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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.

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...

No GST for Freelancers,Online Sellers & Other Inter-State suppliers upto 20Lakhs

CBEC has issued Notification No. 10/2017 dt 13th October 2017 – Integrated Tax to extend the benefit of basic exemption to all inter state...

Are You Ready for Unexpected Tax Demand vide Intimation u/s 143(1) for AY 2017-18...

By this time a majority of tax payers specially Individuals & HUF must  have filed tax return for the assessment year 2017-18  . Many...
period of holding

How to Find holding period in case of conversion of stock-in-trade to investment ?

Now it is often found  that  taxpayers who were holding listed shares as stock-in-trade ,  converted his holding in listed shares as stock-in-trade to...

No Exempt Income , No Dis-allowance u/s 14A . In any case Restricted to...

Section 14A of the Income Tax Act has been one of the most applied provision in scrutiny assessment by the assessing officers. Many a...

Section 179 :4 Reasons Notice to Recover Tax Dues from Director Fails ...

If you are director in a private  company which has a burden of tax demand , it may just happen that you may receive...
survey statement

Retraction from Survey Statement u/s 133A is Legal if Recorded Under Duress & Based...

During survey u/s 133A conducted by the income tax authorities, it is ritual to record survey statement of the assessee at the time of...
divorce

Is Divorce Settlement Amount or Alimony Taxable ?

Whether divorce settlement amount or alimony  received by the assessee under section 25 of the Hindu Marriage Act, 1955, on nullity of marriage, is...

5 Tax Saving Issues Related to Capital Gains on Inherited Property Answered?

Inheritance is natural way of getting capital assets-land , house or other properties.When you sale inherited property for which you paid nothing , it...
gst on rental servicesvideo

GST on Rental of Immovable Properties Other Than Hotels by Residents Simplified

The renting of properties is considered supply of services  under GST Act and therefore Goods and Service Tax applies on receipts on rent of...

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