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Proviso to Sec 113 IT Act retrospective in nature: SC

In a very important ruling regarding levy of surcharge on block assessment of income, the Supreme Court of India ruled that the proviso to Section 113 of the Income Tax Act imposing surcharge shall not have a retrospective affect. “…….. … Continue reading

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CBDT lists procedures for mandatory scrutiny of cases

Central Board of Direct Taxes today announced procedure and criteria for mandatory scrutiny of cases. The following cases/returns shall be compulsorily scrutinized: (a) Cases where value of international transaction as defined u/s 92B of IT Act exceeds Rs. 15 crores. … Continue reading

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