Reference to Authorities to Invoke GAAR Introduction The General Anti-Avoidance Rule (GAAR) allows tax authorities to declare an arrangement as an Impermissible Avoidance Arrangement (IAA). If the Assessing Officer (AO) identifies such an arrangement during assessment or reassessment, he may refer it to the Principal Commissioner (PCIT) or Commissioner (CIT). If the CIT is not… Read More »
Introducing ChatGPT for Excel and Google Sheets Introducing ChatGPT for Excel and Google Sheets Ask ChatGPT to analyze, update, and explain your spreadsheets directly in Excel and Google Sheets. These add-ins are now available globally across all plans. Powered by GPT-5.5, ChatGPT helps you update models, analyze data, audit outputs, and turn messy business context… Read More »
Extension of the Punjab Prevention of Human Smuggling Act, 2012 and 2014. The Gazette of India CG-DL-E-07052026-272302 EXTRAORDINARY PUBLISHED BY AUTHORITY No. 2171] NEW DELHI, WEDNESDAY, MAY 6, 2026/VAISAKHA 16, 1948 MINISTRY OF HOME AFFAIRS NOTIFICATION New Delhi, the 6th May, 2026 S.O. 2261(E).— In exercise of the powers conferred by section 87 of the… Read More »
TAX ON CASH WITHDRAWAL FROM BANK NEW INCOME TAX RULES 2026 AND INCOME TAX ACT 2025 TAX ON CASH WITHDRAWAL FROM BANK NEW INCOME TAX RULES 2026 Under the Income-tax Act, 2025, the Tax Deducted at Source (TDS) on cash withdrawals (which was formerly governed by Section 194N) is now covered under Section 393(3) [Table:… Read More »
Directions by Joint Commissioner Introduction If the assessment is pending, the Joint Commissioner of Income Tax (JCIT) may examine the records and issue directions to the Assessing Officer for the proper completion of the assessment. Issuance of Directions The JCIT may examine assessment records: o On his own motion. o On a reference made by… Read More »
Amendments in Assessment Order Introduction Assessment orders may require modifications due to subsequent events, such as appellate orders, rectifications, or reassessment proceedings. These amendments ensure the correct computation of taxable income for the assessee or other connected taxpayers. Key provisions of Section 155 are as follows: Rectification in assessment of partner (Section 155(1A)) o If the partner’s… Read More »
Faceless Rectification, Amendments, and Notice of Demand Introduction Section 157A empowers the Central Government to implement a Faceless Scheme for conducting rectifications, amendments, demand notices, and intimation of loss in an automated and electronic manner. Scope of the Scheme The Faceless Scheme covers: Rectification of Mistakes (Section 154) Amendments (Section 155) Issuance of Demand Notices (Section… Read More »
Rectification of Mistake Introduction Income-tax authorities have the power to rectify mistakes in their orders if the error is apparent from the record. Rectification may be initiated by the authority itself or upon a request from the assessee, deductor, or collector. Orders Eligible for Rectification The Income-tax authority can rectify apparent mistakes in: Any order… Read More »
Time Limits for Assessments Introduction The Income-tax Act prescribes specific time limits for completing Summary Assessments, Scrutiny Assessments, Best Judgment Assessments, and Reassessments. If an assessment is not completed within the prescribed time, it becomes time-barred. Summary Assessment (Section 143(1)) Returns are processed electronically by the Centralized Processing Centre (CPC), Bengaluru. The intimation must be… Read More »
Reference to Dispute Resolution Panel (DRP) Introduction The Dispute Resolution Panel (DRP) provides a fast-track mechanism for resolving disputes arising from draft assessment orders issued to non-residents, foreign companies, or assessee with Transfer Pricing Officer (TPO) adjustments. DRP proceedings are conducted in a faceless manner. It is a panel of three Principal Commissioners or Commissioners… Read More »