Anil Sethi
Income Tax appeals before CIT(A) & ITAT, Assessment and Procedures, Tax Audits, Statutory Audits, Tax Advisory,
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CBDT issues notification on selection of cases for tax scrutiny.The Central Board of Direct Taxes (CBDT) has maintained its annual tradition by issuing a circular on May 3, 2024, for the financial year 2024-25, which delineates the criteria for the selection of income tax returns for Complete Scrutiny. Selection criteria for tax return scrutiny includes evidence of tax evasion, cases where notice calling for returns have been issued & no returns have been furnished, and cases where income has escaped assessment, among others. The issuance of the circular serves as a reminder for taxpayers to evaluate and ensure adherence to tax laws, to avoid severe consequences of non-compliance. Here are the guidelines: 👇
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The Financial Soul
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That's interesting news! It's crucial for taxpayers to stay informed about the selection criteria for tax scrutiny.
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Anil Sethi
Income Tax appeals before CIT(A) & ITAT, Assessment and Procedures, Tax Audits, Statutory Audits, Tax Advisory,
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Latest Update on Section 43B(h) - Payment to MSMEs within 15/45 Days Hon'ble Finance Minister Nirmala Sitharaman in her interaction with MSMEs & Local Industrialists in Ludhiana, Punjab on Tuesday has assured that if MSMEs feel that the new Income Tax amendment isn't favorable, they can voice concerns through representation and favorable changes will be made in the full budget positively!That's a significant update. It reflects the government's responsiveness to the concerns of MSMEs regarding the new Income Tax amendment related to Section 43B(h) concerning payments to MSMEs within 15/45 days. This assurance from the Hon'ble Finance Minister indicates a willingness to consider feedback from stakeholders and make necessary adjustments to ensure a more favorable environment for MSMEs. It's crucial for the government to maintain a dialogue with the business community to address their needs and promote growth and development.
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Anil Sethi
Income Tax appeals before CIT(A) & ITAT, Assessment and Procedures, Tax Audits, Statutory Audits, Tax Advisory,
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Unlock a world of benefits for your enterprise with Udyam Registration!Register your enterprise on the Udyam Portal free-of-charge and become eligible for priority sector lending from banks.Register on the Udyam Portal now! Click here to register: udyamregistration.gov.in
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Anil Sethi
Income Tax appeals before CIT(A) & ITAT, Assessment and Procedures, Tax Audits, Statutory Audits, Tax Advisory,
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Kind Attention Taxpayers, Please link your PAN with Aadhaar before May 31st, 2024, if you haven’t already, in order to avoid tax deduction at a higher rate.Please refer to CBDT Circular No.6/2024 dtd 23rd April, 2024.
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Anil Sethi
Income Tax appeals before CIT(A) & ITAT, Assessment and Procedures, Tax Audits, Statutory Audits, Tax Advisory,
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Kind Attention Reporting Entities!The deadline to file SFT (Statement of Specified Financial Transactions) is May 31st, 2024.Avoid penalties by filing accurately and on time.
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Anil Sethi
Income Tax appeals before CIT(A) & ITAT, Assessment and Procedures, Tax Audits, Statutory Audits, Tax Advisory,
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DGTS-CBIC Invites to Pan India webinarhttps://lnkd.in/gtVgAbaDMeeting Topic: How to reply to an SCN issued by the GST Department.Webinar number: 25150405657Webinar Password: 1234Panelist Password: 12345When: Tuesday, 28 May 2024, 02:30 PM
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Anil Sethi
Income Tax appeals before CIT(A) & ITAT, Assessment and Procedures, Tax Audits, Statutory Audits, Tax Advisory,
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Ministry of Finance @FinMinIndia releases Monthly Economic Review #MER for April 2024.For full report➡️dea.gov.in/sites/default/… Key highlights👇
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Anil Sethi
Income Tax appeals before CIT(A) & ITAT, Assessment and Procedures, Tax Audits, Statutory Audits, Tax Advisory,
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Capital Gain Index for FY 2024-25 relevant for the assessment year 2025-26 has been announced as 363. #taxupdates
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Anil Sethi
Income Tax appeals before CIT(A) & ITAT, Assessment and Procedures, Tax Audits, Statutory Audits, Tax Advisory,
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worthwhile to share.
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