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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.

GST Registration for Exporters

No GST Registration Required for Exporters of Service !

I am compelled to write this post even though on the issue of registration by freelancers working for outside agencies or foreign enterprise is...

Section 34 : Conditions for depreciation allowance and development rebate.

  34. (1) Omitted by the Taxation Laws (Amendment & Miscellaneous Provisions) Act, 1986, w.e.f. 1-4-1988 (2) Omitted by the Taxation Laws (Amendment & Miscellaneous Provisions) Act, 1986,...

Section 51 : Advance money received.

51. Where any capital asset was on any previous occasion the subject of negotiations for its transfer, any advance or other money received and...

Section 33AC : Reserves for shipping business.

33AC. (1) In the case of an assessee, being a Government company or a public company formed and registered in India with the main object...

Section 33ABA : Site restoration fund

33ABA. (1) Where an assessee is carrying on business consisting of the prospecting for, or extraction or production of, petroleum or natural gas or both...

Section 33AB : Tea development account ,coffee development account and rubber development account.

33AB. (1) Where an assessee carrying on business of growing and manufacturing tea or coffee or rubber in India has, before the expiry of six...

Section 33A: Development Allowance

33A. (1) In respect of planting of tea bushes on any land in India owned by an assessee who carries on business of growing and...

Section 32AC : Investment in new plant or machinery.

32AC. (1) Where an assessee, being a company, engaged in the business of manufacture or production of any article or thing, acquires and installs new...

Section 32AB : Investment deposit account

32AB. (1) Subject to the other provisions of this section, where an assessee, whose total income includes income chargeable to tax under the head “Profits...

Section 32A : Investment Allowance

32A. (1) In respect of a ship or an aircraft or machinery or plant specified in sub-section (2), which is owned by the assessee and...

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