CBDT Halts Assessment & Recovery u/s 115JB of FIIs & FPIs Cases Immediately

The government has acted fast , maybe , to bolster the falling stock market and prop the sentiment among the Financial Institutional Investors (FIIs) and Foreign Portfolio Investors(FPI) to accept the recommendation of Shah Committee formed for consideration of MAT application on these foreign investors. Now , after the Finance Ministry's press briefing that the recommendation may be incorporated in the Income Tax Act itself . Now CBDT has issued Instruction No 9/2015 that the current scrutiny or cases of

Don’t Think if Income is Below Exemption Limit, You Are Not Required to File Tax Return!

Don’t Think if Income is Below Exemption Limit, You Are Not Required to File Tax Return!
Individuals gear up ! The date has been extended by CBDT till 7th September 2015 . Use it to file tax return if you are mandatorily required to file tax return even if you have income of Rs 10,000 or any income below basic tax exemption. This post is just for all individuals who are thinking that you are not required to file tax return as they have no income above RS 2,50,000 . Read the post to see

CBDT Curtails Power of CCIT of Selection of Any Case for Scrutiny !

CBDT Curtails Power of CCIT of Selection of Any Case for Scrutiny !
Central Board of Direct Tax ( CBDT ) has issued instruction for compulsory manual selection of scrutiny cases during the financial year 2015-16 . One of the surprising omission is blanket power to the CCIT /DGIT for  selection of any case for scrutiny. So , during this year , only cases which falls within the criteria laid down by the instruction 08/2015 dated 31st August 2015 can be selected for the scrutiny. Neither A.O , nor commissioner or CCIT has got