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This book is a ready-reckoner for the assessees and tax practitioners, to understand the ‘Faceless Assessment Scheme, 2019 & Faceless Appeal Scheme, 2020, in an effective, qualitative and timely manner. An honest and sincere effort has been made in the book, to explain & demonstrate the practical aspects and nitty-gritties of the Scheme. This book aims to fully familiarise the reader, with the following points:
- Manner, mode and methodology of conducting the faceless assessments
- Viewing and retrieving of e-scrutiny notices
- Requisitions in the registered e-filing accounts
- E-filing and uploading of qualitative and meritorious e-responses to notices and requisitions
The Present Publication authored by Mayank Mohanka, is the 3rd Edition & updated up to 10th December 2020, with the following noteworthy features:
- [Illustrative Tables, Infographics, Visuals & Real-time Scrutiny Notices] The New ‘Faceless Assessment Scheme, 2019’ & ‘Faceless Appeal Scheme, 2020’ have been explained lucidly with illustrative tables, infographics, visuals & real-time scrutiny windows
- Practicalities and nuances of difference between the conventional and faceless assessments and appeals
- [Step-by-Step Manner; e-Proceedings Window] Demonstration of the actual conduct of faceless assessments and faceless appeals in a step-by-step manner through real-time e-Proceedings windows
- [Practical Case-Studies] Real-time practical case studies on faceless assessments on various issues, such as:
o Cash Deposits during demonetisation
o Valuation of Share u/s 56(2)(x)
o Share Capital/Share Premium
o LTCG on Penny Stocks
o Disallowance u/s 14A, Rules 8D
o Disallowance of Pre-commencement Business Expenditure
o Taxability of Compensation received under RFCTLAAR Act, 2013
o Revenue Recognition & Expenditure Booking in Real Estate Business
o Bogus Purchases, Seized Diary, AIR/STR information
- [Specimens] of suggestive qualitative and meritorious e-responses on faceless assessments
- [FAQs] on the new Faceless Assessment Scheme, 2019
- Key Takeaways from SOPs issued by NeAC for Faceless Assessments; and
- [Amended] New Faceless Regime as per the Taxation Amendment Act, 2020
- Contents of the book are as follows:
o Faceless Assessments
- New Face of Faceless Assessments
- Decoding the New Faceless Assessment Scheme, 2019
- Practical Guide to Faceless Assessment
- 12 Practical Case Studies
- Practical Guide to e-Filing of rectification application u/s 154 & e-response to outstanding Income-tax demand
- Decoding lesser known nuances of Faceless Assessment Scheme 2019
- Faceless Assessment: Few Critical Suggestion to Make them Flawless
- International Best Practices & Indian Tax Authorities
- FAQs on Faceless Assessment Scheme 2019
- Key takeaways of SOPs issued by NeAC for Faceless Assessments
- New Faceless regime as per ‘The Taxation Amendment Act, 2020’
o Faceless Appeals
- Faceless Appeals: One more step towards Digital Tax Administration
- Decoding Faceless Appeal Scheme, 2020
- Practical Guide to Faceless Appeals
- Key Takeaways from Deliberations of Sr. Income Tax Department Dignitaries on Faceless Assessments & Appeals