Income Tax

Request to bring back erstwhile provisions to reduce undue hardship to genuine assesseeThe Finance Act, 2017 has inserted an Explanation to section 132(1), 132(1A) and 132A(1) to declare that the ‘rea...

Considering application of section 132(3) read with section 132(8A), search in actual practice is kept open for a period of 60 days in case no incriminating evidence is found against the assessee or t...

a) Tax on accreted income – Section 115TD (1)(b) – merger of two trusts / organisationsa. One will appreciate that entire scheme of Income tax is based on Real income theory.b. Tax on accreted income...

As per the provision prior to Finance (No. 2) Act, 2014 contained in section 142A, the Assessing Officer may, for the purpose of making an assessment or reassessment require the Valuation Officer to m...

Request to bring back erstwhile time limit for filing of revised tax return at least in cases of claim of foreign tax creditThe Finance Act 2017 amended section 139(5) to provide that the time for fur...

Reference to return in response to section 142(1) may be included in Sections 139(4) and 139(5)Prior to amendment made by the Finance Act, 2016:Section 139(4) provided that a person who has not furnis...

Section 133C is inserted vide Finance (No. 2) Act, 2014 to enable the prescribed Income tax authority to verify the information in its possession relating to any person. The said authority, may, issue...

The whole process of assessment and appeals needs to be looked at afresh, with a view to revamp and improve the current circuitous procedure. The following may be considered from this perspective:i. A...

Recently, the Hon’ble Delhi HC in its Judgement dated 8.11.2017 in the case of Chamber of Tax Consultants v. Union of India has struck down certain paras of the ICDSs to the extent as noted in the sai...

Section 155(14A) – Claim of FTC pertaining to taxes which are under dispute in foreign country – Clarification required on certain issues relating to period of limitation and documents which shall con...

Explanation 2 to section 263 – Circumstances when an order passed by the Assessing Officer is erroneous in so far as it is prejudicial to the interest of revenue – Need for clarificationSection 263(1)...

Section 269SS and 269T– Mode of taking or accepting and repayment of certain loans and deposits through banking channelsSection 269SS of the Income–tax Act, 1961 requires that acceptance of any loan o...

Delay by Assessing Officer in issuing Order giving effect to Orders of higher Appellate authorities, and also delay in issuing refunds arising out of such OrderIt has been experienced that when any or...

Section 234F- Fee for delayed filing of return– Removal of provision levying fees to prevent undue hardship for the genuine assesseesThe Finance Act, 2017 vide section 234F levied fees of Rs.5,000 in...

Section 271B of the Income-tax Act, 1961 provides for imposition of penalty at the rate of one-half per cent of the total sales, turnover or gross receipts, as the case may be, in business, or of the...

In order to achieve the mission of the Government to move towards a less cash economy to reduce generation and circulation of black money, the Finance Act 2017 inserted section 269ST in the Act to pro...

Section 245E of the Act was inserted in year 1975, amended in 1984, 1987 and the provisions were made inapplicable for applications filed on or after 01-06-2007. The erswhile provisions of section 245...

Section 270A inserted to provide for levy of penalty in case of under reporting of income and misreporting of income- Issues to be addresseda) Penalty order under section 270A be made an order appeala...

(a) Where penalty is levied on certain additions on ground of mis-reporting and certain additions on ground of only under-reporting than assessee will have to make a choice whether to file appeal or m...

As per section 271D & 271E, if a person accepts/repays a loan or deposit or specified sum/advance, as the case may be in contravention with the provisions of section 269SS/269T, he shall be liable to...