Finance Minister launches the “e-Sahyog” pilot project of the Income-tax Department.

The Income-tax Department is committed to the ‘Digital India’ initiative of the Government of India.The Finance Minister today launched an “e-Sahyog” pilot project which furthers the Department’s commitment to work in an e-environment and reduces the need for the taxpayer to physically appear before tax authorities. The “e-Sahyog” project launched on a pilot basis, is…

Notification of Transfer Pricing Rules to incorporate “range concept” and “use of multi-year data” to reduce litigation on transfer pricing issues

The Income-tax Act provides for determination of income having regard to Arm’s Length Price (ALP) in case of international transactions and specified domestic transactions. The provisions of the Income-tax Act were amended through the Finance (No.2) Act, 2014 to facilitate alignment of Indian transfer regime with international best practices.The manner of computation of ALP is…

Use of email based communication for paperless Assessment Proceedings by CBDT

In order to improve the taxpayer services, enhance the efficiency and to usher in a paperless environment for carrying out the assessment proceedings, CBDT has decided to initiate the concept of using email for corresponding with taxpayers and sending through emails the questionnaires, notice etc. at the time of scrutiny proceedings and getting responses from…

Income from display of rough diamonds in Special Notified Zone carried-out on or after 1st April, 2015 not to be taxable under the provisions of the Income-tax Act, 1961

It has been decided that the income arising out of the activity of mere display of uncut diamond (without sorting or sale) inside a Special Notified Zone carried-out on or after 1st April, 2015 will not be taxable under the provisions of the Income-tax Act, 1961. Legislative amendment in this regard will be carried-out through…

CBDT extended last date for declaration of ‘Assets and Liabilities’ by Public Servants tinder Section 44 of Lok Pal and Lok Ayuktas Act, 2013

Last date for filing of revised returns for the year 2014 (as on 01.08.2014) and the returns for the year 2015 (as on 31.03.2015) by public servants under the ‘Public Servants (Furnishing of Information and Annual Return of Assets and Liabilities and the limits for exemption of Assets in filing Returns) Amendment Rules, 2014’ has…

FAQs on Tax Audit

What is tax audit? The dictionary meaning of the term “audit” is check, review, inspection, etc. There are various types of audits prescribed under different laws like company law requires a company audit, cost accounting law requires a cost audit, etc. The Income-tax Law requires the taxpayer to get the audit of the accounts of…