September 2020 Edition

Description

This book is a ready-reckoner for the assessees and tax practitioners, to understand the ‘Faceless Assessment Scheme 2019’, in an effective, qualitative and timely manner. This book aims to fully familiarise the reader, with the following points:

·    Manner, mode and methodology of conducting the faceless assessments

·    Viewing and retrieving of e-scrutiny notices

·    Requisitions in the registered e-filing accounts

·    E-filing and uploading of qualitative and meritorious e-responses to notices and requisitions

This book explains the practical aspects of Faceless Assessments through practical case studies. This book is updated up to September 2020 and it incorporates all relevant CBDT’s Circulars, Notifications & Press Releases on the ‘New Faceless Assessment Scheme, 2019’. Key highlights of this book are:

·    Detailed analysis of New ‘Faceless Assessment Scheme, 2019’ with illustrative tables, infographics, visuals and e-proceeding portal windows;

·    [Step-by-Step-Manner] Demonstrates actual conduct of faceless assessments in a ‘Step-by-Step-Manner’ through e-proceedings portal windows;

·    [Practical Case Studies] on faceless assessments on the issues of share capital, share premium, LTCG on penny stocks, valuation of shares under Section 56(2)(x), etc.;

·    [Guidance] for ‘e-Filing of Rectification Applications under Section 154’ & ‘e-Responses to Outstanding Income Tax Demands’;

·    [Analysis] of practical challenges and suggestive solutions concerning the ‘New Faceless Assessment Scheme, 2019’; and

·    [FAQs] on the ‘New Faceless Assessment Scheme, 2019’

·    The contents of the book are as follows:

o   Decoding the New ‘Faceless Assessment Scheme, 2019’

o   Practical Guide to Faceless Assessments

o   Practical Case Study on ‘Faceless Assessments’ under Section 143

§  Disallowance under Section 14A read with Rule 8D

§  Disallowance of pre-commencement business expenditure

§  Taxability of Compensation received under RFCTLARR Act, 2013

§  Revenue Recognition & Expenditure Booking in Real Estate Business

o   Practical Case Study on Faceless Assessments under Section 147

§  Bogus Purchase Entities

§  Seized Diary/Loose Sheets

§  Annual Information Return (AIR)

§  Information from Investigation Wing

§  Cash Deposits during Demonetisation

§  Valuation of Shares under Section 56(2)

o   Practical Guide to e-Filing of Rectification Application under Section 154 & e-Response to Outstanding Income-tax Demand

o   Decoding Lesser-Known Nuances of ‘Faceless Assessment Scheme, 2019’

o   Faceless Assessment | Practical Challenges & Suggestive Solutions

o   International Best Practices & Indian Tax Administration

o   FAQs on ‘Faceless Assessment Scheme, 2019’

o   Appendices

§  Faceless Assessment Scheme, 2019

§  Notifications and Circulars