Assessment of Banks - Checklist for deductions

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..... Assessment of Banks - Checklist for deductions - Commentaries / Editorials Dated:- 2-12-2008 - News - CBDT has observed that, In a recent review of assessment of Banks carried out by C AG, it has bee .....

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..... n observed that white computing the income of banks under the head 'Profit and Gains of Business Profession', deductions of large amounts under different sections are being allowed by the Assessing .....

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..... Officers without proper verification, leading to substantial loss of revenue. It is, therefore, necessary that assessments in the cases of banks are completed with due care and after proper verific .....

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..... ation. In particular, deductions under the provisions referred to below should be allowed only after a thorough examination of the claim on facts and on law as per the provisions of the I.T. Act., 19 .....

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..... 61 . Therefore, CBDT has issues long list of deductions to be examined while allowing from profit and gains from Business or Profession in case of Banking Sector. See Income Tax - INSTRUCTION NO. .....

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..... 17/2008 - dated - 26-11-2008 - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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