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.

Capital Gains on Shares or Mutual fund units taxable ? What you say ,...

Yes , you rightly heard . Not all long term capital gain on sale Of equity shares or units of mutual funds are tax...

Securities Transaction Cost not allowed?

Yes ,that STT (Securities Transaction Cost) is not allowed to be taken as cost of acquisition of the shares or purchase for computing capital...

Is it possible to file Return of Income even after lapse of four- five...

Someone Asked on This blog on 30/10/06 I am at Kachchh–Gujarat I was filling income tax return before A.Y -2001-2002 .But due to heavy...

30/11/2006 is the last date for filing Return of Income including FBT return

The due date for filing of income and fringe benefits tax (FBT) returns for Assessment Year 2006-07 ,has been extended to 30 November....

Sir, I am regular speculator in NSE & BSE . I want to know...

Someone Asked on This blogYes its business income from FY 2005-06 as per Section 43(5) of the I T Act.The computation of P &...

Pls explain the tax treatment of profits and gains on derivative equity transactions? Is...

Someone Asked on Yahoo Answer-Replied by me on 13/10/2006With Affect from FY 2005-06,the trading in derivative segment through stock exchange has been taken out...

Got hefty Dividend.Mistake you can’t afford to do then.

Suppose , you got some news that a company X may announce hefty dividend. In anticipation , you bought the shares , and fortunately...

Securities Tranaction Tax deducted on my speculative share dealings.Will I get rebate ?

Yes , you will get the rebate u/s 88E of the I T Act if following two conditions are fulfilled :1. Your total income...

What is the procedure for transferreing the file from one jurisdiction to another or...

Under Income Tax law , the power of transfer of file is with the Commissioner of Income Tax u/s 127 of the I T Act. You write a letter to the CIT giving reasons for seeking transfer of file and the place , preferebaly the assessing officer Ward or commissioner where you want your files transferred. A copy of the letter should be marked to the CIT /ITO where you