B&B Tax

CBDT notified following four  Forms for the purposes of the Direct Tax Vivad Se Vishwas Scheme, 2024: - (i)           Form-1 : Form for filing declaration and Undertaking by the declarant (ii)          Form-2 : Form for Certificate to be issued by Designated Authority (iii)         Form-3 : Form for Intimation of payment by the declarant (iv)         Form-4 : Order for Full and Final Settlement of tax arrears by Designated Authority    Note:- 1.      Form-1 shall be filed separately for each dispute provided that where appellant and the income-tax authority, both have filed an appeal in respect of the same order, single Form-1 shall be filed in such a case.  2    The intimation of payment is to be made in Form-3 and is to be furnished to the Designated Authority alongwith proof of with...

"S.O. 4016(E).—In exercise of the powers conferred by sub-section (2) of section 88 of the Finance (No. 2) Act, 2024 (15 of 2024), the Central Government hereby appoints the 1st day of October, 2024 as the date on which the Direct Tax Vivad Se Vishwas Scheme, 2024 shall come into force." [ Notification No. 103 /2024 dated 19.09.2024 ] Sections 88 to 99 of the Finance Act, 2024 contains The Direct Tax Vivad Se Vishwas Scheme 2024.  Some important feature are as under:- Section 89 -  Definitions ( a )   "appellant" means— ( i )   a person in whose case an appeal or a writ petition or special leave petition has been filed either by him or by the income-tax authority or by both, before an appellate forum and such appeal or petition is pending as on the specified date; or ( ii )   a person who has filed his objections before the Dispute Resolution Panel under section 144C of the Income-tax Act and the Dispute Resolution Panel has not issued any direction on or before...

"Annual Information Statement (AIS) is available to all registered Income Taxpayers through the compliance portal, accessible through the e-filing website (www.incometax.gov.in). AIS provides details of a large number of financial transactions undertaken by the taxpayer which may have tax implications. AIS is populated based on the financial data received from multiple information sources.  In AIS, taxpayer has been provided with a functionality to furnish feedback on every transaction displayed therein. This feedback helps the taxpayer to comment on the accuracy of the information provided by the Source of such information. In case of wrong reporting, the same is taken up with the Source for their confirmation, in an automated manner. It may be noted that, information confirmation is currently made functional with regard to information furnished by Tax Deductors/Collectors and Reporting Entities.  Income Tax Department has now rolled out a new functionality in AIS to display ...

"CBI is a premier investigating agency of the country. It is in public interest that CBI must not only be above board but must also be seem to be so. Rule of law, which is a basic feature of our constitutional republic, mandates that investigation must be fair, transparent and judicious. This Court has time and again emphasized that fair investigation is a fundamental right of an accused person under Articles 20 and 21 of the Constitution of India. Investigation must not only be fair but must be seem to be so. Every effort must be made to remove any perception that investigation was not carried out fairly and that the arrest was made in a high-handed and biased manner.    33. In a functional democracy governed by the rule of law, perception matters. Like Caesar’s wife, an investigating agency must be above board. Not so long ago, this Court had castigated the CBI comparing it to a caged parrot. It is imperative that CBI dispel    the    notion    ...

SLP(C) No.  28700/2024,  Dated 05.08.2024   Holding of High Court in case of CIT(IT) v.  WIPRO LTD,  ITA No. 181 of 2019 dated 29.11.2022 " 7. It is not in dispute that the assessee has made payment towards technical services to various recipients in different countries as per DTAA with different countries. In the case of Danisco, the Delhi High Court has held that Section 206AA cannot be understood to override the charging Sections 4 and 5 of the Act. It has further held that the provision in Section 206-AA has to be read down to mean that where the deductee i.e., the overseas resident business concern conducts its operation from a territory, whose Government has entered into a Double Taxation Avoidance Agreement with India, the rate of taxation would be as dictated by the provisions of the treaty. 8. Thus, we are in respectful agreement with the view taken by the Delhi high Court. As per the DTAA, the maximum deduction shall not exceed 10% which the assessee h...

1. The e-DRS was notified with the aim to reduce litigation and provide relief to eligible taxpayers. Section 245MA of the Act also provides for the constitution of Dispute Resolution Committees (hereinafter referred to as “DRC”).  2.      The e-DRS enables the taxpayer, who fulfils certain specified conditions as stipulated in section 245MA of the Act, to file an application electronically for dispute resolution to the DRC designated for the region of Principal Chief Commissioner of Income-tax having jurisdiction over the taxpayer.  3.  "specified order" means such order, including draft order, as may be specified by the Board, and,—   ( i ) aggregate sum of variations proposed or made in such order does not exceed ten lakh rupees;  ( ii ) such order is not based on search initiated under  section 132  or requisition under  section 132A  in the case of assessee or any other person or survey under  section 1...