Income Tax Assessment

MCD to use drones to survey industrial area properties for 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

15 schemes you might want to invest in to save income tax in FY24

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

Infosys admits appeal against UK tax assessment, says report

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

Get a fix on key changes in the new Income Tax Return Forms for AY 2022-23

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

TMS Ep153: IT tracking transactions, degree courses, markets, poison pill

Should people with unexplained spending be worried? Will pursuing two degrees simultaneously help students? What next for markets after Monday mayhem? What is 'poison pill' strategy? All answers here

Have big unexplained expenses? You can face IT review of past 10 years

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

How to respond to a notice for reassessment of income u/s 148A of I-T Act

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

Changes in Income Tax return filing that you must know before setting out

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

Faceless assessment: Taxpayers seek redress from courts over thorny issues

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

I-T dept says found Rs 400 cr black income at 2 Delhi-NCR realty firms

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

Faceless assessment: Rules for authentication of e-records submission eased

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

Targeting taxpayers

Tax department should not issue notices indiscriminately

Centre mulls Ordinance for past tax assessment as litigation mounts

Many assessees have challenged reassessment notices under old law

Faceless assessment may put an end to people dodging income tax notices

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

CBIC clears air on faceless assessment issues

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

CBDT clamps down on coercive assessment, tax recovery measures by officers

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

Faceless I-T appeal system kicks off today, leaves out fraud and evasion

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

In pics: All about faceless income tax assessment starting from today

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

CBDT deploys two-third of its workforce for faceless assessment scheme

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

Anonymous, at a distance: How faceless assessment will help taxpayers

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