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.

Who Are Required to Maintain Books of Accounts ?

Section 44AA along with Rule 6F states Legal,Medical,Architectural,Engineering,Accountancy,Technical Consultancy,Interior Decoration,Authrised Representative before Tribunal ,Film Artist,Company Secretary and Information Technology professionals having gross receipts of...

What Is The Basis For Determining Turnover In Case Of Speculation?

If a person is engaged in share trading and turnover of delivery based buying & selling is less than 40 lacs but speculation business...

What Is Ex Parte Order?

What is an Ex-parte assessment? under what circumstances can it be made and what are its consequences? jeshu_raj31@.............in Ex parte is a Latin legal...

Why One Should Handle Transaction Exceeding Rs 20000 With Care.

The Income tax Act prohibits CASH transaction of Rs 20000 and more in two cases :While making business expenditure exceeding Rs 20,000...

Does SIP Help In Saving Tax?

This is a question on taxation related to SIP on Mutual Funds. As I understand, capital gains on equity-oriented mutual funds are not taxable...

Is Royalty Received By An Author Professional or Other Sources Income?

Individual has received royalty from a Indian publisher on sale of text book written by the individual. Where he can show this income? as...

How to Show Loss From House Property in New Income Tax Return Form?

I am Punjab Govt Employee and have availed housing loan from HDFC bank. In the new Income Tax Return Form No. " ITR 1...

Now File Return Without Any Single Paper Attached-yes Even Without TDS Certificates!

CBDT has notified new Returns for Assessment Year 2007-08 by substituting the Income Tax Rule 12 by notification on 14/5/2007 .The new Rule is...

When Is Your International Credit Card Transaction Illegal?

These days international credit cards are being issued by all banks and other companies to most of the persons.Most of the online shops...

30 Questions on eTDS You Can’t Afford Not To Know.

The eTDS & eTCS provisions are first of the major changes towards digitization of the income tax work. The government started Tax Information Network...
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