Income tax assessment response, reassessment defence, CIT(A) and ITAT appellate representation, search and seizure response, penalty proceedings and tax recovery stay.
Short, direct, on the record.
After the 2021 amendment, reassessment can be initiated within 3 years from the end of the relevant assessment year. For cases involving income escaping assessment of INR 50 lakh or more, the time limit extends to 10 years (with approval from the specified authority). A mandatory Section 148A inquiry must precede any reassessment notice.
Yes. The taxpayer can apply for stay of demand under Section 220(6). The CBDT instruction requires the AO to grant stay if the taxpayer has a prima facie case, subject to payment of 20% of the disputed demand (revised guidelines). CIT(A) and ITAT can also grant stay in appropriate cases.
Section 270A provides a penalty of 200% of tax payable on misreported income and 50% of tax payable on under reported income. Misreporting includes misrepresentation of facts, failure to record investments, claim of expenditure not substantiated and failure to report international transactions.
Yes. The CBDT has issued guidelines for compounding of offences under the Income Tax Act. Compounding applications are filed with the Principal Chief Commissioner. Not all offences are compoundable, and repeat offences face stricter conditions. Compounding fees are based on the tax evaded.
Share the assessment year, section, demand amount and the litigation stage for a preliminary assessment.