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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.

14 Dangers of Cash Transactions

Government is trying hard to stop the practice of cash transactions in Indian economy. Therefore , provisions after provisions are being inserted to make...

Income from Patents in India : 7 Important Points

Government of India has initiated a tax policy vide Finance Act 2016 to incentivise the effort of innovators in India by introducing a separate...
penalty for cash receiptvideo

Who Need Not Fear Cash Receipt Ban u/s 269ST ?

Section 269ST of the Income Tax Act introduced vide Finance Act 2017 is revolutionary idea to restrict the cash transactions in a country that...

1st July 2017 Onwards, Bank Account Operation May Get Hard For Some

The constant effort of this government to identify the person operating the bank accounts in India will bring some jolt to people who have...

PMGKY Over ! New VDIS Scheme is Notified !

This is no April Fools Day headline. This progressive government , after taking the gigantic step of demonetization in the country ,   desires that people...

CBDT Releases 25 FAQs on ICDS

Ten Income Computation and Disclosure Standards or ICDS are applicable from assessment year 2017-18 as per the Notification no. 87 dated 29th September, 2016...
invalid return

Even If CPC Banglore Declared Your Return Invalid u/s 139(9) , You Can Still...

These days , CPC Banglore is issuing notices under section 139(9) of the Income Tax Act for cure of various defects in the tax...

When Insurance Premium Paid By Employer is Perquisite & When Not ?

Under the Income Tax Act , any sum payable by the employer — whether directly or through a fund other than a recognized provident...
section 79 of the Income Tax Act

When is Section 79 Not Applicable Even if Shareholding Changed by 51% ?

Section 79 of the Income Tax Act provides that if a closely held company shareholding changes to the extent of 51 % of voting...
clubbing of income

LIC Premium for Policy in Name of Spouse is Okay for 80C Deduction ….is...

Section 80C of the Income Tax Act provides deduction of the amount of premium paid even on life Insurance Polices taken in name of...

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