About Product
This book is a ready reckoner for the assessee and tax practitioners, to understand practicalities and nuances of the following, in an effective, qualitative and timely manner: Faceless Assessments under the newly inserted Section 144B of the Income Tax Act w.e.f. 01.04.2021 Faceless Appeal Scheme, 2020 legislated w.e.f. 12.02.2021 Faceless Penalty Scheme, 2021 incorporated w.e.f. 12.02.2021 Legislative provisions concerning Faceless ITAT The Present Publication authored by Mayank Mohanka, is the 4th Edition & amended by the following: The Finance Act, 2021 The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 All Important & Relevant CBDT’s Legislative Schemes, Circulars, Notifications & Press Releases on the Faceless Taxation Regime are updated till 31.03.2021 This book has the following noteworthy features: [Illustrative Tables, Infographics, Visuals & Real-time Scrutiny Windows] to explain the newly inserted Section 144B containing provisions for ‘Faceless Assessments’ and the Legislative Schemes of ‘Faceless Appeal Scheme, 2020’ and ‘Faceless Penalty Scheme, 2021’. [Real-time Practical Case Studies] on ‘Faceless Assessments’ on issues of: o Addition on account of HSBC Foreign Bank Account o Reassessment on account of Information from another IT Authority o Admission of Additional Evidence under Rule 46A o Cash Deposits out of Earlier Cash Withdrawals o Addition on account of considering Rental Business Income as Income from House Property o Appeal against Revisionary Order u/s 263 o TDS on Transmission & Wheeling Charges o Appeal against Rectification Order u/s 154 o Cash Deposits during Demonetization o Valuation of Shares u/s 56(2)(x) o Share Capital/Share Premium o LTCG on Penny Stocks o Disallowance u/s 14A/Rule 8D o Disallowance of Pre-commencement Business Expenditure o Taxability of Compensation received under RFCTLAAR Act, 2013 o Revenue Recognition & Expenditure Booking in Real Estate Business o Bogus Purchases, Seized Diary, AIR/STR information [Specimens of Suggestive Qualitative & Meritorious] ‘e-Responses/Submissions’ on ‘Faceless Assessments & Faceless Appeals’ Practicalities & Nuances of Differences between the Conventional Assessments, Appeals and Penalty Proceedings & the New Faceless Assessments, Appeals and Penalty Proceedings. [‘Step-by-Step-Manner’ through ‘Real-time’ ‘e-Proceedings’ windows] for demonstrating the actual conduct of ‘Faceless Assessments’, ‘Faceless Appeals’ & ‘Faceless Penalty’ proceedings [Practical Guide] to ‘e-Filing of Rectification Applications u/s 154’ & ‘e-Responses to Outstanding Income Tax Demands’. [Doctrine of Audi Alteram Partem] Critical Litigative Issues in the Faceless Taxation Regime Faceless ITAT: Some Key Issues FAQs on the ‘Faceless Taxation Regime’ International Best Practices in Tax Administration & Indian Tax Administration
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