Assessment of persons leaving India. 174. (1) Notwithstanding anything contained in section 4, when it appears to the Assessing Officer that any individual may leave India during the current assessment year or shortly after its expiry and that he has no present intention of returning to India, the total income of such individual for the period from the expiry of the previous year for that assessment year up to the probable date
Assessment of association of persons or body of individuals or artificial juridical person formed for a particular event or purpose. 174A. Notwithstanding anything contained in section 4, where it appears to the Assessing Officer that any association of persons or a body of individuals or an artificial juridical person, formed or established or incorporated for a particular event or purpose is likely to be dissolved in the assessment year in
Getting income tax scrutiny notice u/s 143(2) is perplexing for many tax payers , because a whole clouds hand over the duties of tax payer. He remains worried about the questions being asked in the scrutiny proceeding . Sri Manish Bhardwaj, who is salaried employee has received one such notice of scrutiny u/s 143(2) and has asked this question I have received income tax notice 143(2)for assessment year 2010-11 on...
Tax audit limit enhanced by Finance Bill 2012-13 . It is good news for all as the limit up to which a person can file tax return u/s 44AD has been enhanced to 1 Crore . Along with this good amendment, the limit for turnover upto which tax audit is not required has also been enhanced to 1 Crore. Under the existing provisions of section 44AB, every person carrying on
Budget 2012 has proposed new tax rates for Individuals , HUF , AOP & BOI ( Body of Individuals ) except companies but it has taken away the special status given to woman tax payers as no concessional tax rates are available to them .Finance Bill 2012 has treated men and women as equals. The new tax rates provides a marginal relief to tax payers . Major relief out of small
Central Board of Direct Taxes has notified new income tax return forms for assessment year 2011-12 (Financial year 2010-11 ) . However, simplest form, which Finance Minister promised , will take some more day to come. Following income tax forms are notified For Individuals and HUFs not having Income from Business or Profession ITR-2 in Doc For Individuals/HUFs being partners in firms and not carrying out business or profession under
The season of tax has arrived. Therefore , there is need for easy chart of all tax deduction u/s 80c to 80U for an Individual taxpayer?Under Income tax , deduction u/s 80C,80CCC, 80D, 80DD,80DDB,80G , 80GG, 80GGA, 80GGC , 80IAB , 80IB , 80IC , 80ID ,80IE , 80JJA , 80QQB ,80RRB , 80U are relevant to Individuals depending on the condition fulfillment. The following chart of deductions will give...
Section 14A of the I T. Act is regarding disallowance of expenditure incurred on the income which is exempt from tax . The bone of contention between taxpayer and income tax department is mainly on the issue of expense on earning of dividend income . While the assessee claims that no expenditure was incurred for earning tax free dividend income, whereas the Assessing Officer apportion the total expense debited in P & L account in the proportion of total income . The government later on notified the Rule 8D for computation of such disallowance u/s 14A
It is already posted earlier -How to check income tax refund status online ? . It is reported that Central Processing Unit , presently functioning from Bangluru , has proceesed five lakhs of refund cases out of total 26 lakhs of e-return filed for Assessment year 2009-10 .