Guidelines for compulsory selection of IT Returns for complete scrutiny during the FY 2021-22

The Central Board of Direct Taxes (CBDT) on Thursday issued the Guidelines for compulsory selection of returns for Complete scrutiny during the Financial Year...

Where department has accepted repayment of loan in subsequent year, no addition can be made in current year on account of cash credit.

The ACIT Vs. Smt. Anuradha Anilkumar Agarwal Facts of the case Pertaining to Ground 1:The assessee has shown total purchases of Rs.8,27,50,188/- in respect...

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Norms for Angel tax relaxed; no tax on issuance of shares up to Rs. 25 crore

The Department for Promotion of Industry and Internal Trade (DPIIT) has issued a new notification in supersession of its earlier notification no. GSR 364(E),...

Penalty u/s 271I – Non furnishing of Form 15CA and Form 15CB

Notice u/s 271I states that if the assessee has failed to furnish information or has furnished inaccurate information u/s 195(6) in form of filing of...

Representation against contention of GST Department for interest liability u/s. 50 on ITC component

A recent “Standing Order” No.01/2019  issued by the Principal Commissioner of Central Tax, Hyderabad on 04-02-2019, instructs GST Tax Officials and field formation Officers to inquire into...

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