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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.

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...
video

Land Development Agreement :How Capital Gains Computed ??

The issue of charging capital gains on land being given to developers by owners remain a very controversial subject . The issue of time...
compulsory registration

Compulsory Registration Under GST May Not Apply to Certain Online Service Providers Even if...

These days internet has brought in effective medium of providing  a large number  of services . Now we generally know that those service providers...
transfer of jurisdiction

Does Jurisdiction Transfer Affect Where You Can File Appeal with CIT(A) or ITAT or...

Jurisdiction transfer under Income Tax Act is a continuous process . The transfer of a case may be initiated either by assessee or by...

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