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Assessment
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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.
The famous Supreme Court decision on reassessment in the case of Union of India vs. Ashok Agarwal [2022] 138 taxmann.com 64 (SC) wherein the Hon’ble Supreme Court held that all the notices…
Reassessment notices under section 148 of the Income Tax Act (hereinafter the Act) are perhaps more in numbers than the actual regular scrutiny assessment notices. This post is examining the…
Once you finish this article , you will get answers to common questions like why a tax clearance certificate needed or , what are types of assets covered under section 281 or how to apply for obtaining permission for the transfer of property, what is the format of a certificate under section 281 of income tax act, and what happens if you do not obtain .Also case laws on section 281 of income-tax act that will clarify many controversial issues.
The term disability pension is neither defined under the Income Tax Act nor is there any clear provision of law that exempts the disability pension. For example, section 10 of…
Let us start with a practical situation. Say , in the month of June or July 2015 , search & seizure u/s 132 was conducted on a group by the…