When notice u/s 148 is issued by an assessing officer who has no legal authority to assess the income of assessee, the whole action of reassessment is bad in law and any subsequent notice issued by the A.O who is having the current jurisdiction can also not cure such legal defect. Facts Related to Reassessment…
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CBDT has clarified that the date of filing tax return to 17th October 2016 vide its order u/s 119 of the Income-tax Act, 1961 (‘Act’) dated 9th September, 2016 is also for obtaining the tax audit report under section 44AB . Read the explanatory circular below F. No. 225/195/2016-ITA II Government of India Ministry of […]
CBDT has extended the due date for filing tax return on ground of clash of dates with last date for declaration under the Income Declaration Scheme 2016 . It its circular dt 9th September 2016 , reasons cited by the CBDT to remove the inconvenience – “In order to remove inconvenience and to facilitate ease of […]
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Finance Act 2012 brought in specified domestic transactions within the transfer pricing provision under Income Tax Act .As you are made aware through previous posting that 8 Cases Under Which Domestic Transfer Pricing Rule May Not Be Applicable to Your Business ! and also that while computing the threshold of amount of transaction fixed at 5o million...
About Prashant Thakur
The author has spent twenty years with Income Tax department and desire to service common citizen of India which include professionals like tax practioners ,CA,ICMA, CS and tax lawyers by advising them on the direct tax matters for a very affordable fee.