Sukanya Samriddhi Account Notified for Deduction under section 80C(2)(viii)

CBDT notified opening of “Sukanya Samriddhi Account” as eligible investment for the purpose of Deduction under section 80C(2)(viii) of the Income Tax Act, 1961. The Notification can be downloaded by clicking –> Sukanya Samriddhi Account Notified for Deduction under section 80C(2)(viii)

CLARIFICATION AS TO WHETHER PROVISION OF SECTION 143(1D) PERMITS PROCESSING OF RETURNS HAVING A REFUND CLAIM, WHERE NOTICE UNDER SECTION 143(2) HAS BEEN ISSUED

Vide INSTRUCTION NO.1/2015 [F.NO.225/319/2014-ITAT.II], DATED 13-1-2015, CDBT has clarified that the processing of a return cannot be undertaken after notice has been issued under sub-section (2) of section 143 of the Act. CBDT Further clarified that it shall be desirable that scrutiny Continue Reading

Draft Income Computation and Disclosure Standards (ICDS)

Section 145 (1) of the Income-tax Act, 1961 (‘the Act’) provides that the income chargeable under the head “Profits and gain of business or profession” or “Income from other sources” shall be computed in accordance with either cash or mercantile Continue Reading