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Taxmann’s Faceless Assessment Appeals & Penalty Ready Reckoner is a ready reckoner for the assessee and tax practitioners to understand the practicalities and nuances of the following in an effective, qualitative, and timely manner:
• Faceless Assessments u/s 144B of the Income-tax Act as amended by the Finance Act, 2022
• Newly substituted Faceless Appeal Scheme, 2021 introduced w.e.f. 28.12.2021
• Faceless Penalty Scheme, 2021 introduced w.e.f. 12.01.2021
• The newly inserted legislative faceless schemes are also explained:
◦ e-Assessment of Income Escaping Assessment Scheme, 2022 u/s 151A
◦ Faceless Jurisdiction of Income-tax Authorities Scheme, 2022 u/s 130
◦ e-Verification Scheme, 2021 u/s 135A
◦ e-Advance Rulings Scheme, 2022 & e-Settlement Scheme, 2021 u/s 245D
The Present Publication is the 5th Edition, authored by Mayank Mohanka. This book is amended by the Finance Act 2022 & updated till 15th April 2022, with the following noteworthy features:
• [Lucid Explanation with Illustrative Tables, Infographics, Visual & Real-time Scrutiny Windows] for the Faceless Assessment, Faceless Appeals Scheme 2021 & Faceless Penalty Scheme 2021
• [25+ Real-time Practical Case Studies] on Faceless Assessments on the following issues:
◦ Addition on account of Belated Deposit of Employees' Contribution towards PF & ESI
◦ Disallowance of Bad Debts
◦ Additions made on Estimated Income Basis
◦ Additions made in the hands of Group Housing Societies
◦ Addition on account of HSBC Foreign Bank Account
◦ Reassessment on account of Information from another IT Authority
◦ Disallowance of Pre-commencement Business Expenditure
◦ Taxability of Compensation received under RFCTLAAR Act, 2013
◦ Revenue Recognition & Expenditure Booking in Real Estate Business
◦ Bogus Purchases
◦ Seized Diary
◦ AIR/STR information
• [Specimens of Suggestive Qualitative & Meritorious e-Responses/Submissions] on critical and recurring issues encountered in tax practice
• [Practicalities & Nuances] of differences between the Conventional Assessments, Appeals and Penalty Proceedings & the New Faceless Assessments, Appeals and Penalty Proceedings
• [Practical Guide] for the following topics:
◦ [Actual Conduct of Proceedings] for Faceless Assessments, Faceless Appeals & Faceless Penalty, demonstrated in the following manner:
▪ Step-by-Step
▪ Through the Real-time e-Proceedings window
◦ [e-Filing & e-Responses] of rectification applications u/s 154 & outstanding income tax demands respectively
◦ [Seeking & Utilising the Opportunity of Personal Hearing] through video conferencing in the new e-Proceedings Utility
• [Deciphering Critical & Legislative Issues] on the Faceless Taxation Regime, such as:
◦ What is the validity of a frequent transfer of faceless assessments & penalty cases from faceless hierarchy to jurisdictional AO?
◦ What is the legality of fixing the maximum time limit for filing all the e-responses by the assessee under the e-proceedings functionality under faceless assessments?
◦ What is the validity of the exercise of revisionary powers by an individual jurisdictional CIT(Appeal) u/s 263/264 over an order passed by a dynamic jurisdiction in the faceless hierarchy?
The detailed contents of this book are as follows:
• Evolution of Faceless Regime: From Caterpillar to Butterfly
• Amended Faceless Regime in Finance Act, 2022
• Practical Case Study on Addition of Compensation Received under RFCTLARR Act, 2013 in Faceless Assessments
• Practical Case Study on Revenue Recognition & Expenditure Booking in Real Estate Business in Faceless Assessments
• Practical Case Study on Cash Deposits during Demonetisation
• Practical Case Study on Valuation of Shares u/s 56(2)
• Decoding Lesser-known Nuances of Faceless Assessment
• Practical Case Study on Faceless Appeals on Disallowance of Employee's Contribution to PF & ESI
• Practical Case Study on Faceless Appeals: Addition in Respect of Foreign Bank Account
• Practical Case Study on Addition Based on Information Received from another IT Authority
• Practical Case Study on Faceless Appeals: Admission of Additional Evidence
• Practical Case Study on Faceless Appeals: Cash Deposits during Demonetisation
• Practical Case Study on Faceless Appeals: AO's Treatment of Business Rental Income as Income from House Property
• Practical Case Study on Appeal before ITAT: Challenge to Revisionary Order u/s 263
• Practical Guide to e-Filing of Rectification Application & Response to Outstanding Demand
• Analysis of High Court Judgments on Faceless Assessments & Lessons Learnt
• Look inside the book here: [ Ссылка ]
• Like It? Buy Now with Free Expedited Shipping & Get a Limited Period Discount! [ Ссылка ]
