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.

Dead Person & Tax Issues : 7 Points You Need to Know

It is a universal truth that a man/woman, whether one earns or not, whether poor or wealthy, shall die one day. That day of end...

Form 9A & Form 10 for Asst Yr 2016-17 Can be Filed Now !...

Basically almost all the donation or contribution received by a recognized trust or institution is considered its income unless either it accumulates the income...

Section 68 Not Applicable If Share Capital is Received From Non-Resident

The issue of shares at premium by private limited company is the root of money laundering by black money holders.Thus , it is usual...

Can an Investment Company Deduct Office Expenditure as Cost Of Acquisition of Shares...

An unlisted public limited investment company is engaged in the business of investment in shares and other securities of unlisted companies. It books income/or...

Section 179 :4 Reasons Notice to Recover Tax Dues from Director Fails ...

If you are director in a private  company which has a burden of tax demand , it may just happen that you may receive...

How To Overcome Section 50C ?? Here is one way

Let us admit it. The failure of the government to catch the real tax evaders on various account has brought lots of deeming fiction...

Notice for Filing Return u/s 142(1) is Useless in Most Cases!

It is customary for officers of department to issue notice u/s 142(1) of the Income Tax Act asking a person to file tax return....
treaty tie breaker

How Treaty Tie Breaker Rule Affect Taxation of NRI Income ?

The residential status of a taxpayer is the core criteria for application of Income Tax Act on any income earned by him in India...
ibc code taxation issues

5 Taxing Issues Can Make Persons Acquiring Stressed Companies Under Insolvency & Bankruptcy Code...

The government has brought the Insolvancy and Bankruptcy Code with effect from Assessment Year 2018-19 (i.e. Financial Year 2017-18), in case of a company,...
time limit for issue of TDS certificate

What is the Time Limit for Issue of TDS Certificate u/s Sec. 197A ?

Section 197 of the Income Tax Act provides that if a taxpayer produces a certificate of lower tax deduction or Nil tax deduction issued...