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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.

invalid return

Even If CPC Banglore Declared Your Return Invalid u/s 139(9) , You Can Still...

These days , CPC Banglore is issuing notices under section 139(9) of the Income Tax Act for cure of various defects in the tax...

Last Date for filing Return Two Assessment Years Ends on 31/03/2018

Filing tax return is one of the most important legal compliance by a tax payer. It is always better to file the tax return...

You too can get relief like Shahrukh Khan from 148 Proceeding !

It is common knowledge that Income Tax Department is very generous in case of issue of notice for reassessment u/s 148 is concerned. If...

Section – 115A of Finance Act 2018 : Tax on dividends, royalty and technical...

Tax on dividends, royalty and technical service fees in the case of foreign companies. 115A. (1) Where the total income of— (a) a non-resident (not being...

Section 61 : Revocable transfer of assets

Revocable transfer of assets. 61. All income arising to any person by virtue of a revocable transfer of assets shall be chargeable to income-tax as the income...

A Simple Quiz 99% Tax Expert will Fail !!

Are you serious ? Is this sentence "A Simple Quiz 99% Tax Expert will Fail !!" an arrogant statement ? I dont think so...
compounding of prosecution

Compounding of Prosecution Under Income Tax Act Simplified !

A person charged with an office under Income Tax Act can admit his guilt and  can apply for compounding of prosecution or offence as...

Car Parking Expense Eligible for Section 54 or 54F Exemption

Car parking expense is almost certain for people buying because in metro and mini metro cities . In fact even in smaller cities ,...
icds

ICDS Ultra Vires ! File Revised Return If Shown More Income !

ICDS or Income Computation & Disclosure Standard which is made effective from assessment year 2017-18 has got a big jolt from Delhi High Court...
usa tax relief

WoW ! India Gets 2 Rare Tax Reliefs from USA .

Do you know USA do not allow any non-residents of USA (nonresident aliens as per US Code 26) to claim personal exemption or standard...

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