, as the… Read More »