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Assessment

Assessment under Income Tax Act 1961 means a written order of computation of total income by the assessing officer. The assessment of total income is done under different circumstances. One is when a person files return of income and the a processing by computer is done to assess the total income , tax payable or refundable. Then there is assessment after scrutiny under section 143(3). Similarly when search and seizure is conducted under section 132 of the Income Tax Act, A.O passess order fo assessment u/s 153A or 153C as teh case may be . Assessment also include reassessment.

deemed annual value

No Deemed Annual Value Even if Owning More Than One House ! Here is...

More than one house and not showing any house property income ?If yes, it is  a very common query by the income tax authorities why...
startups

Good News ! Startup Companies Out of Sec. 56(2)(vii)(b)

Section 56(2)(viib) of the Income Tax Act provides that if a closely held company issues shares for a premium and the total receipt is...
cash or deposit

Undisclosed Cash or Deposit Only Can Be Declared Under PMGKY . Income in Any...

Pradhan Mantri Gramim Kalyan Yojana 2016 ( PMGKY ) scheme started from 17th December 2016 under which anyone ( except ) certain persons can...

Rental of Mall Properties With Services or Facilities is Business Income

The tussle between Revene and Taxpayer over the head of income under which rental receipt from a property is quite old phenomena . So,...

Rule & Provision Under PMGKY Conflicts With Each Other ! Greatly Curtails Right of...

The Pradhan Mantri Garib Kalyan Yojna vide section 199C of the Finance Act 2016 is effective from today to 31st March 2016 . Earlier...
HSBC account holder

HSBC Swiss Bank Account Case : A Big Blow to Tax Department !

Can you predict the outcome of a tax case in which government gets information about a hidden bank account in HSBC , Geneva ,Switzerland...

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