Posted On:  7 days ago


Write-off of Arrear Demand of Rs.25 Lakhs and above-reg.

2. Write Off of Arrear demand is an area of Direct Taxes which has not received its due attention in the past. The Public Accounts Committee (PAC) in its 29th Report presented to Lok Sabha on 11 August 2006, the Tax Administration Reform Commission (TARC) in 2014 and the C&AG in its Report No. 3/2016 also raised concern over the slow progress in write¬ off of arrears of tax demand.The direness of the situation is further reflected by the fact that only one case of high value demand has been written off till date.

article author One Roof Consultant

Posted On:  2 weeks ago


Over 11.44 lakh PAN cards deactivated How to check if your is active and process to activate

The government has deleted or de-activated over 11.44 lakh permanent account numbers (PANs). This was informed by minister of state for finance Santosh Kumar Gangwar in a written reply to the RajyaSabha.11,44,211 PANs have been identified and deleted or de-activated in cases where multiple PANs were found allotted to one person. 

article author CA Chirag Chauhan

Posted On:  3 months ago


CBDT clarifies on SFT & SFT Preliminary Response Filing

Section 285BA of the Income Tax Act, 1961 requires furnishing of a statement of financial transaction (SFT) for transactions prescribed under Rule 114E of the Income Tax Rules, 1962. The due date for filing such SFT in Form 61A is 31st May 2017.

article author CA Chirag Chauhan

Posted On:  4 months ago


Which ITR form you should File? New Income Tax Return form for AY 2017-18 FY 2016-17

Which ITR form you should File? New Income Tax Return form for AY 2017-18 FY 2016-17 This article will give you all the knowledge regarding the latest changes in the ITR forms and also clarifies regarding the various types of form with respect to its applicable income and also which ITR to be used against which income.

article author CA Chirag Chauhan

Posted On:  5 months ago


Your PAN number will be Invalid and you will not able to file tax return, if not linked to Aadhaar card by 1 July 2017

How smartly the government has used Aadhaar to reduce corruption from direct benefit transfer for LPG in which the subsidy on LPG cylinders will be credited directly to consumers' Aadhaar-linked bank accounts, KYC verification process to recently launching “Aadhaar Pay” on 14th April 2017, a payment system which will enable people to carry out bank transactions just by using their thumb impressions. While the law had empowered the Centre to mandate use of Aadhaar in most of the center funded schemes, since then the corruption level has significantly reduce. In recent Finance Act 2017 government has mandated use of Aadhaar for filing returns and linking of all existing PAN Number with Aadhaar Number.

article author CA Chirag Chauhan

Posted On:  5 months ago


Processing of returns filed in F.Y. 2015-16 getting time barred on 31.03.2017 on Online TMS in ITD Application

As you are aware that returns furnished by the assesses during the FY 2015-16 are pending for processing u/s 143(1) and the limitation date for the same is 31.03.2017. In this regard, to facilitate the processing of returns which are otherwise not possible to be processed on AST due to various technical and non-technical reasons the Online TMS functionality is being enabled from 15.03.2017. The technical and non­technical reasons are broadly categorized as under

article author One Roof Consultant

Posted On:  6 months ago


Failed to reply cash deposit verification of income tax ? Be ready for legal notice

Vide Instruction No. 3/2017 dated 21.02.2017, in file of even number, CBDT has issued a SOP to be followed by the Assessing Officer(s) for Online Verification of Cash Transactions pertaining to the demonetisation period. In continuation thereof, the Board hereby prescribes a Template, to be used for issue of notices under section 133(6) of the Income-tax Act, 1961 (`Act’) in

article author CA Chirag Chauhan

Posted On:  6 months ago


Standard Operating Procedure (SOP) to be followed by the Assessing Officers in verification of Cashtransactions relating to demonetisation

Post demonetisation of Rs. 500 and Rs. 1000 notes on November 8, 2016, several malpractices has been noticed. The Income Tax Department is enquiring/seeking information and analysing instances of deposits to identify cases involving risk of tax evasion. Based upon vast amount of information of cash deposits collected and analysed by CBDT, a number of persons have been identified in whose case the cash transactions did not appear to be in line with their profile available with the Income-tax Department (‘ITO’) . In such cases, it has been decided to undertake on -line verification of select transactions through jurisdictional Assessing Officers

article author One Roof Consultant

Posted On:  6 months ago


Launch of Appeal Register & CSR module of Income Tax Business Application (ITBA)

This is in reference to the subject mentioned above. The functionality for generating the Central Scrutiny Report (CSR) on orders of CIT(A)/ITAT/High Court is now available in Appeal Register & CSR module of ITBA. 2. The Appeal Register & CSR module of the ITBA can be accessed by entering the following URL in the browser: https://itba.incometax.gov.in

article author One Roof Consultant

Posted On:  6 months ago


ITBA module for Issue of Summon , Notices and Reference for Audit

This is in reference to the subject mentioned above. The following processes forming a part of the Assessment module are now available to the users in ITBA: (A) Issue of Summon u/sec 131. (B) Issue of Notice u/sec 133 and (C) Reference for Audit u/sec 142(2A). This is the next step, if required, after any case is selected in ITBA for Scrutiny/Reopening etc and issue of hearing notice u/s 143(2) , as part of the assessment process.

article author One Roof Consultant

Posted On:  6 months ago


Claim of reliefs under BIFR Schemes by sick companies in their ITRs

The BIFR Unit of Directorate of Income Tax(Recovery) looks after the work relating to sick companies who had have filed references under the erstwhile Sick Industrial Companies (Special Provisions) Act, 1985(SICA) which has now been repealed w.e.f. 01-12-2016. On the date of repeal, the processing of reliefs envisaged in the Rehabilitation Schemes approved by BIFR is

article author One Roof Consultant

Posted On:  7 months ago


How to submit online response to Income Tax for Cash Deposit in Bank Account

Income Tax Department (ITD) intends to leverage technology and data analytics for effective utilization of demonetisation data i.e. transactions related to cash deposits during 9th Nov to 30th Dec 2016.

article author CA Chirag Chauhan

Posted On:  7 months ago


Income Tax Department (ITD) launches Operation Clean Money [स्वच्छ धन अभियान]

Income Tax Department (ITD) has initiated Operation Clean Money, today. Initial phase of the operation involves e-verification of large cash deposits made during 9th November to 30th December 2016. Data analytics has been used for comparing the demonetisation data with information in ITD databases. In the first batch, around 18 lakh persons have been identified in whose

article author One Roof Consultant

Posted On:  7 months ago


Analysis of CAP-II reports regarding the no. of assessees, filing of returns etc. and the discrepancy in the reports as on 31/12/2016

The analysis of the CAP-II reports shows various serious discrepancies regarding the of assessees, filing of e-returns and paper returns and the total no. of returns filed which was also indicated in the earlier letter of the Pr. DGIT(Logistics) as referred above(copy enclosed).

article author One Roof Consultant

Posted On:  7 months ago


Launch of Post Assessment – Revision u/s 263/264 Proceedings module of Income Tax Business Application (ITBA)

This is in reference to the subject mentioned above. The functionality for passing revision order is now available in the Revision module of ITBA. 2. The Revision u/s 263/264 Proceedings module of the ITBA can be accessed by entering the following URL in the browser: https://itba.incometax.gov.in The path for Revision module is: ITBA Portal -> Login -> Modules -> Revision

article author One Roof Consultant

Posted On:  7 months ago


Launch of Income Tax Business Application (ITBA) – TPO Proceedings Module

This is in reference to the subject mentioned above. The functionality for TPO Proceedings (Process flow from recording the reference particulars and initiation of TPO Proceedings to passing of TPO order) is now available in the TPO Proceedings Module of Income Tax Business Application (ITBA).

article author One Roof Consultant

Posted On:  8 months ago


Procedure for registration for statement of financial transactions (SFT) as per section 285BA of Income-tax Act

Section 285BA of the Income Tax requires specified reporting persons to furnish statement of financial transaction. Rule 114E of the Income Tax Rules, 1962 (hereunder referred as the Rules) specifies that the statement of financial transaction required to be furnished under sub-section (1) of section 285BA of the Act shall be furnished in Form No. 61A.

article author One Roof Consultant

Posted On:  11 months ago


Generation of scrutiny notices u/s 143(2) for PAN selected in CASS-2016 regarding. (Time barring matter)

Kindly refer to letter No. F.No.System/ ITBA/Instruction/ Assessment/2015-16 dtd.15/03/2016, F.No.System/ ITBA/Instruction/ Assessment/CASS Cycle 2/2016-17 dtd. 25/07/2016 and F.no. DGIT(S)-2/ADG(S)-2ICASS 2016-17/93 dated 16/09/2016 requiring Assessing officers to generate scrutiny notices u/s 143(2) for PANs selected in cycle 1, cycle 2 and cycle 3 of CASS-2016. 2. It is seen that till 28-09-2016, notices have not been issued in 625 cases. 3. These 625 cases include 62 cases which are lying with inactive codes.

article author One Roof Consultant

Posted On:  11 months ago


ITR-7 data related to exemptions approved u/s 35 and 80G for AY 2014-15 and AY 2015-16

We have received requests from O/o CIT(Exemption), Mumbai and O/0 JCIT(Exemption),Range-2, Delhi for supply of ITR-7 data related to Approvals u/s 35 and 80G for AY 2014-15 and AY 2015-16 for the purpose of Manual Scrutiny under the Central Action Plan 2016-17. 2. Based on requests received we have extracted data from all latest ITR-7 of AY 2014-15 and AY 2015-16 submitted online upto 14-Sep-2016 where the assessee has mentioned details of approvals u/s 35 or 80G.

article author One Roof Consultant

Posted On:  11 months ago


The Direct Tax Dispute Resolution Scheme, 2016

Litigation is a scourge for a tax friendly regime. In order to reduce the pending litigation, the Direct Tax Dispute Resolution Scheme, 2016 (the Scheme) has come into force from 1st June, 2016 and can be availed upto 31st December, 2016. The Scheme is available to the cases pending with the first appellate authority [i.e. CIT(A)] as on 29th February, 2016, subject to certain conditions. It also extends to the cases pending litigation owing to retrospective amendment at different levels.

article author One Roof Consultant