The assessment proceedings are recorded by the A.O on a paper , commonly known as order sheet , where the assessee or his authorized representative and the assessing officer records their signature to maintain a time sheet of the proceeding. This document , being a record of proceeding of assessment or any other proceeding has legal value . So , when common dispute arises between assessee and the A.O about Non appearance or Non-submission of the requisite documents or papers
Author: Prashant Thakur
Are you scared that you have filed income tax return ( ITR ) in wrong form and the date of revision of the form is also over. What to do ? Whether your form will be accepted ? Will your tax return be considered invalid ? Generally , people may say so , that is not correct . Good news is that income tax return filed in a wrong form can not be invalid automatically . This post provides
On Thursday , 16th April 2015, the CBI arrested a Deputy Commissioner of Income Tax (DCIT) of 2008 batch in New Delhi for allegedly demanding and accepting a bribe of Rs 1.5 lakh from an advocate. Along with him , others - the advocate who was acting as a middleman, a director of a private company based in New Delhi and a personal attendant of the DCIT serving at his office were are also arrested. (more…)
Filing of Return Possible Even if Last Date Expired ! You Can Save Yourself From Concealment Penalty & Prosecution
Now , it is well known that Income Tax Act prescribes due date u/s 139(1) and those who could not file the return within due date , late return filing is possible as per section 139(4) of the Income Tax Act. But , what if one could not file return even after the last date prescribed u/s 139(4). Does he /she/it lose all right to file a tax return? Even among such cases of default in filing of return
eFiling of Income Tax Return for Asst Yr 2015-16 Compulsory for Individuals Earning Even a Penny From Abroad !
The process of efiling of income tax returns have been enlarged from the assessment year 2015-16 . CBDT has notified the new Rules and tax return forms for filing of tax return . One of the major changes brought in is going against lakhs of freelancers who are earning income online or any one who has any type of income from abroad. So , all persons who are getting pensions from any foreign country or has any bank account