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.

Six Reasons for Scrutiny Selection During FY 2019-20 !

CBDT has issued the parameters for manual selection of returns for Complete scrutiny during the financial year 2019. A perusal of the...

Startup Grievance Cell Constituted!

Good news for startups ! As promised by Hon'ble Finance Minister one week earlier , the CBDT today announced a grievance cell...
cash transaction limit for business

8 Types of Cash Transactions That Invite Penalty!

The cumulative effect of all the changes in tax laws and rules since the announcement of demonetization by Hon'ble PM is that...
startups-tax-benefits

Why All Startups Can’t Claim Tax Benefit?

In other words, all startups are not eligible for claiming benefits -be it non-application of angel tax or 100% tax deduction under...
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...

No Manual Tax Notice from 1st October 2019

CBDT has issued a circular 19/2019 dated 14.08.2019 that no communication shall be issued by any income-tax authority relating to assessment,   appeals,  orders,...

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...
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