Income Tax

Withdrawl of Income Tax Notices u/s 139(9)

It has been reported that mails are being issued by the Income Tax department to ignore the notices under 139(9) Sub: Withdrawl of Notice u/s 139(9) for PAN ______________, Assessment Year 2017-18 amd Acknowledgement No. _______________ Dear____________ Please refer the defective notice u/s 139(9) issued vide communication reference no. CPC/1718/G5/__________ dated 26-OCT-2017. The said notice… Read More »

Notices to huge cash depositors post demonetisation

As per the sources, income tax department is in the process of issuing over 1 lakh notices to those who have deposited huge cash during demonetisation period and whose returns have been selected. Details of major cash deposits of over INR 2 lakh during demonetisation period needed to be reported in the income tax returns.… Read More »

Solution for Notice u/s 139(9) regarding Non-Filling of Tax Audit Report

Many assesses have started receiving notices u/s 139 (9) saying the audit report has not been filed eventhough they have filed the same. The same seems to be because the assessee have not selected the designated procedure or have erroneously entered the details in Return of Income or e filing site. Following are the probable… Read More »

EU to discuss tax havens blacklist after ‘Paradise Papers’ leaks

European Union states will today bring forward a discussion on plans for a tax havens’ blacklists after Paradise Papers revealed investments by wealthy individuals and institutions around the globe. The discussion will be held during the monthly meeting of EU Finance Ministers in Brussels. The Vice President of the EU’s executive arm, Valdis Dombrovskis said… Read More »

Cash sales of agriculture produce exempted by CBDT

The Central Board of Direct Taxes (CBDT) on Friday has provided clarifications regarding applicability of Income Tax provisions to the cultivators of agriculture produce. Sections 40A(3) and section 269ST of the Income Tax Act put cap over cash transactions. CBDT by this circular has clarified about exemptions provided to the cultivators of agriculture produce. Representations… Read More »

HC allows petitioner to file IT returns without quoting Aadhaar

Madras high court today allowed a woman to file income tax return without quoting Aadhaar number. She moved to the court relying upon Supreme Court decision in Binoy Viswam Vs Union of India case wherein partial stay was placed on operation of section 139AA of Income Tax Act which mandates linkage of Aadhaar with IT return.… Read More »

Due Date for filing IT returns and audit reports extended to 07.11.2017

CBDT has extended the due date for income tax return filing and audit report to 07.11.2017. CBDT order is provided below: Due Date for filing IT returns and audit reports extended to 07.11.2017

ICAI advisory to members for approval of Tax Audit Report

Members are requested to advise their clients to timely approve the tax audit reports under their digital signatures for the AY 2017-18 uploaded by them on the e-filing portal The Department of Income-tax (Systems) has informed ICAI that a large number of tax audit reports have been uploaded by the members but the same have… Read More »

I-T dept launches new facility to link Aadhaar with PAN

The Income Tax department has launched a new e-facility to allow a taxpayer link in “easy” steps one’s Aadhaar and Permanent Account Number (PAN), a mandatory requirement for filing IT returns now The department’s e-filing website–https:// incometaxindiaefiling.gov.in/– now has a new link on its homepage for connecting the two unique identities of a taxpayer The… Read More »

SC questions Centre for making Aadhaar mandatory for PAN

The Centre today faced searching questions from the Supreme Court for making Aadhaar mandatory for PAN cards, despite its order that it should be optional. The government tried to justify its stand saying that fake permanent account number (PAN) cards were being used to “divert funds” to shell firms. Attorney General Mukul Rohatgi made the… Read More »