Income Tax Assessment

In a first, the Municipal Corporation of Delhi (MCD) will use drones to survey properties in the city's industrial areas for tax assessment, officials said on Tuesday. This will help in verifying details submitted by residents of their properties while paying tax, an MCD official said. The MCD has invited bids to conduct a drone-based survey through an agency for the purpose of tax assessment. The last date to submit a bid is March 16. This will be the first time that the MCD will be utilising drones to survey properties falling in industrial areas in the national capital. The MCD has decided to use drones after the success of a pilot project last year. On a pilot basis, a survey was carried out in Mohan Cooperative Industrial Area on Mathura Road last year, an MCD official, associated with the project, told PTI. After the success of the survey there, the civic body has decided to deploy the technology in other areas as well, he said. The survey will help verify the exact use of

Each of these had its own advantages and drawbacks in terms of returns, tenure, liquidity and point of taxability. Pick instruments based on your own finances, goals and investment temperament

There is no suggestion of wrongdoing by Infosys, the newspaper highlights

The forms are quite elaborate and seek a lot of information, so get the documentation and paperwork ready, and make complete disclosures while filing returns

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IT sleuths can now trace all transactions of an individual, if they are not 'benami'. New reassessment regime allows them to probe any transaction worth Rs 50 lakh or more in the last 10 years

Check the Relied Upon Documents, or RUDs, on the basis of which the assessing officer has started the reassessment proceedings

There are some changes in the e-filing site, ITR Forms for AY 2021-22, as well as in the process of filing returns.

Experts says that the system is a mixed bag of experiences for the taxpayer, but agree that it largely circumvents the principle of natural justice

The unidentified groups engaged in construction of commercial and residential projects were searched on November 17.

The finance ministry on Tuesday said electronic records submitted through registered account of taxpayers in the income tax portal shall be deemed to have been authenticated by the taxpayer by EVC

Tax department should not issue notices indiscriminately

Many assessees have challenged reassessment notices under old law

Revenue department identifies people who have ignored notices calling for enquiry and verification of tax returns.

The CBIC has decided that all Saturdays (except second Saturday) will be working days for all the faceless assessment groups (FAGs) and port assessment groups (PAGs) across the country

Says recovery surveys be resorted to only if assessee is not responding to notices, can only be undertaken by those in investigation or TDS wing of tax dept

FinMIn says will benefit both assessees and I-T department, critics say personal hearing required in complex cases

While Faceless Assessment and Taxpayers Charter came in force from August 13, income-tax appeals are all set to go faceless from today, September 25

According to officials, Regional e-Assessment Centre (ReAC) has also been increased to 34 from 8 earlier

Taxpayers will be selected for assessment and other procedures through a system that uses data analytics, artificial intelligence and machine learning.