Applicants for PAN are required to provide the AO code in their application.The AO Code is a combination of Area Code, AO Type, Range Code and AO Number.List of A.O Code for West Bengal is given below The list of AO codes given below is to help the PAN applicant to choose the AO codes under [...]
How to easily find A.O code for PAN?
December 5, 2010 by
Applicants for PAN are required to provide the AO code in their application. This information can be obtained from the Income Tax Office. Applicants may search their AO Codes on the basis of description wherever provided as NSDL provides very useful way to find out their AO Code .Just Follow following steps First Step : ...
New income tax centralized processing centres (CPCs) at Pune and Manesar
May 30, 2010 by Leave a Comment
These days , the income tax department has made the e-filing of return mandatory in case of every assessee having turnover exceeding Rs 10 lakhs or having professional receipts more than Rs 10 lakhs apart from companies and other entities. Previously , the processing u/s 143(1) was being done in A.O’s ward . However, now [...]
Can you make fresh claim for deduction otherwise than by filing a revised return?
May 21, 2010 by
The answer is in negative by Supreme Court in Goetze (India ) Ltd. vs. CIT [2006] 284 ITR 323 (SC) which held that if assessee did not claim the deduction or exemption in return, the claim can not be made to A.O without filing revised return. The decision of the Apex Court was as under The question raised...
Can you claim exemption u/s 54 or 54F for constructing house on land owned by wife?
May 15, 2010 by
Capital gains exemption can be claimed u/s 54 or 54F if the sales consideration is invested in buying the house or constructing the house . It does not matter if the land on which construction is done is owned by spouse. This is what karnataka High court said in the deicision in case of CIT and Anr....
Can A.O pass rectification order u/s 154 even after time limit?
May 12, 2010 by
Income tax Act provides ways to rectify any error which comes to light . This right is provided to both-assessee and the A.O . There is also time limits for such rectification . I T Act provides that an assessee can move an application for rectification of an order within 4 years from the end of financial year in...
Can HRA exemption, 80C deductions & Interest deduction be claimed together?
May 11, 2010 by
House rent allowance exemption and interest deduction including 80C deduction for payment of principal amount of loan is one of the most sought after query by readers of this blog. Therefore, when Mr Nag of Banglore asked “I have an independent home in B’lore(under bank loan) and I am staying in B’lore in rented house(3BHK). Can I...
What are the orders of A. O. against which appeal to CIT(A) can be filed?
April 30, 2010 by 2 Comments
Section 246A of Income Tax Act 1961 provides exhaustive list of A.Os orders which are appealable. But in simple terms , one should know that appeal can be filed against
1.intimation u/s 143(1) served on you.
2. Assessment order passed by A.O
3. Penalty orders
4. Any other order passed by
Is Rectification u/s 154 Possible For Revising Capital Gains in case Compensation Received For Compulsory acquisition of Land or Property Gets Reduced by authority or Court or Tribunal?
April 27, 2010 by
Section 155(16)of the Income Tax Act was introduced from Asst Year 2004-05 (F.Y 2003-04 ) . This relates to capital gains on compensation .The reason for bringing such provision was that the land property were being acquired by government or private bodies for major infrastructure development. In that event
Reassessment Notice to ICICI Prudential Quashed By Mumbai high Court
April 27, 2010 by
Rs.98.70 crores. 4 5) Section 44 of the <b>Income</b> <b>Tax</b> <b>Act</b>, 1961 provides that notwithstanding anything contained to the contrary ... First schedule to the <b>Act</b>, <b>income</b> of life insurance business assessable under the <b>Income</b> <b>Tax</b>
Landmark Judgment by Supreme Court On Penalty u/s 271(1)(c) in Favour Of Taxpayers !
March 27, 2010 by
Very recent judgment of Supreme Court in CIT vs Reliance Petroproducts Pvt Ltd delivered on 17/3/2010, is a great relief to taxpayers as it has cleared the confusion in minds of Authorities regarding the imposistion of penalty. In fact the decision of Apex Court in Dharmendra Textile embolden Authorities to the extent that penalty proceeding
Monthly Subscription
Annual
Semi Annual Subscription
Quiz for CA/ICMA/CS Students
