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.

Sec. 148 or 143(2) Notice On Amalgamating Company, Dead Entity & Person Void Ab...

I have written in past, at least two articles, on the issue whether a notice issued on a person who is no...

Quantum Jump in Appeal Monetary Limit!

In a major relaxation, CBDT has issued Circular 17/2019 dated 8/08/2019 to further extend the monetary limit to file an appeal by...

Denial of Exemption for Not Filing Form 10B by CPC . How to Deal...

Section 12A of the Income Tax Act states various conditions for availing the exemption under the Act...

No GST on Deemed Import if Goods or Services Exported From Outside India

This post is focused on the issue of GST on Deemed Import of Goods. Recently one reader asked a paid question that his company got...
faceless scrutiny

Faceless Tax Scrutiny in the Offing !

The Businesslines reported yesterday that CBDT has issued orders to conduct the second phase of faceless and...

Even Non-Agriculture Land Sold Under RFCTLARR Act is Fully Tax-Free!

RFCTLARR or The Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement” Act 2013...

AO’s Jurisdiction Challenge: When Why & How!

Income Tax Act (Act after this ) provides powers to authorities (read assessing officer) to start and...

Is Notice u/s 148 Served on Old Address When New Address Available in Return...

It often happens! The AO initiates reassessment proceeding under section 148 of the Income Tax Act ,say...

Sec.54 or 54F: Whether Expenditure on Property after Purchasing it, Qualify for Deduction ???

Section 54 or the Section 54F of the Income Tax Act provides deduction while computing long term...

Why Notice u/s 148 on Stricken Off Company or Its Directors May Legally Not...

The government has taken many steps to fight against the money laundering schemes in the last five...
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