Home Assessment

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.

When Insurance Premium Paid By Employer is Perquisite & When Not ?

Under the Income Tax Act , any sum payable by the employer — whether directly or through a fund other than a recognized provident...
section 79 of the Income Tax Act

When is Section 79 Not Applicable Even if Shareholding Changed by 51% ?

Section 79 of the Income Tax Act provides that if a closely held company shareholding changes to the extent of 51 % of voting...
clubbing of income

LIC Premium for Policy in Name of Spouse is Okay for 80C Deduction ….is...

Section 80C of the Income Tax Act provides deduction of the amount of premium paid even on life Insurance Polices taken in name of...

Operation Clean Money -Phase 2- 8 Directions By CBDT to AO on Verifying Cash...

Demonetization programme required that people deposit all their cash holdings with banks. They did , so did many tax evaders also. In order to...
tax demand notice

How to Deal WIth Tax Demands Out of Assessments ?

Now that the scrutiny assessment agony is over by 31st December, new one starts from Feburary onwards , for both the assessee and the...
service tax

Service Tax Not Covered U/s 145A(a)(ii) Yet Taxable Under Sec. 43B

Service tax are collected from service recepient and then deposited to government by the service tax provider. So, what happens when the service tax...
Who Will Face Scrutiny for cash deposits

Who Will Face Income Tax Scrutiny For Sure ?

Now that the period of demonetization is over , the income tax department is gearing up for the collection of data for sending scrutiny...
salary received in India

ITAT Kolkata Order in Tapas Kr. Bandhopadhya Case. Here is Why NRI Employees ,Marine...

There are so many orders from Tribunals and High Court  in which the salary earned abroad but received in India have been considered not...
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...

Connect

1,982FollowersFollow
3,689FollowersFollow
979SubscribersSubscribe

Would you like to install our new app ?