Clarification sought on Income Declaration Scheme, 2016

Read more at:VDS Vide Finance Act 2016, the Income Disclosure Scheme 2016 (IDS) has been launched for window period of 01.06.2016 to 30.09.2016. The present scheme is almost pari-materia to the earlier schemes like VDIS-1997, Amnesty Scheme-1985, VDS-1975, VDS-1965 etc., with slight changes here and there. However, the litigation arose only due to lack of clarity […]

Clarification required on Dispute Resolution Scheme, 2016

Read more at: dispute resolution scheme Pending tax disputes have been one of the major concerns of the government in recent times. Considering the huge pending disputes, the government has introduced the Income Tax Dispute Resolution Scheme, 2016. This scheme can be very effectively used by a section of taxpayers and has the potential to successfully reduce […]

Non-issue of notice u/s 143(2) for assessment u/s 148 is fatal: Chd ITAT

For complete Text of Judgemnet click here sanjeev Aggarwal ITAT ORDER It was contended that the Assessing Officer has erred in framing assessment under section 147 r.w.s. 143(3) of the Act even when no notice under section 143(2) of the Act was issued and served on the assessee and, hence the assessment deserves to be […]

Income Tax Rate Chart for FY 2012-2013

Checkout latest Income Tax Rate Chart for financial year 2012 – 2013 for men, women, senior citizens. A. Normal Rates of tax B. Rates of tax for a woman, resident in India and below sixty years of age at any time during the financial year C. Rates of tax for an individual, resident in India […]