Assessment of Banks - Checklist for deductions

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....ssessment of Banks - Checklist for deductions <br>News and Press Release<br>Dated:- 2-12-2008<br><BR>CBDT has observed that, In a recent review of assessment of Banks carried out by C&AG, it has been ....

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....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 Of....

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....ficers 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 verificati....

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....on. 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., 1961. ....

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.... 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. 17/2008....

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.... - dated - 26-11-2008<BR> News - Press release - PIB....