If an Employer has made Fair and Honest estimate of taxable salary and deduced and paid tax thereon, he cannot be treated as an Assessee in Default

In the instant case, the employer had deducted and paid tax on the amount of salary income of its employees by estimate. The ITO has not found that the estimate by the employer was not fair or honest. The Commissioner (Appeals), while dealing with this matter, found that the estimate made by the employer was […]

New rule notified for computation of fair market value of capital assets in case of Slump Sale

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 24th May, 2021 G.S.R.338 (E).—In exercise of the powers conferred by section 50B read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the[…..]