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.

time limit for giving effect

What is the Time Limit to Give Effect to Appeal Orders ?

It is often found by taxpayers that the department does not so alacrity in giving effect to the orders of CIT(A) or ITAT when...

Six Budget 2019 Proposals That Will Save You Lots of Taxes

Budget 2019 presented today by Sri Piyush Goyal , Hon'ble Finance Minister has brought in least changes to the Income Tax Act . Here...

Circular for 20% Demand Payment Not “The Last Word” : SC, Mumbai & Other...

The high pitched assessments that raise astronomical high demands on taxpayers are also the  problem of commissioners of Income Tax . The awake from the...

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 the department to issue notice u/s 142(1) of the Income Tax Act asking a person to file tax...
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